The new date is Sep 9, 2022.
The stock market moved higher on Friday with stocks on pace to snap a three-week losing streak as investors shook off Federal Reserve Chair Powell's recent comments about more interest rate hikes from the central bank.
The stock market has moved higher this week despite expectations of another rate hike.
The S&P 500 was up 0.8% and the tech-laden Nasdaq was up 1.3%.
The S&P 500 has gained 2% since the beginning of the month, while the DOW has risen 1.4%.
There are growing expectations that the Federal Reserve will hike interest rates by 75 basis points at its policy meeting later this month, following similar hikes in June and July.
The central bank remains committed to bringing down inflation and will keep raising rates until the job is done, according to Powell.
Cloud security company Zscaler and electronic signature company DocuSign both saw their shares jump after reporting strong results.
The U.S. benchmark West Texas Intermediate rose 3% to trade at $86 per barrel, while international benchmark crude now trades at nearly $92 per barrel.
The Fed and domestic inflation are moving in the right direction, and that will continue to be the case for stocks. While a Fed pivot looks unlikely, the central bank could slow the pace of its rate-hiking campaign later this year.
Scott Minard is the global chief of investment strategy at Guggenheim Partners. He told CNBC that this is the worst time of the year for the bear market. The S&P 500 will decline by 20% by October, according to Minard.
The stock market rallied even after Powell said that the Fed will keep raising rates.
The price of oil hit a seven-month low.
The stock market fell nearly 200 points as investors braced for higher interest rates.
The summer rally in the stock market has come to an end.
All Rights Reserved © 2024
