The Dow surged Friday to end at a two-month high. The blue-chip gauge’s October gain was 14.4% through Friday, which would mark its strongest monthly gain since January 1976 and its biggest October rise on record if it holds through Monday’s close.
The Dow Jones Industrial Average and S&P 500 pulled back from their highest levels in at least six weeks on Monday as traders looked ahead to the Federal Reserve’s midweek decision on interest rates.
In particular, investors want to see whether Fed Chairman Jerome Powell concedes to expectations that the Fed might be looking to slow the pace of rate increases in December, or pushes back on that narrative with a more hawkish outlook which would “tip over the apple cart,” Hogan said via phone. The S&P 500 gained 4% last week, even though observers said there were plenty of reasons for stocks to sell off hard — including a hot PCE inflation report for September and China’s renewed Covid-19 lockdowns. Disappointing announcements from market stalwarts like Alphabet GOOG, -2.01%, Amazon AMZN, -1.32% and Meta Platforms META, -6.13% saw megacap tech stocks get slammed, though a Friday bounce helped the Nasdaq Composite to a weekly gain.
But drilling down into earnings results showed that the consumer remains resilient, he said. Continued strength in the job market that translates into solid holiday spending could help set the stage for a Santa Claus rally heading into year’s end, he said.
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