So much for that big stock market comeback this year.
Sure, it’s only February. But the Dow is now down slightly after a sizzling start to the year. At one point in mid-January, the average of 30 blue chips was up nearly 4% in 2023. The S&P 500 and Nasdaq are still sporting solid gains of about 4% and 10% respectively year-to-date. But they too have retreated from higher levels just a few weeks ago. Stocks were off to a decent start Monday, with the Dow up 100 points, or 0.3%. The S&P 500 and Nasdaq each rose nearly 1%, as well.
“There is absolutely no reason for the stock market to surge from this point,” said John Norris, managing director with Oakworth Capital, adding that investors have no idea when the Fed is finally going to pause. He speculated that if inflation doesn’t cool off soon, the Fed may need to keep raising rates all the way up to 6%. “Inflation will eventually subside, but there is the uncertainty of not knowing when the Fed will stop,” Norris said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NAACP Image Awards 2023: How to watch and why the show still matters | CNNThe 54th NAACP Image Awards is a week-long celebration of excellence in film, TV, music and literature that will culminate in a televised ceremony Saturday.
Read more »
CNN exclusive: Yellen says 'so far, so good' in US inflation battle | CNN BusinessTreasury Secretary Janet Yellen tells CNN 'so far, so good' on the US battle against inflation, and that she expects a soft landing
Read more »
NAACP Image Awards 2023: See the complete list of winners | CNNQuinta Brunson, Serena Williams, Gabrielle Union and more honored at the 54th NAACP Image Awards.
Read more »
SAG Awards 2023: See the full list of winners | CNNThe 29th Screen Actors Guild Awards took place at the Fairmont Century Plaza in Los Angeles on Sunday, honoring some of the year’s best television and film performances that were voted on by the actors themselves.
Read more »
Photos: The SAG Awards 2023 | CNNThe Screen Actors Guild Awards took place on Sunday night, honoring the best performances in film and television.
Read more »
Larry Summers: Why sanctions on Russia aren't effective | CNN BusinessFormer Treasury Secretary Larry Summers said price caps on Russian energy should be stiffened up to maximize the impact of sanctions on the country as the war in Ukraine hits a year.
Read more »