wall street accelerated gains at the close on Friday and posted its best week since June, with gains around 5% in its main indicatorsgiven the prospect of the Federal Reserve being less aggressive than feared in raising interest rates.
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According to data at the bell on the New York Stock Exchange, the Dow Jones accumulates an advance of 4.89% in the last five sessions and has recovered the level of 31,000 points, standing this Friday at 31,082 units. The selective S&P 500 progresses 4.7% weekly, while the Nasdaq index, which brings together the most important technology companies in the US, rises a remarkable 5.2%.
The stock market has traded lower due to fears of aggressive hikes by the US central bank to tackle high inflation.
According to The Wall Street Journal, the Fed is expected to raise interest rates by 0.75% in November but it is weighing the possibility of easing gains soon to reduce the risk of a sharp recession, a prospect that drew sighs of relief from markets.
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“This week’s data shows that while the US economy has remained resilient thus far, aggressive monetary policy is certainly beginning to weigh on key sectors,” Wells Fargo analysts said in a note today.
Likewise, the debt markets reacted by stabilizing after several days of increases that have taken the benchmark 10-year Treasury bond yield to highs not seen since 2008 of around 4.33%, while that of the 2-year paper years has approached 4.5%.
Similarly, applications for unemployment benefits were reduced and US manufacturing activity worsened.
EFE
