Stock Market Not Quite Ready for Sustained Rally

Indexes end flat after Wednesday's big gains
By Newser Editors,  Newser Staff
Posted Aug 11, 2022 3:10 PM CDT
Stock Market Not Quite Ready for Sustained Rally
A screen displays market data at the New York Stock Exchange in New York.   (AP Photo/Seth Wenig, File)

The stock market appeared poised through much of trading Thursday to post a second consecutive day of strong gains. But when the closing bell rang, major indexes were in "meh" territory. The Dow ticked up 27 points to 33,336, the S&P 500 fell 2 points to 4,207, and the tech-heavy Nasdaq—which surged into bull market territory on Wednesday, notes the Wall Street Journal—gave back 74 points to close at 12,779. Of note Thursday: Disney rose 4.5% after reporting stronger-than-expected profit for the most recent quarter, per the AP.

“Investors, while they’re relieved that inflation is declining, it doesn’t change the fact that Federal Reserve will continue to be hiking rates," Wayne Wicker of MissionSquare retirement tells CNBC. "I’m not quite sure at this juncture that people want to give the all-clear sign, but I do think sentiment is much better than it was, say, 60 days ago." (More stock market stories.)

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