Benchmark S&P 500 Has Best Week Since Summer

Index is back near 4K
By Newser Editors and Wire Services
Posted Nov 11, 2022 3:15 PM CST
Benchmark S&P 500 Has Best Week Since Summer
Traders work on the floor at the New York Stock Exchange Thursday, Nov. 10, 2022.   (AP Photo/Seth Wenig)

Wall Street on Friday tacked more onto its stupendous surge from a day before, resulting in the market's best week since the summer. The S&P 500 rose 36 points, or 0.9%, to 3,992; the Dow rose 32 points, or 0.1%, to 33,747; and the Nasdaq rose 209 points, or 1.8%, to 11,323. The benchmark S&P has risen more than 5% since Monday, its best weekly run since June, per CNBC. Markets on Friday got a boost after China relaxed some of its strict anti-COVID measures, which have been hurting the world’s second-largest economy, per the AP. Hopes for more growth from China helped not only stocks but also oil prices to rise, with US crude gaining 2.1% to $88.25 per barrel.

Thursday’s euphoria for Wall Street came after a report showed inflation in the US slowed by more than expected last month. The hope for markets is that a softening in inflation could mean the Fed eases up on rate hikes. “They’ve been pretty clear all along they were going to front-load the interest rate increases,” said Brian Price, head of investment management at Commonwealth Financial Network. “They need some time to evaluate the data over the next few months.” Traders are increasingly betting the federal funds rate could top out around a range of 4.75% to 5% by early next year, according to CME Group. A week ago, they saw a higher ultimate rate as more likely, with a sizable chunk expecting something like 5.25% to 5.50%.

(Read more stock market stories.)

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