Stocks Inch Up After Mixed Reports

Analyst sees something to worry about in good or bad data
By Newser Editors and Wire Services
Posted Dec 23, 2022 3:55 PM CST
Stocks Inch Up After Mixed Reports
A trader works on the floor at the New York Stock Exchange last week in New York.   (AP Photo/Julia Nikhinson)

Stocks closed higher Friday on Wall Street following a batch of mixed news on the economy. The Dow climbed 176.44 points, or 0.5%, to 33,203. The S&P 500 rose 22.43 points, or 0.6%, to 3,844; the benchmark index still wound up with its third weekly loss in a row, the AP reports. The Nasdaq was up 21.74 points, or 0.2%, to 10,497. A key measure of inflation continued to slow, but it's still far higher than anyone wants to see. Also, growth in consumer spending weakened last month by more than expected, though incomes were a bit stronger than expected.

Markets are in a tricky spot where relatively solid economic data reduces the risk of a recession but also raises the threat of higher interest rates from the Federal Reserve. "The economic numbers announced today highlight the difficulty for investors today, where weak numbers bring recession fears and strong numbers bring Fed fear," said Louis Navellier of the growth investing firm Navellier & Associates, per CNBC. "It’s now much more of a stock-picking market," he added.

(More stock market stories.)

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