Market Updates
Best One-Day Gain In S&P 500 In Two Years
Barry Adams
24 Jun, 2022
New York City
U.S. stocks rebounded and extended weekly gains after rate expectations cooled and bargain hunters searched for beaten down stocks.
The S&P 500 added 6.5% and the Nasdaq advanced 7.5% and the major averages logged second weekly rise in the last twelve weeks.
The indexes gained more than 1% on Tuesday, Thursday, and Friday and the S&P 500 registered its best one-day gain since May 2020 and the index is likely to deliver its worst first-half performance since 1970.
The index of consumer sentiment declined to 50.0 in June, a decline of 14.4% from May and 41.5% from a year ago, according to the index publisher University of Michigan.
The consumer sentiment dropped to the lowest level on record.
"Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines.
About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009," said consumer surveys director Joanne Hsu.
Traders bid up stocks after consumer inflation expectations for the year were significantly lower than the latest inflation rate of 8.6%.
The inflation expectation of 5.3% was unchanged from the previous month but long run inflation expectations declined to 3.1% from 3.3% in the previous month.
The Fed Chairman Powell stressed how critical it is to tame inflation in his testimony to lawmakers on the second day of his testimony yesterday.
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