No sign of market recovery at the horizon with the Down and S&P eking out thanks to investors buying the dip and helping the market to claw back losses.
Real estate, health care and energy helped the broader market recover with each of these sectors playing their part in this success.
St. Louis Fed President James Bullard said: “raising rates by 50 basis points at upcoming meetings was a good plan” he also highlighted that to keep inflation under control it would be needed higher interest rates.
The markets had a positive start to the day after China’s move to cut their key lending benchmark in order support an economy that has been impacted by recent lockdown measures across country. The easing of these fears helped fuel stocks higher and put investors at ease about slowing global growth going forward.
Stifel in a note said “Investors appear more optimistic this morning after a volatile week as China takes its latest step to bolster the country’s economy.
With stocks in a weekly slump and investors capitulating to levels we’ve seen before, many are speculating that this might be the bottom. But experts suggest there’s still more pain ahead for the market and investors.
Despite an increase in oil prices for both Friday and the week, gains were kept under control from bears.
For OANDA “It’s been another volatile week of trade in oil but Brent and WTI are set to end it roughly where they started, price action remains very choppy. There are just so many forces at play at the minute and the increased economic gloom this week and Chinese reopening progress has only added to that.”
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