Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

U.S. Stocks Surge as Worry over Aggressive Fed Hikes Eases

Stock Markets Jun 24, 2022 09:43AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
XAU/USD
+0.19%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
-2.11%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-1.54%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FDX
+1.55%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Gold
+0.21%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
-0.67%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Liz Moyer

Investing.com -- U.S. stocks rallied on Friday as investors try to break a three-week losing streak and end on a positive note.

At 1:24 PM ET, the Dow Jones Industrial Average was up 656 points or 2.1%, while the S&P 500 was up 2.4% and the NASDAQ Composite was up 2.4%.

Investors have been concerned about a recession ahead as several Wall Street economists raise the odds of one happening sometime in the next 12 months. With the housing market showing signs of cooling, new home sales data for May was unexpectedly strong, rising an annualized 696,000.

But Michigan consumer sentiment , the final reading for the month, was a tepid 50, slightly lower than the 50.2 expected and the lowest since the late 1970s.

But Friday's rally showed investors determined to end the week on a high note after putting fears about aggressive rate hikes by the Federal Reserve on the back burner. 

Carnival Corporation (NYSE:CCL) rose 11% after the cruise operator said second-quarter revenue increased nearly 50% from the first quarter.  

Shares of auto dealer CarMax Inc (NYSE:KMX) rose 5% after it beat earnings expectations despite a challenging environment.

FedEx Corporation (NYSE:FDX) shares jumped 7% after earnings beat estimates on higher rates and fuel surcharges, which overcame declining shipping volume. The logistics giant released an optimistic forecast for fiscal 2023. 

Oil rebounded. Crude Oil WTI Futures was up 2%, to $106 a barrel, while Brent Oil Futures crude was up 1.9% to $112 a barrel. Gold Futures were flat at $1,830.

U.S. Stocks Surge as Worry over Aggressive Fed Hikes Eases
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (19)
CS Greer
CSGreer Jun 25, 2022 7:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Interesting that "worries" over aggressive rate hikes are decreasing when we all already know for certain the fed will aggressively hiking rates 2 to 3 more times. This has been oft stated over and over by many different outlets, economists, thems and theys.
Kerry Ditto
Kerry Ditto Jun 24, 2022 12:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
mortgage rates look rising above 10% soon. maybe all taxes go to interest payments
Ryan Miskowiec
Ryan Miskowiec Jun 24, 2022 12:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
good luck with that thought. Bond market is pricing in recession, not inflation, as demand drops lenders will be dropping rates to attract buyers, not raising them. Mortgage rates likely top at 6.5%.
Kerry Ditto
Kerry Ditto Jun 24, 2022 12:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
too early to say upbeat note
Mike Harms
Mike Harms Jun 24, 2022 12:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What happens when Fake-News infects Wall Street? (Fundamentals dont matter, until a Great Depression occurs!)
AI Wu
AI Wu Jun 24, 2022 12:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Wall Street is in the business of making a news to move the price in the direction they need :) The machines never loose. They flip the direction and continue to bring money to their masters.
Marco cuevas
Marco cuevas Jun 24, 2022 11:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Prepare for the big fall later on today...hedge fund daddies have GF rent payments coming up they need your cash to pay for IT.
Mike Harms
Mike Harms Jun 24, 2022 11:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the Feds are OUT of Bullets!
Mike Harms
Mike Harms Jun 24, 2022 11:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Stock "Racket" is OVER Priced. & that is the Point of Demand/Sales Destruction ... don't buy High, aka Greater Fool Theory! Love!
Wilks Campbell
Wilks Campbell Jun 24, 2022 11:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The market is putting up shows, not making sense, after Fedex EPS shrinking, Visa card data showing both high end, low end goods and services spending all slump. Look at the empty malls in Las Vagus and CCP major cities, it is totally not making sense if stocks like LVMH or Burberry , Gucci or Tapestry can keep rising .
ANDERSON BAE
NavalATC Jun 24, 2022 11:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
insane and stupid so called investors will soon be perished in no time. the stupidity at its finest
Brian Mars
Brian Mars Jun 24, 2022 11:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Its upbeat because end of month roatation from cash to equity! Going back down next month! GDP numbers are bad, inflation still bad, recession around the corner!
First Last
First Last Jun 24, 2022 11:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It's upbeat because market fear of the Fed raising rates too much too quickly is ebbing.
James Victorino
James Victorino Jun 24, 2022 11:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think next Wednesdy everyone will learn that recession is here already.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email