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U.S. Stocks Rise as Investors Try to Keep Winning Streak Alive

Published 08/12/2022, 09:36 AM
Updated 08/12/2022, 09:43 AM
© Reuters.

© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks are staging a rally, heading for the S&P 500's fourth-straight week of gains as investor expectations about the economy brighten.

At 10:28 AM ET, the Dow Jones Industrial Average was up 106 points, or 0.3%, while the S&P 500 was up 0.6% and the NASDAQ Composite was up 0.9%.

If the S&P does end positive for the week, it would be its longest stretch of gains since last November. The Dow is also up for the week so far, as is the Nasdaq, which has climbed out of bear market territory.

The better than expected inflation report earlier this week, showing the pace of price increases cooled from June to July, is boosting sentiment that the Federal Reserve won’t have to raise interest rates as aggressively as it has at its last two meetings. 

If inflation has peaked, as the thinking goes, the Fed’s chances of guiding the economy to a “soft landing,” or a recovery without large job losses, improve.

The University of Michigan’s preliminary consumer sentiment reading for August was 55.1, stronger than the expected 52.5, signaling consumers are starting to feel better about the direction of the economy. Big retail earnings from Walmart (NYSE:WMT) and Target (NYSE:TGT) are also on tap in the coming days.

Shares of Illumina Inc (NASDAQ:ILMN) fell 8% after the gene sequencing company reported lower than expected profit and revenue and issued a disappointing outlook, citing the challenging economic environment.

Shares of restaurant software maker Olo Inc (NYSE:OLO) tumbled 33% after a disappointing quarter and full-year revenue outlook.

Oil fell. Crude Oil WTI Futures was down 2.3%, to $92.13 a barrel, while Brent Oil Futures crude was down 1.9%, to $97.61 a barrel. Gold Futures rose 0.2%, to $1,810 an ounce.

Latest comments

Headline confirms we are at a casino.
The choice to play or not is ours.
Get ready to load up after the next descent.
Time to sell
? "Investors"...you mean the FED and DEMS are trying to keep the wining streak alive. Mid term elections are approaching :)
only way is up!
Up since mid-June.  Some people still haven't gotten the memo.
i wonder if anyone in the north or northeast will need oil and nat gas this winter.
Stupid headline!
The market did open higher.
Can't have a loss on a Friday in the biggest investment JOKE in the world.  The fraud and criminal manipulation continues in broad daylight.  Assume the proper position for the weekend America, as Wall Street once again sharpens the financial knife.
if you think its fraud, then just don't invest.  i agree that pros and mutual fund managers have an advantage over retail investor but dont consider it "fraud".  I do think the media downplays the situation we're in as they have a political agenda to show Biden is doing well.   but wouldnt call it fraud or criminal.
and its meaningless since you dont offer facts, it looks more like a daily rant then a useful/educational warning.
What's so special about Fri?  You whine the same on other days.
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