Despite a Friday stumble, stocks ended a turbulent week with another round of solid gains, keeping 2023’s young but robust stock-market rally very much alive.
But a cloud of confusion also sets over the market, and it will eventually need to be resolved, strategists said. Stocks took a hit, even if they finished off session lows, with the Nasdaq Composite COMP booking a fifth straight weekly gain and the S&P 500 SPX achieving back-to-back weekly wins. The Dow Jones Industrial Average DJIA suffered a 0.2% weekly fall.
The rally could continue for now, Baird said, but he argued it would be wise in the long run to take the Fed at face value. “I think the overall tone of risk taking in the market right now is a little bit too optimistic.” Of course, one month’s data do not represent the end of the argument. But unless January’s labor-market strength turns out to be a blip, the hawks on the Fed are likely to dig in and keep rates higher for longer, said Yung-Yu Ma, chief investment strategist at BMO Wealth Management, in a phone interview.
Source: News Formal (newsformal.com)
Why did it rebound? Can anyone tell me? Thank you!
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