The major indexes were primed for a bounce as the central bank raised interest rates Wednesday.
 | WED, MAY 04, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 166.02 | +6.54 | +4.10% | | INTC | 46.54 | +1.48 | +3.28% | | MSFT | 289.98 | +8.20 | +2.91% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 99.42 | +8.29 | +9.10% | | AAPL | 166.02 | +6.54 | +4.10% | | NVDA | 203.34 | +7.32 | +3.73% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 99.42 | +8.29 | +9.10% | | AAPL | 166.02 | +6.54 | +4.10% | | NVDA | 203.34 | +7.32 | +3.73% | |
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Finance professors may have a new go-to example to define a "relief rally" in their classes next fall. With stocks beaten down by a brutal April, and nearly every investor expecting a 50-basis-point rate increase from the Federal Reserve on Wednesday, the market was primed for a bounce. When Fed Chair Jerome Powell said the central bank was not considering an even larger hike in the coming months, stocks roared. The Dow Jones Industrial Average finished the day up more than 900 points, notching its best day since Nov. 9, 2020. |
To be sure, stocks are still way down for the year, and there are still hurdles ahead. For one, Powell signaled that the central bank was likely to use two additional 50-basis-point hikes in the meetings ahead. He also pointed to supply side issues that were out of the Fed's control as a risk for higher inflation. "For both the situation in Ukraine and the situation in China, they're likely to both add to headline inflation," Powell said. "They're both capable of preventing further progress in supply chains ... or even making supply chains temporarily worse." |
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