Stocks rose in an afternoon rally, but recession concerns remained top of mind.
| THU, JUN 23, 2022 | | | |
DOW | NAME | LAST | CHG | %CHG | AAPL | 138.27 | +2.92 | +2.16% | CSCO | 42.93 | -0.64 | -1.47% | INTC | 37.41 | +0.03 | +0.08% | |
| S&P 500 | NAME | LAST | CHG | %CHG | AMD | 82.43 | -1.32 | -1.58% | AAPL | 138.27 | +2.92 | +2.16% | AMZN | 112.44 | +3.49 | +3.20% | | | NASDAQ | NAME | LAST | CHG | %CHG | AMD | 82.43 | -1.32 | -1.58% | AAPL | 138.27 | +2.92 | +2.16% | AMZN | 112.44 | +3.49 | +3.20% | | | | |
Stocks climbed Thursday, but Wall Street maintained a cautious state of mind as recession concerns loomed, and bond yields slid to their lowest levels in about two weeks. The Nasdaq Composite outpaced the other major averages, adding 1.6% as lower bond yields gave the tech-heavy index a boost. Meanwhile, more defensive stocks such as consumer staples, utilities, real estate and health-care stocks drove the S&P 500. Consumer staples names such as Clorox were among notable gainers in the broader market index. "The market action that we've seen today and yesterday at least on the internals suggests that the market is becoming increasingly concerned with the global economic growth," said Scott Ladner, chief investment officer at Horizon Investments. Meanwhile, the Federal Reserve Chair Jerome Powell on Thursday reiterated that the central bank is "strongly committed" to bringing down inflation, as he capped a second day speaking on monetary policy before Congress. |
More investment banks this week raised their bets on the likelihood of a recession, with UBS increasing its odds of a downturn to 69%. But at least one top strategist at JPMorgan doesn't agree with those calls. Marko Kolanovic said the economy will sidestep a recession, and the stock market will make back its losses in the second half of the year. The strategist believes a "diplomatic solution" to geopolitical tensions in Europe during the latter part of the year would alleviate inflationary pressures. |
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