A version of this post first appeared on TKer.co
Stocks climbed last week with the S&P 500 jumping 2.4% to close at 4,505.42. The index is now up 17.3% year to date, up 26% from its October 12 closing low of 3,577.03, and down 6% from its January 3, 2022 record closing high of 4,796.56.
Before dipping slightly on Friday, the S&P closed Thursday at 4,510.04, the highest level since April 2022.
It’s worth noting the S&P is now above all the year-end targets Wall Street forecasters had coming into the year.
This speaks to how difficult it is to predict short-term moves in the market when the most well-resourced, full-time professionals at the highest tier of the industry find themselves on their heels.
What’s been driving the rally?
Well, resilient economic growth and the improving outlook for activity helps.
Cooling inflation and a Federal Reserve that’s getting less hawkish also helps.
Importantly, the improving outlook for earnings certainly helps.
“If earnings recover as the…
2023-07-16 11:40:48
Link from finance.yahoo.com
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