Stocks end rocky week with their 5th straight weekly decline

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The stock market ended an unusually turbulent week with its fifth straight weekly decline

Stocks nevertheless zoomed higher Wednesday afternoon, after latching onto a sliver of hope from Federal Reserve Chair Jerome Powell’s comments following the latest rate increase. He said the Fed was not “actively considering” an even bigger jump of 0.75 percentage points at its next meeting, something markets had seen as a near certainty.

“These data do not change the outlook for Fed policy; the rates trajectory remains upward in the near term,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a note. The yield on the 10-year Treasury leaped toward 3.13% shortly after the data’s release, slipped a bit then climbed to 3.14% by late afternoon. That’s still close to its highest level since 2018 and more than double where it started 2022, at just 1.51%.

BlackRock's chief investment officer of global fixed income, Rick Rieder, pointed to surveys showing companies’ ability to hire becoming easier and other signs that some slack may be building in the red-hot job market.

 

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