Stocks soar on hopes that Fed will slow rate hikes | CNN Business

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The Dow rose for the third straight week, its longest weekly winning streak of the year, with some blue-chip stocks hitting all-time highs

A disastrous earnings report from Snap and less than inspiring results from Dow components American Express and Verizon weren’t enough to keep the Wall Street bulls at bay Friday. Stocks surged on hopes that the Federal Reserve may soon come to the rescue by slowing the pace of its rate hikes. The Dow rose nearly 750 points, or 2.5%, even as AmEx\n \n and Verizon\n \n fell nearly 2% and 5% respectively.

Reuters reported that San Francisco Fed president Mary Daly said in a speech Friday that the central bank should not create an “unforced downturn” for the economy with too many massive rate hikes. Long-term bond yields pulled back slightly, too, after the rate for the 10-year Treasury hit its highest level since late 2007. “The market has been looking forward to the Fed taking a break,” said JJ Kinahan, CEO of IG Group North America, which owns the online brokerage firm tastyworks.

 

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carrolyn_genter Yes, my Chevron stock is doing GREAT!

The stock market would keep on rising till it would not fall like nine 📍

Once Republicans win the house and senate it will really soar!

'MASSIVE US CRASH' ... coming to a US economy near you, soon!

Can't see it lasting, the bond market is nearly collapsing.

Thousands of Afghans are included in the P2 and P1 USA🇺🇸 immigration programs. They have not been in a good situation in 🇵🇰 and it is a year this process has not yet started. Their fates are in the dark and they are exposed to psychological problems. SupportP2P1Pakistan

It goes up, it goes down. Repeat.

When EARTH meets SKY

Laughable...CNN tries so hard to find a sliver lining in this Biden shitstorm. 🤣

Joe

How dare you give away the real reason stocks have been down in the headline to this story. Don’t you know y’all right wing outlets are supposed to tell your viewers that Biden sends Dem Congresspersons over to Wall Street to personally and individually lower each stock price?

More accurately - The DOW is only up 152 points since Biden was sworn into office.

It was bound to hit rock bottom at some point during Biden's reign.

THANK YOU JOE

Still down 16% from its high. 😂🤣

Oh please u jerkoffs. Keep trying, your dems are horrible and gonna get smoked in Nov.

Meanwhile, here in the UK, a lettuce is going to be the next PM...

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