Wall St climbs as strong earnings offset slowdown worries, Fed meeting in focus

📆 29/04/2023 01:05:00
📰 Reuters

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U.S. stock indexes advanced on Friday after strong earnings updates from Exxon and Intel offset worries over Amazon's slowdown warning, while economic data reinforced expectations that the Federal Reserve would hike interest rates next week.

"Markets are building on yesterday's gains a little bit. This week's earnings overall were better than people expected. There was a lot of pessimism going in but the past week has brought home the fact that it's not turning into a bad earnings season at all," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.results due next week and the Federal Open Market Committee meeting and the U.S. jobs report for April.

John Praveen, co-CIO at Paleo Leon Inc in Princeton, NJ said Friday's economic data solidified expectations ahead of next week's Fed meeting and eased fears about a sharp slowdown.unchanged in March, while underlying inflation pressures remained strong, feeding expectations the Fed will hike interest rates by 25 basis points next week.Traders work on the floor of the New York Stock Exchange in New York City, U.S., April 10, 2023.

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