Stocks stage first big rally of 2023 as hope grows that inflation will ease, Dow closes up nearly 700 points

Friday’s rally helped stocks end in positive territory for the week, which was the first of the year. The Dow and S&P 500 each closed the week up 1.5%. The Nasdaq advanced 1%.last month, slightly higher than the expected 200,000 jobs economists polled by the Dow Jones expected. In addition, wages grew slower than anticipated, increasing 0.3% on the month where economists expected 0.4%.

“All investors care about is that the data suggests inflation is moving towards the Fed’s target,” said Michael Arone, chief investment strategist at State Street Global Advisors. “That’s all investors care about and average hourly earnings suggest inflation continues to slow. They are excited about that.”a sign that the Fed’s rake hikes may be working to slow the economy.

I hope house Republicans won't try and take credit for this. They haven't even elected a speaker.

Give me a break.

Translation: It is okay, the rich are still getting richer.

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