All three major U.S. benchmarks are rallying in 2023 despite expert predictions and inflationary pressures
In an interview with FOX Business, Richard Strasburger, a financial advisor at Alliance Wealth Partners, said "Most people were expecting the stock market to breakout, and many of them thought the breakout would be to the downside, possibly breaking the S&P 500 support level of 3,800-3,850."
"This week, the S&P closed up Tuesday and Wednesday, and it is currently up today," he continued. "But the market can change directions quickly, so we will have to wait and see if this is a breakout or a fake out." Year-to-date, the Dow, S&P, and Nasdaq are trading over 3%, 4% and almost 6% into green territory respectively, after all three posted significant declines in 2022. A shopper checks eggs before he purchases at a grocery store in Glenview, Illinois, Tuesday, Jan. 10, 2023., the latest sign that painfully high consumer prices are finally beginning to loosen their stranglehold on the U.S. economy.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, fell 0.1% in December from the previous month. Prices climbed 6.5% on an annual basis. The figures were both in line with forecasts by Refinitiv economists, potentially giving the Federal Reserve a reason to further slow its aggressive interest rate hike campaign when policymakers meet next month.
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