- January 5, 2023
- Posted by: Stratford Team
- Category: Economy
Stocks gained Wednesday and rates slid as investors digested key jobs and manufacturing data ahead of the Federal Reserve’s meeting minutes release.
The Dow Jones Industrial Average rose 245 points, or 0.74%, reversing earlier losses. The S&P 500 and the Nasdaq Composite also recouped losses to trade up 1.16% and 1.05%, respectively.
The November Job Openings and Labor Turnover report, or JOLTS, came in slightly better than anticipated, signaling continued labor market strength amid the central bank’s rate hikes to tame inflation. The ISM manufacturing index, on the flip side, showed a contraction in the sector after 30 months of expansion, signaling that interest rate increases may be working to slow the economy.
That data, plus reports from Europe showing that inflation is cooling, lifted stocks. Still, it’s likely that gains will be muted as investors await more clarity on the state of the economy, including Fed meeting minutes due later Wednesday…
