Market Snapshot: U.S. stocks headed for 3rd weekly decline, longest losing streak since September

by | Dec 23, 2022 | Stock Market

U.S. stocks fell on Friday as an inflation report and a raft of other data did little to change expectations that the Federal Reserve would likely continue hiking interest rates even if the economy slows. What’s happening
The Dow Jones Industrial Average
rose 94 points, or 0.3%, to 32,825.

The S&P 500
advanced 15.50 points, or 0.4%, to 3,837.

The Nasdaq Composite
gained 16 points, or 0.2%, to 10,369.

All three major indexes are on track to log their third consecutive weekly drop on Friday, what would be the longest streak of weekly declines since September.

What’s driving markets Stocks traded lower after the release of a raft of economic data including the November PCE report, the Fed’s preferred barometer of inflation, as analysts said the latest batch of data likely had little impact on the Fed’s plan to continue hiking interest rates. U.S. consumer prices increased by just 0.1% last month, less than the 0.2% increase expected by economists polled by the Wall Street Journal. Over the 12 months through November, the yearly rate of inflation slowed to 5.5%, from 6.1% in the prior month. See: High U.S. inflation is on the wane, PCE price gauge shows See also: Consumer spending barely rose at start of holiday shopping season Other economic data were released, includi …

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