{"id":70340,"date":"2023-10-08T21:10:44","date_gmt":"2023-10-09T01:10:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stocks-staged-a-surprising-rally-on-friday-but-can-the-party-last\/"},"modified":"2023-10-08T21:10:48","modified_gmt":"2023-10-09T01:10:48","slug":"u-s-stocks-staged-a-surprising-rally-on-friday-but-can-the-party-last","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70340","title":{"rendered":"U.S. stocks staged a surprising rally on Friday. But can the party last?"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002591110\" role=\"document\">\n<p>U.S. stocks saw a surprising bounce on Friday, culminating in the S&amp;P 500 index\u2019s biggest intraday comeback since the March banking crisis, even though a monthly jobs report for September came in much higher than expected.  <\/p>\n<p>So, are investors no longer worried about the Federal Reserve\u2019s inflation fight or higher interest rates wrecking the U.S. economy?<\/p>\n<div class=\"paywall\">\n<p>\u201cStocks initially sold off on the blockbuster jobs report which indicates the Fed may not be done,\u201d said Gina Bolvin, president of Bolvin Wealth Management Group. \u201cHowever, after digesting the strong labor market is still strong, stocks rallied. And why shouldn\u2019t they? Will good news- finally \u2013 be good news?\u201d<\/p>\n<p>Bolvin said part of the rally could be seasonal, with September typically being a rough months for stocks. There also has been increased optimism that the earnings recession for American corporations may be over, she said.<\/p>\n<p>Analysts are predicting corporate earnings growth rates of 5.9% for the fourth quarter for S&amp;P500 companies, according to John Butters, senior earnings\u00a0analyst at FactSet. Estimates are for the third-quarter of 2023  after the stock index\u2019s fourth straight quarterly earnings decline on a year-over-year basis. <\/p>\n<p>At Friday\u2019s session lows, the S&amp;P 500 index<br \/>\n        SPX<br \/>\n       was down 0.9%, but it ended up posting a 1.2% advance, its largest intraday comeback since\u00a0March 24, 2023, according to Dow Jones Market Data. The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       booked a 0.9% gain and the Nasdaq Composite Index<br \/>\n        COMP<br \/>\n       rose 1.6% higher.<\/p>\n<p>\u201cThe movement in stocks today is certainly encouraging given yields are up as well,\u201d said Chris Fasciano,<strong>\u00a0<\/strong>portfolio manager, Commonwealth Financial Network.\u00a0\u201cBut we will need to see follow through next week.\u201d<\/p>\n<p>The yield on 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       note rose for five straight weeks in a row to 4.783% on Friday, while the 30-year yield<br \/>\n        BX:TMUBMUSD30Y<br \/>\n      rose to 4.941%, according to Dow Jones Market Data.<\/p>\n<p><strong>Read<\/strong>: Why 5% bond yields could wreak havoc on the market<\/p>\n<p>While the U.S. stock-market will be open for business on Monday, the bond market will be closed for Columbus Day and Indigenous Peoples Day holiday, giving investors somewhat of a pause before a big week of economic data that could shape the Fed\u2019s next decision on interest rates. <\/p>\n<p>\u201cUltimately, stocks and bonds will take their cues next week from the economic releases,\u201d Fasciano told MarketWatch.<\/p>\n<p>Key items on the calendar for the week will be September inflation reports, with the producer-price index on Wednesday and the consumer-price index due Thursday. In between, Fed minutes of its policy meeting in September also are due to be released Wednesday.<\/p>\n<p>\u201cThat makes next week an important week for the future direction of both the bond and equity markets as the Fed will certainly be focused on those reports prior to their next meeting\u00a0on Oct. 31-Nov. 1,\u201d Fasciano said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stocks-stage-a-surprising-rally-on-friday-but-can-the-party-last-9de5a229?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks saw a surprising bounce on Friday, culminating in the S&amp;P 500 index\u2019s biggest intraday comeback since the March banking crisis, even though a monthly jobs report for September came in much higher than expected. So, are investors no longer worried about the Federal Reserve\u2019s inflation fight or higher interest rates wrecking the U.S. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":70341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-70340","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks staged a surprising rally on Friday. 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