The Markets Just Had a Great Day

Dow surges more than 800 points
By Newser Editors,  Newser Staff
Posted Jun 24, 2022 3:05 PM CDT
The Markets Just Had a Great Day
Traders work on the floor at the New York Stock Exchange on June 16.   (AP Photo/Seth Wenig)

(Newser) – The markets wrapped up a rare good week on Friday with an especially strong day. The Dow surged 823 points, or 2.6%, to 31,500; the benchmark S&P 500 rose 116 points, or 3%, to 3,911; and the Nasdaq rose 375 points, or 3.3%, to 11,607. All three indexes snapped three-week losing streaks, reports CNBC, with the Dow up about 4% for the week, the S&P 5%, and the Nasdaq 6%. A factor in the day's surge: A University of Michigan survey suggested long-term inflation wouldn't be as bad as expected, reports the Wall Street Journal.

However, CNBC calls attention to one analyst's warning that this probably will not be a sustained rally. “We believe that bounce in US equity markets over the past three trading days has been a bear market rally off deeply oversold conditions,” wrote Wolfe Research’s Chris Senyek. “While there may be some additional near-term follow through, we believe that our intermediate-term bearish base case remains intact and that the next leg down is going to be driven by rising recession risks and downward earnings revisions." (Read more stock market stories.)

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