S&P 500 rallies into mid-4400s, on course for best one-week gain since November 2020 By Frank_Macro SP500 Equities
its invasion of Ukraine in the 4430s. The main US index is higher by about 0.6% on the day taking its weekly gain to more than 5.5% after a brief dip below 4200 was viewed as a buying opportunity for a second week running. That means the index is on course for its best weekly gains since November 2020. Crucially, the S&P 500 is no longer trading in “correction” territory as it was at the start of the week and is now only about 7.5% lower versus record highs printed at the start of the year.
The Nasdaq 100 index is up about 1.4% and on course to post weekly gains of about 7.5%, though remains about 15% below November’s record levels. The Dow was last up 0.25% and on course for weekly gains of just shy of 5.0%, taking it to within 6.5% of record levels printed at the start of the year. Strength in the equity space this week seemed initially to have been driven by optimism about alleged progress towards a Russo-Ukraine peace deal.
Meanwhile, some traders might have been surprised by the way equities rallied in wake of a much more hawkish than expected Fed policy announcement on Wednesday, but, on reflection, investors seemed to take the view that a more aggressive stance regarding lifting rates is appropriate against the backdrop of high inflation and a tight labour market.
Moving on to Friday’s gains; traders attributed the strength to news that Russia had averted a historic default on a foreign bond payment. Other traders said the call between US President Joe Biden and Chinese President Xi Jinping was a positive for sentiment given both sides framed the discussion as constructive. The US is trying to persuade China not to provide military aid to the Russians, who have requested it.
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