Wall Street shuffled to a modestly higher close on Friday and Treasury yields advanced as investors digested a deluge of economic data ahead of the Christmas holiday long weekend, capping a week fraught with worries over the Fed’s restrictive monetary policy and related recession fears.
All three major U.S. stock indexes ended the session green after waffling through much of the session, with investors showing little conviction as a raft of indicators pointed to economic softening, evidence that the Federal Reserve barrage of interest rate hikes were having their intended effect.
“Everyone’s waiting for 2023 to have a fresh take again,” said Paul Kim, chief executive of Simplify ETFs in New York.
For the week, the S&P 500 and the Nasdaq posted their third straight Friday-to-Friday losses.
As the remaining trading days in 2022 tick away, all three indexes appear set to close the books on their steepest annual percentage plunges since 2008, the darkest year of the global financial crisis.
“This was the year where diversification failed and everything sold off together; a max pain year, where both bonds and equities sold off,” Kim added. “There was nowhere to hide.”
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