Wall Street rises on new data releaseLESS JITTERY: After sell-offs on Thursday, Friday’s data eased some concerns that the Fed could keep raising rates and edge the economy into a recession, an analyst saidReutersThe S&P 500 on Friday closed higher, in a light trading day ahead of a long weekend, as investors assessed inflation data against rate hike and recession fears. The personal consumption expenditures price index, the Fed’s preferred inflation gauge, rose 0.1 percent last month after climbing 0.4 percent in October. Wall Street indices on Thursday sold off sharply after revised data indicated a resilient US economy, fueling worries that the Fed could keep hiking rates for longer and end up pushing the economy into a recession. “This is a clear indication that this is a bad news is good news kind of market. The Dow Jones Industrial Average rose 176.44 points, or 0.53 percent, to 33,203.93, while the S&P 500 gained 22.43 points, or 0.59 percent, to 3,844.82.

Source: Taipei Times December 24, 2022 21:02 UTC