Stock Market Today: Safety-Seeking Investors Drive Stocks Higher
Defensive stocks and the Nasdaq were in rare alignment, leading the way Thursday as much of Wall Street watched Federal Reserve Chair Jerome Powell continue his economic tightrope walk. A day after telling the Senate Banking Committee that a recession is "certainly a possibility," Powell told the House Financial Services Committee that "I don''t think that a recession is inevitable" – but again stressed the importance of pushing inflation down to 2%. SEE MORE The 15 Best Stocks to Buy for the Rest of 2022 "With Chairman Powell finally acknowledging that while a soft landing is possible, the Fed''s commitment towards curtailing inflation might lead the economy into a recession, the market is wavering between a growth scare and an all-out recession," says Quincy Krosby, chief equity strategist for LPL Financial. "With a still-strong labor market, there''s a growing sense that the Fed is now moving quickly to make up for lost time in its fight against inflation." The tightness of the labor market remained evident in the Labor Department''s latest unemployment data.
Stock Market Today: Safety-Seeking Investors Drive Stocks Higher
Defensive stocks and the Nasdaq were in rare alignment, leading the way Thursday as much of Wall Street watched Federal Reserve Chair Jerome Powell continue his economic tightrope walk. A day after telling the Senate Banking Committee that a recession is "certainly a possibility," Powell told the House Financial Services Committee that "I don''t think that a recession is inevitable" – but again stressed the importance of pushing inflation down to 2%. SEE MORE The 15 Best Stocks to Buy for the Rest of 2022 "With Chairman Powell finally acknowledging that while a soft landing is possible, the Fed''s commitment towards curtailing inflation might lead the economy into a recession, the market is wavering between a growth scare and an all-out recession," says Quincy Krosby, chief equity strategist for LPL Financial. "With a still-strong labor market, there''s a growing sense that the Fed is now moving quickly to make up for lost time in its fight against inflation." The tightness of the labor market remained evident in the Labor Department''s latest unemployment data.