Gains would be welcomed by many investors after seeing the S&P 500 Index fall around 16% so far this year
Investors hoping for the year-end to bring stock market gains after a punishing year have history on their side as U.S. equities traditionally rally during the month of December, but many remain skeptical of forecasting a rise.
“December is usually a good time for investors but right now they are stuck because it’s really the focus on rates that will cause the market to go up or down in the short term,” said Sam Stovall, chief investment strategist at CFRA Research. At the same time, U.S. stocks have risen during the last five trading days of December and the first two days of January 75 per cent of the time since 1945, according to CFRA, in a so-called Santa Claus Rally. This year, the time period starts on Dec. 27. The average Santa rally has boosted the S&P 500 by 1.3 per cent since 1969, according to the Stock Trader’s Almanac.
Investors are pricing in a 75 per cent chance that the Fed will raise rates at its Dec. 14 meeting by 50 basis points to a target rate of 4.5 per cent, while the probability of another jumbo 75 basis point move is at 24 per cent according to CME’s FedWatch tool. Fed Chair Jerome Powell, who will speak on Nov. 30, has signalled that the central bank could shift to smaller rate hikes next month but has also said rates ultimately may need to go higher than the 4.6 per cent that policy-makers thought in September would be needed by next year.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks waver on Wall Street, still on track for weekly gainsStocks wavered in uncertain trading on Wall Street Friday, but major indexes are on track to notch weekly gains.
Read more »
Nova Scotia reports 10 new COVID-19 deaths, over 500 cases | SaltWireNova Scotia reported 10 new COVID-19 deaths on Thursday and this week more than 500 new cases were confirmed. The deaths occured in unspecified “previous ...
Read more »
Cape Breton Community Events November 25-December 2 | SaltWireCape Breton Community Calendar is a public service listing of community events sponsored by non-profit groups. It will appear weekly on Fridays. The ...
Read more »
Port Alberni ferry company offers rides by donation this DecemberTravel aboard the Frances Barkley ferry in Port Alberni, B.C., is being offered for free or by donation this December, with funds going towards local charities.
Read more »
Your December 2022 Horoscope Is Here | Elle CanadaWe forecast this Sagittarius season's action for all 12 zodiac signs and its impact—here's your December 2022 horoscope.
Read more »
November overtakes December as Canada's busiest shopping monthNovember has overtaken December as the busiest shopping month for Canadian consumers, according to the Retail Council of Canada (RCC).
Read more »