S&P 500 surges into upper 4300s despite ongoing fighting in Ukraine, now more than 6.0% up versus weekly lows By Frank_Macro SP500 Equities
ouse to end the week at highs. The S&P 500 index, which tested 4100 in premarket trade on Thursday, is now trading in the 4370 region, up more than 6.0% from earlier weekly lows and up a further 1.9% on the day on Friday. The rebound over the last two sessions means that the S&P 500 index is, for now, out of “correction” territory – i.e. it is less than 10% below its early January record highs.
Traders/market commentators have attributed a variety of factors as driving the rebound. Firstly, after the initial panic in wake of Russia’s abrupt invasion of Ukraine on Thursday, it quickly become clear to many that the EU and US would not implement sanctions on Russian energy exports amid fears of inflicting economic self-harm. As long as that remains the case, that lessens some of the stagflationary risks associated with the Russo-Ukraine war.
US economic data on Friday was strong, with January personal income and spending metrics both exceeding expectations and durable goods orders over the same period also seeing strong growth, suggestive of economic resilience despite the high prevalence Omicron in January. Economic optimism combined with the fact that the latest Core PCE inflation report was largely in line with expectations is likely contributing to the rally.
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