Stocks rose on Wednesday as Wall Street looked to build on what has been a positive start to 2023.
The Dow Jones Industrial Average rose 123 points, or 0.4%. The S&P 500 rose 0.4%, while the Nasdaq Composite added 0.3%.
The movements will continue The Nasdaq Composite rose 1% on Tuesday for his first three-day hitting streak since November. If the high-tech mix ends on Wednesday, it will be the first four-day rally since September. All three averages are positive for the young year.
So far, 2023 has brought a relief rally to the riskier parts of the market, such as technology, but many investors remain wary of earnings season and expected rate hikes from the Federal Reserve.
“I think it’s going to be challenging trying to time the Fed to finally start cutting rates,” said Matthew Palazzolo, a senior investment strategist at Bernstein Private Wealth Management. But whether it ends in 2024 or at the end of 2023, at least this time, in mid-January, that too. A difficult situation.”
Investors are bracing for a key inflation report on Thursday and key bank earnings on Friday.