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US stocks rise in choppy session after new economic data but S&P 500 logs 3rd-straight weekly loss

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 24, 2017.  REUTERS/Brendan McDermid

Thomson Reuters

  • US stocks ended Friday’s session higher, closing out the final full trading week of 2022. 
  • The day’s data deluge included the Fed’s preferred inflation gauge, which was slightly higher than expected. 
  • The S&P 500 and the Nasdaq Composite marked their third straight weekly declines. 

US stocks pushed higher Friday as investors waded through inflation and other economic data, but the S&P 500 closed out the last full trading week of 2022 with another loss.  

Among the sectors on the broad-equity index that advanced, the energy group led the way on the back of higher oil prices. Oil climbed as Russia said it’s considering cutting daily output by as much as 7% in response to Western nations capping its crude prices. Chevron rose, aiding the Dow Jones Industrial Average.  

Stocks moved choppily during the session following a slate of economic reports. Among them, the Federal Reserve’s preferred inflation gauge was slightly hotter than anticipated for November after months of rate hikes by policymakers to drive down prices.

The core personal consumption expenditures price index rose 4.7% year over year, higher than the 4.6% projection from a Bloomberg survey of economists. The core PCE did cool from 5% in October. 

Also, Americans’ personal income last month rose by 0.4% while spending showed some softness by edging up 0.1%.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday: 

But Friday’s gains couldn’t prevent the S&P 500 from avoiding a third straight weekly loss. The Nasdaq Composite also fell for a third week in a row. 

“Investors looking for an early Christmas gift to boost their investments instead received an unwelcomed market Grinch this month, with the S&P down this week, not to mention this year’s worst annual showing for stocks since 2008,” Greg Bassuk, CEO of AXS Investments in New York, wrote to Insider. 

“With 2022’s dismal stock and bond performance expected to carry into 2023, along with ongoing inflationary concerns, uncertain Fed policy, and lingering geopolitical tensions, investors won’t be receiving any holiday gifts this year for their portfolios.” 

Here’s what else is happening today:

In commodities, bonds, and crypto:

Read the original article on Business Insider