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S&P 500, NASDAQ Composite Finish Higher Despite Rate Hike Expectations

Jimmy Khan

Dec 26, 2022 16:24

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Despite a jump in Treasury yields and economic data that indicated consumer inflation was falling but not quickly enough for the Fed to halt its intentions to keep increasing interest rates, the benchmark S&P 500 Index and the tech-heavy NASDAQ Composite finished higher on Friday.


Numerous studies from the Commerce Department and the University of Michigan revealed that although consumer spending, which makes up roughly 70% of the U.S. economy, is slowing down, inflation also seems to be.


Coming home sales registered a surprise boost, and consumer confidence rose more than anticipated, despite the Fed's expectation to hike rates throughout the new year and the widespread forecast of a recession in 2023 among experts.


The S&P 500 Index ended the day on Friday at 3844.82, up 22.43 or +0.59%. The Dow Jones Industrial Average closed at 33203.93, up 175.44 or +0.53%, while the NASDAQ Composite ended at 10497.86, up 21.74 or +0.21%.

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