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