In terms of Friday’s market highlights, Adobe, a leading software company, saw a 1.3% rise in its stock after announcing solid financial results and increasing its profit forecast. However, Humana, a health insurer, experienced a 3.8% decline after cautioning about mounting costs due to a surge in demand for medical services, following a warning from UnitedHealth earlier in the week. On a broader scale, this prosperous week for the stock market coincided with the Federal Reserve’s decision to halt rate hikes, a break from its recent trend.
Charlie Ripley, senior investment strategist for Allianz Investment Management, commends the Fed’s approach, stating, “The idea that the Fed is pausing and taking time to see what the cumulative effect is on the economy, from a policy standpoint, is the right move for them.” The S&P 500 has surged by 15% this year due to growing expectations that the Federal Reserve will soon discontinue its interest rate hikes as inflation subsides and the economy avoids a severe recession. Notably, the majority of Wall Street’s gains have come from major tech stocks, which would benefit the most from looser interest rates.
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