With inflation cooling more than expected, and Fed chair Powell hinting at smaller rate hikes in the near future, Wall Street started getting into the joyful festive spirit. This week the S&P 500 rallied again — bringing gains for the flagship index to a little over 5% in November. That move follows on from October, which was also a great month for stock markets as the Dow soared nearly 14%, posting its best month since 1976.
Sweet greens
Even with two green bars in a row on this chart — the first back-to-back monthly gains since August 2021, when Meta was still Facebook and inflation was not an acceptable conversation topic — it’s nevertheless not been enough to undo the damage done from earlier this year. Indeed, the S&P 500 is still down ~14% in 2022, remaining on track for its worst year since 2008.
