Bloomberg: U.S. holiday week sets bullish tone for stocks

Source: Bloomberg

Author: Isabelle Lee and Peyton Forte

Article: Original article 

Publication date: Wednesday, November 23, 2022

In recent days, Fed officials have generally maintained a firm stance on fighting inflation. However, San Francisco Fed President Mary Daley also said officials should be mindful of the delay in policy changes, while her Cleveland counterpart Loretta Mester said she is open to softening the scale of rate hikes.

Craig Johnson, chief market technician at Piper Sandler said that U.S. Thanksgiving week also tends to carry a "historically bullish tone" for stocks. He says the week began with a decline on Monday. However, now things are getting better byThursday holiday about 68% of the time since 1950.

The Fed meeting minutes will be released today so we must see their policy easing.

Forecast:

Short-term S&P gains.