The Drive to Recover from Steep Losses Continues
June 23,2022 10:13 am EST
Stock rose on Thursday, as the market tried to recover some of the steep losses suffered in 2022, even as Wall Street continued to weigh recession risks.
The Dow Jones Industrials rebounded 167.99 points to kick off Thursday to 30,651.12.
The S&P 500 recovered 25.41 points to 3,785.30.
The NASDAQ Composite sprang 101.58 points to 11,154.66.
The major averages came into Thursday''s session posting strong gains for the week. The Dow, S&P 500 and the NASDAQ are all up more than 2% in that time.
On Thursday, the U.S. Labor Department said weekly jobless claims fell 2,000 to a seasonally adjusted 229,000 for the week ended June 18, though the labour market remains tight.
UBS is the latest investment bank this week to raise its odds of a recession to 69%, citing lackluster data last week in housing, industrial production and capital goods.
Citigroup increased its odds of a recession to 50%, citing a slide in consumer demand that could make it more difficult for the Federal Reserve to achieve a soft landing.
Goldman Sachs said the probability of a downturn is “higher and more front-loaded” than it was previously. In a Monday note, the firm raised its bet of a U.S. recession to 30%, up from 15%, over the next year. It increased those odds to 48%, up from 35%, over the next two years.
Treasury prices jumped, lowering yields to 3.04% from Wednesday''s 3.15%. Treasury prices and yields move in opposite directions.
Oil prices lost 75 cents to $105.44 U.S. a barrel.
Gold prices added $7.40 to $1,845.80 U.S. an ounce.