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Weekly Market Recap

December 2, 2022

The S&P 500 posted a 1.1% gain this week, after comments from Fed Chairman Jerome Powell sparked a rally on Wednesday. He all but said that the Fed would raise rates by 0.5% on December 14th, but again noted the Fed is not close to being done raising rates and that they expect to keep rates elevated for a considerable amount of time. As of November 30th, the Dow Jones Industrial Average entered a new bull market, having rallied 20.4% from its low closing price on September 30th. Longer-term Treasury yields continued to drift lower and volatility, as measured by the VIX index, had a weekly close below 20 for only the fifth time this year. Friday’s monthly jobs report was stronger than expected, with national unemployment staying at 3.7%. The ISM report on manufacturing, however, slipped into contraction territory for the first time since 2020. Next week we will be watching additional manufacturing updates, including a report on producer price inflation (PPI). The “Year End Wrap-up & Thoughts for the Year Ahead” webinar is at 1pm ET on Tuesday December 6th. Please register here https://mybuckingham.com/events/year-end-wrap-up-and-thoughts-for-the-year-ahead. Thank you.

Ryan P. Johnson, CFA, CFP®
Managing Director of Investments 

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