Stock market posts modest gains on Friday after devastating first six months
On Thursday, the market closed out the first half of 2022 with losses representing the worst first half year since 1970
The stock market closed out the week on a high note, posting modest gains across all three major indices following a record poor performance over the first six months of 2022.
The Dow Jones Industrial rose by 322.03 points for a 1.05% gain. The Nasdaq Composite and the S&P 500 gained 99.11 and 39.98 points, for 0.90% and 1.06% increases respectively.
On Thursday, the market closed out the first half of 2022 with losses representing the worst first half year since 1970. Both the S&P 500 and Nasdaq Composite currently sit in bear market territory, defined as a 20% drop in an index's value from its most recent high.
The Nasdaq has fallen roughly 30% from the beginning of the year while the S&P is down approximately 21%.
The figures come amid rising fears of inflation, which stood at 8.6% in May, the highest monthly figure since 1981. Also fueling uncertainty is the prospect of further interest rate hikes from the Federal Reserve to combat such inflation.
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