Why The Market Went Up
The employment cost index which is an important measure of wages eyed by the Fed, showed compensation increased 1% in the fourth quarter. It was below the 1.1% estimate from Dow Jones
The Fed Pivot
Traders widely expect a quarter-point increase in rates by the Fed, but they are hoping softening inflation will cause Chairman Jerome Powell to signal a pause in tightening in the near future (Fed Pivot)
A Stellar January
Stocks have had a stellar start to 2023. The S&P 500 and Dow are up about 6.2% and 2.8% in January in their third positive month in four. The Nasdaq Composite has risen nearly 10.7% this month for its best monthly performance since July
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