Stocks rose on Friday as investors digested a pairing between two of the largest American automakers and prepared for the Federal Reserve’s next decision on rate hikes.
The S&P 500 (^GSPC) rose 0.30% while the Nasdaq Composite (^IXIC) increased 0.54% and the Dow Jones Industrial Average (^DJI) added 0.15% or 49 points.
The S&P 500 finished Thursday’s trading sessions up more than 20% from its October 2022 lows, officially marking the start of a bull market. The stock rally to start 2023 comes as strong economic data continues to outweigh incessant recession fears.
“I do believe that the worst is behind us,” BMO Capital Markets Chief Investment Strategist Brian Belski, who recently boosted his S&P year-end price target from 4,300 to 4,550, told Yahoo Finance Live. “The Fed, maybe, has one more interest rate increase between now and the end of the year, and that’s OK, but I think most of that has been already priced into the market.”
Shares of Tesla (TSLA) and General Motors (GM) both traded higher at the market open after GM announced Thursday it is joining forces with Tesla to leverage the electric-vehicle maker’s Supercharger Network. The announcement comes two weeks after Ford (F) announced a similar partnership with Tesla to enable access for Ford vehicles to Tesla’s charging network.
The GMC Hummer EV displayed at the Philadelphia Auto Show, Friday, Jan. 27, 2023, in Philadelphia. (AP Photo/Matt Rourke)
“This collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers,” GM CEO Mary Barra said in a press release.
Tesla shares are up more than 5% on the news, extending an 11 day rally.
Shares of Docusign (DOCU) turned negative as the company beat analyst estimates for both revenue and earnings per share in the most recent quarter. Several Wall Street analysts reiterated sell ratings on the stock.
“DocuSign attributed the out-performance to renewal timing, only passed a portion of the 1Q beat to the full year guide and sounded somber about the state of the demand backdrop,” UBS analyst Karl…
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