S&P 500 Moves Towards 4000 As Risk Appetite Grows

Advances in stock prices ahead of the weekend

As traders opted to take some profits off the table, the S&P 500 tried to settle above 3990 but lost momentum and pulled back towards the 3970 level. The NASDAQ Composite, which is heavily weighted toward technology stocks, increased by about 1.5%.

Given that consumer spending is slowing down, the Fed may become less hawkish, it appears that the dismal Consumer Sentiment report gave markets extra support.

Stocks of basic commodities and energy were rising today as the recovery in commodity markets went on. In the energy sector, Occidental Petroleum, Phillips 66, and Devon Energy were among of the top gainers.

Tech stocks kept climbing, and Amazon finally reached the psychologically significant $100 milestone.

Following yesterday's decline, Treasury rates increased, but this increase was not substantial.

Additionally, a large basket of currencies came under intense pressure against the US dollar, which was positive for the S&P 500.

The rebound from yesterday's continuation is unexpected from a broad perspective. Given the size of yesterday's gains, some traders could have decided to lock in some profits before the weekend.

Tech companies, however, received substantial support during today's trading session, which showed that risk appetite grew.