Stocks surged on Friday despite a sell-off in Amazon (AMZN). Investors were also likely reassured by economic data which indicated that inflation may be slowing down. Core personal consumption expenditures price index rose 0.5% in September from the previous month and 5.1% from a year ago.
The Federal Reserve meets on November 1-2. Markets still expect that the central bank is likely to raise interest rates by 75 basis points for the fourth straight time.
Overall, S&P 500 was up 2.5% to 3,901, while NASDAQ increased 2.9% to 11,102.
Tweet of the Day
Smart money loading up.#NASDAQ insider buying is now at its highest level since 2011. pic.twitter.com/AgG1pluqJS
— Game of Trades (@GameofTrades_) October 28, 2022
Chart of the Day
Our chart of the day is the ten-year chart of Lockheed Martin (LMT) as of October 22, 2022, when the stock was at $455. Today, LMT hit an all-time high after it closed at $485.
Lockheed Martin is one of the largest defense contractors in the world. It operates through four segments: (1) Aeronautics, (2) Missiles and Fire Control, (3) Rotary and Mission Systems, and (4) Space.
LMT is part of the Conservative Growth Portfolio.