US stocks rise as the market nears the end of a strong week

• The Dow Jones Industrial Average was up 1.3 percent at 31,068.91.
• The S&P 500 rose 1.6 percent to 3,854.59.
• The tech-heavy Nasdaq Composite Index rose 2.0 percent to 11,455.97.

US stocks rise, nearing the end of a winning week for equities amid prospects of a market resurgence following a difficult spell.

Stocks have been falling for the majority of 2022 as the Federal Reserve and other central banks raise interest rates in response to rising inflation.

But markets have shifted a bit in recent sessions, with oil and other commodities pulling back, along with Treasury bond yields as markets weigh recession fears.

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“It certainly feels like the tide has changed a little bit in terms of investor sentiment,” said Art Hogan, strategist at National Securities.

“All indications are that we have a combination of both peak inflation and peak pessimism. And I think that sets up for a very nice tradable bottom here.”

About 20 minutes into trading, the Dow Jones Industrial Average was up 1.3 percent at 31,068.91.

Read More: US stocks retreat as Powell cautions on inflation

The S&P 500 rose 1.6 percent to 3,854.59, while the tech-heavy Nasdaq Composite Index rose 2.0 percent to 11,455.97.

FedEx rose 7.5 percent with an upbeat estimate as quarterly revenues increased eight percent to $24.5 billion.