The Stock Market Had Its Best Month in Years. We’re Not Out of the Woods Yet.

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Updated July 30, 2022 10:02 am ET / Original July 29, 2022 6:39 pm ET

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Stocks rallied this past week as investors bet that the Federal Reserve has reached peak hawkishness. That’s wishful thinking.

The Dow Jones Industrial Average rose 3%, the S&P 500 index added 4.3%, and the Nasdaq Composite surged 4.7%. All three had their best months since 2020. Even the premium paid for high-yield bonds over Treasuries narrowed considerably.

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