Bull Market in 2023? Adding $500 to These Stocks Could Be a Genius Move Right Now
The stock market has turned in a forgettable performance in 2022 thanks to multiple headwinds. These range from surging inflation to the Federal Reserve's interest rate hikes to macroeconomic headwinds and the possibility of a recession in 2023. However, recent trends suggest that the market could end the year on a high.
The S&P 500 has lost 17% of its value in 2022 so far, but the index has gained over 10% since the beginning of October. And now, Bank of America estimates that the stock market could witness a bull run in 2023 on account of cooling inflation that could drop to 4% by the middle of next year.
Inflation for October in the U.S. came in at 7.7%, down from 8.2% in September. If inflation keeps cooling and the Fed reduces the pace of interest rate hikes, it won't be surprising to see the stock market surge higher as 2022 ends and sustain the momentum in the new year.
Source Fool.com
