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Tuesday, February 7, 2023
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Why we stepped into this week’s lousy market to make a bunch of buys

Traders work on the floor of the New York Stock Exchange during morning tradingon December 02, 2022 in New York City.

Michael M. Santiago | Getty Images

It was a choppy week for the major stock averages as macroeconomic data once again came in above expectations.

Most notable: The final revision for third-quarter gross domestic product jumped 0.3% from its prior reading, while the November annual core personal consumption expenditure price index showed a slight 0.1% rise. Since that the market’s primary concern is inflation and the Federal Reserve’s actions to fight it, stronger-than-expected readings are not a positive. They support the notion that the Fed will stay aggressive in higher rates for a longer period.

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