Wall St preps for year-end stock rally

Strong rally: Traders working at the New York Stock Exchange. Stocks continue to be volatile as investors grow increasingly concerned about the Covid lockdown policies in China. — AFP

NEW YORK: In lockstep with powerful market trends that have endured for the past 70 years, Wall Street for once saw it coming: With the mid-term elections firmly in the rear-view mirror, the S&P 500 Index has duly enjoyed a rally once again this month – even as the gauge posted more days in the red than in the green.

As a growing number of traders make their peace with the Federal Reserve’s (Fed) policy-tightening campaign, the equity benchmark has posted two consecutive monthly advances for the first time since the summer of 2021, rising 14% in that time.