The stock market’s monthlong rally had gone too far. More gains for the near-term won’t come easily.
The
S&P 500
had gained as much as 17% since its early October low point of its bear market. Driving the rally is a declining rate of inflation, would could mean that the Federal Reserve’s interest-rate hikes are having the desired effect. If the central bank ended rate hikes, that could mean a bottom in economic growth.