For Immediate Release
Chicago, IL – February 2, 2022 – Stocks in this week’s article are Danaos Corp.
DAC
, Earthstone Energy Inc.
ESTE
, Hanmi Financial Corp.
HAFC
, Archer-Daniels-Midland Co.
ADM
and Vertex Pharmaceuticals Inc.
VRTX
.
5 Stocks with Recent Price Strength Amid Wall Street Turmoil
Wall Street has been suffering since the beginning of 2022 after finishing two successive impressive years despite being pandemic-ridden. Market participants are highly concerned about soaring inflation. Moreover, the Fed’s uncertainty regarding the pace and magnitude of an interest rate hike to contain inflation has injected severe fluctuations in day-to-day trading since mid-January.
On Jan 26, after the conclusion of the first Fed FOMC meeting of this year, Chairman Jerome Powell signaled the first rate hike in three years as early as March. The central bank’s quantitative easing program will also come to an end in March.
Although the Fed refrained from stating the month and magnitude of the interest rate hike, Powell said, “Inflation risks are still to the upside in the views of most FOMC participants, and certainly in my view as well. There’s a risk that the high inflation we are seeing will be prolonged. There’s a risk that it will move even higher.”
The Fed Chairman further added, “In light of the remarkable progress we’ve seen in the labor market and inflation that is well-above our 2% long-run goal, the economy no longer needs sustained high levels of monetary policy support.”
In a separate press statement, the FOMC has also indicated that the Fed is thinking of shrinking its $9 trillion balance sheet later this year. Powell said, “There’s a substantial amount of shrinkage in the balance sheet to be done. That’s going to take some time. We want that process to be orderly and predictable.”
Several stocks have gained in the past four weeks. Notable among them are —
Danaos Corp., Earthstone Energy Inc., Hanmi Financial Corp., Archer-Daniels-Midland Co.
and
Vertex Pharmaceuticals Inc
.
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