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 Not as much movement in stock prices for a week that is historically often very dynamic. The movement that there was though was upward, a continuation of recent behavior. 

Of the key topics that influence institutional investors most, interest rates continue to dominate. Wednesday’s Fed comments about possibly nearing the point of slowing/ending rate increases was very positive news that sent stock prices soaring. However, Fridays’ strong employment and wage growth report dashed that optimism, suggesting more rate increases might be needed after all, resulting in prices initially falling back. 

Late Friday prices rebounded anyway – its possible fund managers and other professional money managers want to create an end-of-year rally despite all the negatives – in an attempt to improve their annual performance and salvage any performance incentive compensation in what has otherwise been the worst year for stocks in decades (thanks, Joe!). 

Again, many of our stocks were modest risers, increasing our gains or at least reducing losses. Whether or not another downtrend will form in 2023 and take prices to even lower lows, we may see more rally in the near-term, at least through year-end. 

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