Wall Street stormed back this week after absorbing a long-awaited rate hike from the Federal Reserve. The S&P 500 delivered its best weekly gain since November 2020. The surge cut the index’s year-to-date losses by nearly half, though it is still down 6.7% for 2022 after falling into a correction last month. Some big banks believe the worst may be over, for now, but others are less sanguine. Bearish sentiment among retail investors is close to 50%, the latest survey from the American Association of Individual Investors showed, well above the historic average of 30.5%. Since 1983, historically, stocks have weathered recession cycles fairly well, data from UBS data showed, data showed. . . .
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