Investor war between Wall Street and the Fed

Why is the investor war between Should I be more worried about high inflation or the rapidly deteriorating growth outlook? Thomas Kennedy, chief investment strategist for J.P. Morgan Global Wealth Management, told Reuters Thursday. Cross asset correlations over the last few weeks have suggested growth is the bigger concern for the market. The Dow Jones industrials gained 69.86 points or 0.23 percent to 31,039. The Nasdaq Composite added 39,61 points or 0.35 percent to 11,361. The Standard and Poor's 500 climbed 13.69 points or 0.36 percent to 3,845. Foreign currencies were little changed after the sharp jump in the U.S. dollar the day before. The euro was close to 1.0183 at the New York close Wednesday. The British pound traded in a close range around 1.1918 as Boris Johnson clung to power despite numerous calls for his resignation. The Japanese yen was little changed at 135.35. The Swiss franc fell to 0.9709.

The Canadian dollar was still weak at 1.3035. The Australian dollar was weak at 0.6783. The New Zealand dollar struggled around 0.6150.

The biggest gain was the CAC 40 in Paris, which surged 2.03 percent. The German Dax was up 1.56 percent. The FTSE 100 increased by 1.17 percent in London.

The Hang Seng fell 266.41 points or 1.22 percent in Hong Kong to close Wednesday at 21,586. The Kospi Composite in Seoul, South Korea lost 49.77 points or 2.13 percent to 2,292. The Australian All Ordinaries dropped 33.80 points or 0.50 percent to 6,784. In New Zealand, the S&P NZX 50 had advanced 175.90 points or 1.60 percent, against the trend.