Stock market posts modest gains on Friday after devastating first six months

The stock market closed out the week on a high note, posting modest gains across all three major indices following a record poor performance over the first six months of 2022.

The Dow Jones Industrial rose by 322.03 points for a 1.05% gain. The Nasdaq Composite and the S&P 500 gained 99.11 and 39.98 points, for 0.90% and 1.06% increases respectively.

On Thursday, the market closed out the first half of 2022 with losses representing the worst first half year since 1970. Both the S&P 500 and Nasdaq Composite currently sit in bear market territory, defined as a 20% drop in an index's value from its most recent high.

The Nasdaq has fallen roughly 30% from the beginning of the year while the S&P is down approximately 21%.

The figures come amid rising fears of inflation, which stood at 8.6% in May, the highest monthly figure since 1981. Also fueling uncertainty is the prospect of further interest rate hikes from the Federal Reserve to combat such inflation.