wall street stocks rallied on the first trading day of the year picking up in spite of recession warnings and expectations of elevated interest rates shortly after the start of the session the dow jones industrial average bounced 04 percent to 3327545 the broadbased sp 500 jumped 06 percent to 386402 and the techrich nasdaq composite index surged 10 percent to 1056598 the comeback follows us stocks worst annual showing since 2008 last year on the back of decadeshigh inflation and steep interest rate hikes by the central bank to cool the economy what we have this morning is some bargainhunting activity in both the stock and bond market said patrick ohare of briefingcom in a note but international monetary fund chief kristalina georgieva has warned that the organization expects a third of the world economy to be in recession this year  pointing to a disconnect between the strength in markets and economic conditions markets will have more data to digest later this week as minutes from the latest federal reserve policymakers meeting are released on wednesday along with key employment data at the end of the week the fed raised the benchmark lending rate seven times last year as it embarked on a forceful campaign to rein in inflation and has signaled it will stay the course in battling price increases the meeting minutes could give more hints on the direction central bankers are headed