Connect with us

Business

Wall Street ends higher, propelling the Nasdaq to a record high

Wall Street ends higher, propelling the Nasdaq to a record high

 


The S&P 500 index rose 25.26 points, or 0.5%, to 5,246.68. It is approximately 0.1% below its record set at the end of March. The Dow Jones Industrial Average rose 126.60 points, or 0.3%, to 39,558.11.

The Nasdaq Composite Index, heavily influenced by technology stocks, jumped 122.94 points, or 0.8%, to 16,511.18, setting a record high. The technology sector has been a driving force behind much of the broader market's gains this year.

Several “meme” actions, including GameStop and AMC Entertainment, have advanced in a revival of the social media frenzy of three years ago. GameStop jumped 60.1% and AMC jumped 32%. Both stocks gave back much of their gains from earlier in the day.

An inflation update showed that prices remain stubbornly high at the wholesale level, before many price changes are passed on to consumers. The latest producer price index showed inflation rose sharply in April. The report also included a downward revision for the March reading. The report is the first of two big inflation updates this week that are being closely watched by Wall Street.

Inflationary pressures in the U.S. economy remain significant and the momentum built over the past several years continues, said Bill Adams, chief economist at Comerica Bank. At the margin, the Fed will view the April PPI report as another reason to slow the decline in interest rates.

Bond yields have fallen slightly. The 10-year Treasury yield fell to 4.45% from 4.49% Monday evening. The yield on the two-year Treasury note, which more closely tracks expectations for the Federal Reserve's actions, fell to 4.82% from 4.86%.

The biggest test for markets will come on Wednesday, when the United States releases its monthly update on consumer prices, or the inflation faced by households. Economists expect the consumer price index to fall to 3.4% in April on an annual basis. The inflation rate has risen in 2024, raising concerns that the Fed will struggle to control inflation to meet its 2% target.

Investors have lowered their expectations for the speed and frequency of interest rate cuts this year as inflation remains higher than expected. Traders are betting on one or two rate cuts this year, according to CME Group data.

Wall Street still hopes the Fed can achieve its soft landing, where high interest rates help curb inflation without slowing the economy into a recession. The economy remains strong, but consumers could show signs of fatigue under the weight of stubborn inflation. Economists expect the retail sales report released Wednesday to show that consumer spending slowed in April, just as it has in recent months.

The latest round of earnings reports and company forecasts from retailers also show that consumers are struggling. Low-income households are particularly strained. Retail giant Walmart will release its latest financial results on Thursday, giving investors better insight into consumer spending habits.

Fed Chairman Jerome Powell, during a roundtable in Amsterdam on Tuesday, reiterated that the central bank would probably not increase its key interest rate to respond to stubborn inflation. He also said his confidence in slowing inflation is “not as high as it was” because price increases were persistent during the first three months of this year.

Earnings were a bright spot for markets, helping to support gains in major indexes in May after a difficult April. S&P 500 companies are mostly done with their latest results, which show an overall profit gain of 5.3%.

Stocks were mostly higher in Europe and mixed in Asia. Chinese markets fell following US plans to increase prices on imports from China.

Sources

1/ https://Google.com/

2/ https://www.daytondailynews.com/nation-world/stock-market-today-stocks-drift-higher-on-wall-street-hovering-just-below-record-high/XC7EZBOXOFDTRM72GHBCSPWYLM/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]