US stocks rebounded as investors put inflationary reports and recession concerns aside.
|I:DJI||DOW JONES AVERAGE||32196.66||+466.36||+1.47%|
|I:COMP||NASDAQ COMPOSITE INDEX||11805.001497||+434.04||+3.82%|
The Dow Jones Industrial Average rose over 400 points, or 1.5%. The S&P 500 and the Nasdaq Composite gained 2.4% and 3.8%, respectively. Technology stocks, including Nvidia, Apple, Microsoft and Micron helped pace the gains.
Despite the rally, all three of the major averages posted weekly declines, extending the market’s slump so far this year. The 10-year yield settled at 2.93%.
|MU||MICRON TECHNOLOGY INC.||71.92||+4.21||+6.22%|
For the week, oil settled at $110.49 per barrel, Brent crude, the pricing basis for international trading of crude, at $111.55.
In corporate news, Twitter shares fell after Elon Musk said in a tweet that his Twitter acquisition was temporarily on hold.
In other news, Robinhood shares rose after billionaire investor Samuel Benjamin Bankman-Fried of Emergent Fidelity Technologies took a 7.6% stake in the trading app.
|HOOD||ROBINHOOD MARKETS INC.||10.69||+2.13||+24.88%|
Occidental shares rose after Warren Buffett’s Berkshire Hathaway added another $52 million worth of stock. The firm remains the oil company’s largest shareholder.
|OXY||OCCIDENTAL PETROLEUM CORP.||08/64||+4.89||+8.26%|
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Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second four-year term Thursday, acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a recession.
WHOLESALE INFLATION CLIMBS 11% IN APRIL, REMAINING NEAR 40-YEAR HIGH
Prices of imported goods were unchanged month-over-month, down from March’s 2.6% surge, the biggest increase in 11 years. Export prices rose 0.6% in April, also down from a record 4.5% spike the previous month. Smaller gains in import and export prices would support the view that inflation has peaked.
The University of Michigan released its preliminary index of consumer sentiment for May, which came in at 59.1, falling from April’s final reading of 65.2. Sentiment has fallen 26% from a pandemic high of 88.3 in April 2021 as consumers worry about the rapid rise in prices for goods and services.
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Bitcoin traded around $30,000, snapping a seven-session losing streak after hitting a 16-month low of around $25,400 Thursday.
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The Associated Press contributed to this report.