Tuesday, May 30, 2023
No Result
View All Result
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
No Result
View All Result
Home Retirement

Dow Jumps Over 600 Points After Strong Retail Sales, Mixed Bank Earnings

Updates Finance by Updates Finance
July 15, 2022
in Retirement
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

When You Buy Stocks Makes A Big Difference In Long-Term Returns

401(k) Hardship Withdrawals Tick Up as Inflation Stays High

Three Things To Know When Your Elder Wants To Sell Their Home

Topline

Stocks surged higher on Friday—recouping some of their losses from this week—as investors assessed the latest batch of corporate earnings from major banks and markets got a boost from stronger-than-expected retail sales.

Markets are attempting to bounce back from another losing streak.

Seth Wenig/Associated Press

Key Facts

Markets rebounded Friday: The Dow Jones Industrial Average jumped 2.2%, over 600 points, while the S&P 500 gained 1.9% and the tech-heavy Nasdaq Composite 1.8%.

Investor sentiment got a boost from Commerce Department data showing that retail sales jumped 1% in June, as consumers spent more on a wide range of goods—everything from food to gas—despite inflation recently hitting a new four-decade high.

Major banks continued to report second-quarter earnings: Shares of Wells Fargo fell roughly 1% after the bank set aside money for bad loans and said profits declined by nearly half since a year ago.

Shares of Citigroup, meanwhile, rose 3% after the bank reported strong revenue and profits that exceeded analyst expectations, in large part thanks to rising interest rates and solid trading revenues.

https://www.highcpmrevenuenetwork.com/yjx9n4xz?key=2ae113e708965368d7206a42df6559d1

The results follow “underwhelming” earnings results from the likes of Morgan Stanley and JPMorgan Chase a day earlier, with both firms seeing large declines in profits amid a “volatile market environment.”

Despite Friday’s gains, markets continue to be roiled by recession fears, with the latest red-hot inflation data (consumer prices rose 9.1% in June compared to a year ago) increasing the likelihood of bigger rate hikes from the Federal Reserve.

Crucial Quote:

Given the strong retail sales report, “the U.S. may actually post positive growth figures for Q2 and avoid two consecutive quarters of negative growth,” predicts Jeffrey Roach, chief economist for LPL Financial. “The Fed could try to use this data to support a larger-than-expected hike later this month,” he says, adding that if “the consumer is stable enough, the Fed could indeed implement a large hike without breaking the economy.”

What To Watch For:

Stocks snapped a five-day losing streak, coming off of a mixed session on Thursday, but still ended the week lower. The S&P 500 has now fallen roughly 21% so far in 2022.

Tangent:

China’s economic growth took a major hit following months of strict Covid lockdowns in several major cities. The country’s second-quarter GDP grew by just 0.4% compared to a year ago—a sharp decline from the 4.8% growth rate in the first quarter of 2022, according to official data published on Friday.

Further Reading:

Dow Loses 100 Points After ‘Underwhelming’ Bank Earnings As Investors Fear Bigger Fed Rate Hikes (Forbes)

Dow Falls 200 Points After ‘Ugly’ Inflation Report Adds To Recession Fears (Forbes)

Inflation Spiked 9.1% In June—Hitting New 40-Year High As Price Surge Fuels Recession Fears (Forbes)

Wall Street Firms Slash S&P 500 Price Targets As ‘Concerned’ Analysts Warn Of Earnings Slowdown (Forbes)



Source link

Tags: bankDowEarningsJumpsMixedPointsRetailSalesStrong
Share30Tweet19
Updates Finance

Updates Finance

Recommended For You

When You Buy Stocks Makes A Big Difference In Long-Term Returns

by Updates Finance
May 28, 2023
0

getty Investors frequently are told that they are long-term investors, so they shouldn’t worry about fluctuations in the markets. They are told to invest and hold for the...

Read more

401(k) Hardship Withdrawals Tick Up as Inflation Stays High

by Updates Finance
May 27, 2023
0

More Americans are raiding their retirement accounts as the cost of living climbs, and experts predict that the number of workers drawing on their 401(k)s to pay for...

Read more

Three Things To Know When Your Elder Wants To Sell Their Home

by Updates Finance
May 26, 2023
0

Although many realtors are ethical and honest, it’s no secret that many are not. Here at AgingParents.com, we hear too many sad stories of older adults getting ripped...

Read more

Midyear IRA Planning Opportunities To Consider

by Updates Finance
May 26, 2023
0

getty Tax return season is over, but there are tax-saving opportunities to consider between now and the end of the year. Here are a few IRA strategies to...

Read more

Six Win-Win Strategies For Retirees To Help Prevent Or Delay Dementia And Cognitive Decline

by Updates Finance
May 25, 2023
0

Take steps today to prevent or mitigate dementia in your later years.getty Americans fear Alzheimer’s disease more than cancer, stroke, and heart disease combined, according to a survey...

Read more
Next Post

Man Who Lost Wife and Daughter in Kobe Bryant Helipcopter Crash Told to Not ‘Ride Coattails’ of Vanessa Bryant

Related News

Money versus Monetary Policy | Mises Institute

February 22, 2023

Fiscal conflict posed by Brazil’s government-elect shows ignorance, says Guedes By Reuters

November 18, 2022

What The Fed!? Mixed Message Rate Announcement Sends Markets Spinning

November 3, 2022

Browse by Category

  • 1Win Casino
  • blog
  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Mostbet Casino
  • Mostbet kazinosu
  • Mostbet kumarhanesi
  • Online Dating
  • Personal Finance
  • Retirement
  • Startups
  • Technology
  • Uncategorized

Get the latest Financial news on updatesfinance.com. Business news, Economy news, Investing news, Personal Finance and more.

CATEGORIES

  • 1Win Casino
  • blog
  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Mostbet Casino
  • Mostbet kazinosu
  • Mostbet kumarhanesi
  • Online Dating
  • Personal Finance
  • Retirement
  • Startups
  • Technology
  • Uncategorized

Recent News

  • Canada, Quebec to provide about C$300 million for GM-POSCO battery materials facility By Reuters
  • FirstFT: AI is creating a ‘new computing era’

Copyright © 2022 - Updates Finance..

No Result
View All Result
  • Home
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Updates Finance..

https://www.highcpmrevenuenetwork.com/yjx9n4xz?key=2ae113e708965368d7206a42df6559d1 https://www.videosprofitnetwork.com/watch.xml?key=23dd8a3bb9168e7b5f33ef2b66f1a432
https://www.videosprofitnetwork.com/watch.xml?key=23dd8a3bb9168e7b5f33ef2b66f1a432 https://www.highcpmrevenuenetwork.com/yjx9n4xz?key=2ae113e708965368d7206a42df6559d1
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?