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Friday as Wall Street attempted to shake off this week’s losses. Sentiment was buoyed by better-than-expected retail sales data and a strong earnings report from Citigroup (C).
The S&P 500 surged 1.3% at open, while the Dow Jones Industrial Average added 430 points, or roughly 1.4%. The tech-heavy Nasdaq climbed 1.5%.
Retail sales rose more than expected in June, pointing to continued strength among U.S. consumers even in the face of decades-high inflation and concerns over an economic slowdown, data from the Commerce Department showed Friday. The broadest measure of retail purchases climbed 1% in June from the prior month, while May’s figure was downwardly revised to show a 0.1% drop in sales — the first decline this year. Economists surveyed by Bloomberg expected retail sales to rise 0.9% last month.
Elsewhere in markets, shares of Pinterest (PINS) surged 17% after the Wall Street Journal reported activist investment firm Elliott Management took a 9% stake in the social-media platform, becoming the largest stakeholder in the company as it grapples with a decline in users.
Earnings from Citigroup were a bright spot for investors Friday morning. The mega bank reported an 11% jump in second-quarter revenue to $19.64 billion, one day after traders mulled a set of disappointing financials from JPMorgan (JPM) and Morgan Stanley (MS). Shares of Citi gained nearly 6%.
On Thursday, JPMorgan boss Jamie Dimon cautioned in post-earnings remarks that risks to the U.S. economy appear “nearer than they were before” and said “never-before-seen quantitative tightening” is expected to have negative consequences, just one day after another red-hot inflation report spurred speculation among strategists that the Federal Reserve may go as far as to hike rates a full percentage point later this month.
“I’m simply saying, there’s a range of potential outcomes from a soft landing to a hard landing, driven by how much interest rates go up, the effectiveness of quantitative tightening, and defective, volatile markets,” Dimon said in a call with Wall Street analysts Thursday.
Federal Reserve Board of Governors member Christopher Waller said Thursday he would be open to backing an increase of 100 basis points if upcoming economic releases point to strong consumer spending.
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