Investors have been hunting for the next possible weak link in the system and driving down stock prices for those seen at risk of a sudden exodus by customers. This week began with regulators seizing First Republic Bank, which became the third large U.S. banking system, and fears about what may be next to fall have rocked the industry. High interest rates have already caused cracks in the U.S. “Today’s jobs report likely gave both the bulls and the bears something to anchor around,” he said. How Biden and McCarthy struck a debt limit deal and staved off a catastrophe That in turn would keep the pressure up on an already slowing economy. While that’s good news, particularly when many economists fear a recession may arrive this year, the data also raises worries inflation may stay high and push the Federal Reserve to keep interest rates higher. government’s jobs report also showed workers won bigger pay raises in April than expected. Treasury yields jumped in the bond market after a report showed hiring accelerated across the economy by much more than expected last month. The Dow Jones Industrial Average climbed 546 points, or 1.7%, while the Nasdaq composite rallied 2.2%. The S&P 500 jumped 1.8%, though it still turned in a modest loss for the week that was its worst in nearly two months. Stocks of beaten-down banks also leapt to recover a smidgen of their sharp losses from a brutal week. NEW YORK (AP) - Apple was at the head of a widespread rally on Wall Street Friday after the market’s most influential company reported a better profit than expected.
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