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Brazilian President Lula: Next week I will speak with leaders of France, Britain, Germany and the European Union.White House trade adviser Navarro: (Regarding Trumps threat to sue Powell) I will not get involved in this matter.On Tuesday, August 13th, U.S. Treasury Secretary Benson expressed optimism in an interview with Fox Business Channel that the Senate would confirm Stephen Milan, current Chairman of the Council of Economic Advisers, to the temporary vacancy on the Federal Reserve Board before the Feds September meeting. Bessant revealed that President Trump is conducting a wide-ranging search for candidates to fill the permanent vacancy on the Federal Reserve Board next January and is keeping a very open mind. He even revealed that the president has considered nominating former Federal Reserve Chair Janet Yellen. "This isnt an ideological issue; its about economics—whats best for the American people and whats best for the economy," Bessant emphasized.On August 13, the Wall Street Journal reported that Federal Reserve Chairman Barkin stated that there are numerous signs that low- and middle-income consumers are facing greater financial constraints than they were a few years ago, which could curb their spending and mitigate the inflationary impact of tariffs. "The theory that the cost of (tariffs) will inevitably be passed on, leading to a surge in inflation, will have to be tested by consumer reaction," he said. "I believe consumers will accept price increases on some essential goods, but will inevitably resist price increases in other areas by downsizing or delaying purchases." Regarding the inflation outlook, Barkin noted, "We will see some inflation, but it will be milder than expected because this is not 2022, when consumers had ample cash and a strong desire to spend. The reality in 2025 is that consumers are feeling the pinch and are therefore forced to be frugal."The API crude oil production in the United States in the week ending August 8 was 43,000 barrels per day, compared with 76,000 barrels per day in the previous week.

Apple Propels Wall Street to A Substantially Higher Closing Price

Charlie Brooks

May 18, 2022 10:03

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Wall Street closed Tuesday significantly higher, led by Apple, Tesla (NASDAQ:TSLA), and other mega cap growth firms, as April's robust retail sales allayed fears of an economic slowdown.


Ten of the eleven major S&P sector indexes rose, with the financials, materials, consumer discretionary, and technology sectors all gaining more than 2 percent.


Investors were pleased to learn that U.S. retail sales rose 0.9% in April as customers purchased automobiles in response to an improvement in supply and dined at restaurants.


Recent underperformers Microsoft Corp (NASDAQ:MSFT), Apple Inc (NASDAQ:AAPL), Tesla Inc, and Amazon (NASDAQ:AMZN) pushed the S&P 500 and Nasdaq higher by between 2% and 5.1%.


The broad rally on Tuesday follows several weeks of selling on the U.S. stock market, during which the S&P 500 reached its lowest level since March 2021.


"The major segments of stocks that investors often purchase have been substantially depressed. They are either in a market correction or bear market "According to Defiance ETF's chief investment officer, Sylvia Jablonski. I believe investors are seeking opportunities to buy on the drop, and today may be a good time to do so.


Citigroup (NYSE:C) climbed over 8 percent after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) reported a roughly $3 billion investment in the U.S. lender. The S&P 500 Banks index increased by 3.8%.


Another set of economic data revealed that industrial production increased by 1.1% in April, exceeding forecasts of 0.5% and outpacing the 0.9% increase in March.


Bill Adams, chief economist for Comerica (NYSE:CMA) Bank in Dallas, stated, "This is consistent with ongoing economic expansion in the second quarter and not a current recession."


Fed Chair Jerome Powell stated at an event on Tuesday that the Federal Reserve will "keep pushing" to tighten monetary policy until it is evident that inflation is dropping.


Traders estimate a probability of 85 percent for a 50-basis point rate hike in June.


The S&P 500 finished the session at 4,088.85 points, up 2.02%.


The Nasdaq increased by 2.76 percent to 11,984.52 points, while the Dow Jones Industrial Average increased by 1.34 percent to 32,654.52 points.


39 times so far in 2022, the S&P 500 has risen or lost 2 percent or more in a session, compared to 24 times in all of 2021. This demonstrates Wall Street's recent volatility.


GRAPHIC-S&P 500's busiest trades - https://fingfx.thomsonreuters.com/gfx/mkt/zgpomemlwpd/SPX by busiest trades.png


Walmart (NYSE:WMT) fell 11.4% after the retail giant lowered its annual profit prediction and signaled a damage to its margins. Since 1987, this was the largest one-day percentage decline for Walmart's stock.


Costco (NASDAQ:COST), Target (NYSE:TGT), and Dollar Tree (NASDAQ:DLTR) all declined between 0.8% and 3.2%.


United Airlines Holdings (NASDAQ:UAL) rose 7.9 percent after the company raised its revenue prediction for the current quarter, lifting shares of Delta Air, American Airlines (NASDAQ:AAL), and Spirit Airlines (NYSE:SAVE).


Concerns over the situation in Ukraine, increasing inflation, COVID-19 lockdowns in China, and aggressive policy tightening by central banks have obscured the first-quarter earnings season.


The S&P 500 is down about 14% so far in 2022, and the Nasdaq is off around 23%, hit by tumbling growth stocks.


Chinese stocks listed in the United States rose on expectations that China may soften its restrictions on the technology sector.


On the NYSE, advancing issues outweighed declining ones by a ratio of 2.92 to 1; on the Nasdaq, the ratio was 3.19 to 1.


The S&P 500 recorded one new 52-week high and thirty new lows, but the Nasdaq Composite recorded 24 new 52-week highs and 126 new lows.


Volume on U.S. exchanges was 12.0 billion shares, compared to a 20-day average of 13.3 billion shares.

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