{"id":31220,"date":"2022-05-31T23:08:36","date_gmt":"2022-05-31T23:08:36","guid":{"rendered":"https:\/\/harchi90.com\/stocks-drop-as-may-concludes-powell-biden-talk-inflation-oil-adds-9-5-for-month\/"},"modified":"2022-05-31T23:08:36","modified_gmt":"2022-05-31T23:08:36","slug":"stocks-drop-as-may-concludes-powell-biden-talk-inflation-oil-adds-9-5-for-month","status":"publish","type":"post","link":"https:\/\/harchi90.com\/stocks-drop-as-may-concludes-powell-biden-talk-inflation-oil-adds-9-5-for-month\/","title":{"rendered":"Stocks drop as May concludes, Powell-Biden talk inflation, oil adds 9.5% for month"},"content":{"rendered":"
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US stocks were choppy heading into Tuesday’s session on Wall Street after the three-day Memorial Day holiday as a key US inflation reading eased in April, according to reports.<\/p>\n\n\n\n\n\n\n\n
Symbol<\/th>\nPrice<\/th>\nChange<\/th>\n% Change<\/th>\n<\/tr>\n<\/thead>\n
I: DJI<\/td>\n$ 33,212.96<\/td>\n+575.77<\/td>\n+ 1.76%<\/td>\n<\/tr>\n
SP500<\/td>\n$ 4,158.24<\/td>\n+100.40<\/td>\n+ 2.47%<\/td>\n<\/tr>\n
I: COMP<\/td>\n$ 12,131.13<\/td>\n+390.48<\/td>\n+ 3.33%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The data showing an easing of April inflation, alongside some strong earnings, has pushed shares of retailers sharply higher.<\/p>\n

Dollar Tree, Ulta Beauty and Ross Stores were among the week’s biggest winners in the S&P 500, gaining at least 20% apiece.<\/p>\n

Meanwhile, US consumers appeared reluctant to let high gas prices and travel costs keep them from their Memorial Day weekend plans and were expected to keep powering the economy.<\/p>\n

For months, worries about high inflation and the path of Federal Reserve rate increases have weighed on the market. Investors have grown concerned that interest rate hikes could tip the economy into a downturn.<\/p>\n

Many of the extended rate-hiking cycles in recent decades have eventually led to contractions, according to Deutsche Bank.<\/p>\n

Fears of that worst-case scenario appeared to abate last week as stocks kept rising after the Fed’s latest meeting minutes showed that central bank officials thought they would need to raise interest rates by a half-percentage point at each of the next two meetings.<\/p>\n

Major indexes built on those gains late last week and then surged Friday, ending the week near their session highs. The S&P 500 gained 100.40 points, or 2.5%, to close Friday at 4158.24. The Dow Jones Industrial Average added 575.77 points, or 1.8%, to 33212.96. The tech-heavy Nasdaq added 390.48 points, or 3.3%, to 12131.13.<\/p>\n

Some investors said stocks had fallen too far, too fast. A deep selloff has made valuations more attractive, encouraging some investors to buy the dip.<\/p>\n

High inflation has been chipping away at Americans’ wallets and raising concerns about a recession, leading to low levels of confidence. Concerns about economic growth have lingered, driving government bond yields lower, off the highs hit earlier in May. The yield on the benchmark 10-year US Treasury note dropped to 2.748% Friday and has fallen for three consecutive weeks. Yields and prices move in opposite directions.<\/p>\n

Meanwhile, overseas, the pan-continental Stoxx Europe 600 added 1.4%. In Asia, Hong Kong’s Hang Seng rose 2.9%. Japan’s Nikkei 225 added 0.7%. The Shanghai Composite gained 0.2%.<\/p>\n

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