Monday, August 2


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US stocks close at record highs as investors cheer blockbuster earnings

Xinhua/Wang Ying/ Getty Images US stocks finished the week strong with all three major indexes closing at records Friday as investors cheered blockbuster tech earnings and looked towards next week's Fed meeting.Shares of Snap soared 23% after the social media app exceeded earnings expectations. Twitter also gained after beating estimates, and Bank of America analysts said the stock could rise another 30% as the social media platform stands to see further growth in advertising sales which have been recovering after the onset of the coronavirus pandemic. The good news lifted tech peers Facebook and Google both by more than 3%. Here's where US indexes stood at the 4:oo pm ET close on Friday:The blank-check company backed by billionaire Thomas Barrack withdrew its application for an ...
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Dow stages 550-point comeback after harsh sell-off as investors remain optimistic on growth

Xinhua/Wang Ying/ Getty Images US stocks staged a comeback Tuesday after a harsh sell-off the previous day, with the Dow rebounding 550 points as investors bought the dip and bet on the continued strength of the economic recovery. Industrials, real estate, and financial stocks gained the most out of any sectors in the S&P 500. Industries that hinge on the economic re-opening like restaurants, travel, and lodging all ended the day in the green. On Monday the S&P 500 faced its steepest decline since May while the Dow Jones saw its largest daily drop for the year. Here's where US indexes stood at the 4:00 pm ET close on Tuesday: JPMorgan's head of US equity strategy increased his year-end S&P 500 price target to 4,600 from 4,400, representing potential upside of 8% from Mon...
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US stocks slump as investors digest inflation data showing prices surged in June

Xinhua/Wang Ying/Getty Images US stocks fell Tuesday after inflation data showed prices rose more than expected in June.The Consumer Price Index increased 0.9% in June, far higher than Bloomberg's consensus estimate among economists of 0.5%. The reading marked the largest one-month change since June 2008.On a year-over-year basis, prices increased 5.4%, higher than economists' expectations for a 4.9% year-over-year increase. However, June 2020 was the lowest point for Core CPI during the pandemic shutdown, so year-over -year increases are expected. Here's where US indexes stood at the 4 pm ET close on Tuesday:Mike Lowengart, E*Trade Financial managing director of investment strategy, said that the real question on investors' minds after the CPI read is how long hot inflation numb...
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S&P 500 closes at record high in best week since February as investors brush off inflation concerns

Traders work on the floor of the New York Stock Exchange (NYSE) Spencer Platt/Getty Images US stocks closed higher on Friday with the S&P 500 notching a record high. The benchmark index's enjoyed its largest weekly gain since February. Stocks pushed higher after the latest batch of economic data showed an unexpected stagnation in personal spending last month and inflation ticking higher but less than expected. Core PCE inflation, which strips out volatile food and energy prices, jumped 0.5% in May, coming in below the median estimate of 0.6%. The gauge gained 3.4% year-over-year. The Federal Reserve uses the core measure as its primary gauge of inflation and has indicated will let inflation run above 2% for some time to facilitate a stronger labor-market recovery. Here's where US...