The First Slice for Friday, May 13, 2022

U.S. stocks closed lower Thursday but were off the session’s ugliest levels after Federal Reserve Chairman Jerome Powell was voted in by Congress to serve a second term of four years.

  • The Dow fell -103.81 or -0.33%
  • The S&P 500 shed -5.10 or -0.13%
  • The Nasdaq ecked out a gain +6.73 or +0.06%

Stocks pared losses in choppy trade Thursday after Federal Reserve Chairman Jerome Powell was given more time to dramatically pull back the central bank’s easy-money stance to battle inflation before it wrecks the economy.

Equities initially rallied following fresh economic data that showed slowing wholesale inflation in April but swung lower in afternoon trade as investors focused on the potential ramifications of still intense price pressures. While meeting forecasts, prices rose 0.5% in April, from a 1.6% jump in March. Price gains over the year slowed to 11% from 11.5%.

At the session’s worst levels, the S&P 500 index traded precariously close to a bear market for the first time since 2020……Full Loaf Hot Link[read more]

*Click on the “Full Loaf” icon to read the full article! After you read the article come back and tell us your thoughts.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Today's Dough