5/17/22
Even with inflation, people seem eager to spend. And there’s a new “best city to live in America.” Fed chairman Jerome Powell says a soft economic landing is possible. That was just what investors wanted to hear today.
The Dow gained 431 to close at 32,654.
The Nasdaq jumped 2.75%, gaining 321.
The S&P finished the day 2% higher, up 80.
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Retail spending increased almost 1% in April, even with inflation where it is. Economists say people are likely dipping into savings to offset the decline in real wages.
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Wells Fargo’s CEO and a guy named Elon Musk both say the U-S is headed towards a recession. Musk says it’s already started. He says it could last up to 18 months before things take off again.
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Home Depot had a strong quarter. It reported better than expected gains and lifted its outlook for the year. Home Depot shares were up almost 2% on the news. It also shows the housing market might stay hot for a while.
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A new city has been crowned best place to live in America. That would be Huntsville, Alabama. It knocks Boulder, Colorado out of the first place spot after two years.
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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.
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