That report also suggested a measure of inflation wasn’t as high from April through June as expected.Īnother report, meanwhile, said that fewer workers applied for jobless benefits last week. That easily topped forecasts from economists, who were expecting a slowdown from the first three months of the year. One estimate said growth for the overall economy accelerated in the spring. Higher costs for mortgages, auto loans and credit cards may follow. The Fed lifts its benchmark short-term rate to 5.3% - its highest level since 2001. It was up as many as 125 points Thursday morning and seemed to be on the verge of tying a win-streak record set in 1897, before it ran out of momentum.īusiness Federal Reserve raises its key rate for 11th time by a quarter-point in its drive to slow inflation The dip for Wall Street put a halt to a torrid run in which the Dow climbed for 13 straight days. It dropped 5.7% after its revenue fell short of analysts’ expectations, as did its forecast for earnings in the current quarter. Honeywell International was a heavy weight on the market despite reporting stronger profit for the spring than analysts expected. The Dow Jones industrial average also flipped from an early gain to a loss and dropped 237.40 points, or 0.7%, to 35,282.72. The Standard & Poor’s 500 sank 29.34 points, or 0.6%, to 4,537.41 after touching its highest level in nearly 16 months during the morning. Stocks fell Thursday, taking some air out of Wall Street’s big recent rally, despite fatter-than-expected profit reports from big companies and the latest signals of a resilient economy.
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