MarketWatch: Dow finishes up over 250 points as stocks book back-to-back gains
Major U.S. stock indexes booked back-to-back gains on Tuesday, erasing earlier weakness after big-box...
Major U.S. stock indexes booked back-to-back gains on Tuesday, erasing earlier weakness after big-box retailer Target Corp. lowered its operating-margin guidance. The Dow Jones Industrial Average DJIA, +0.80% rose about 264 points, or 0.8%, ending near 33,179. The S&P 500 SPX, +0.95% closed up 1%, while the Nasdaq Composite Index COMP, 0.94% rose 0.9%, adding to modest gains for all three benchmarks on Monday. Stocks wobbled earlier in the session after Target TGT, -2.31% outlined plans for price hikes, markdowns and more to help offset inventory woes tied to supply-chain bottlenecks and higher energy costs. Investors have been closely monitoring big retailers for signs of a potential pullback by consumers juggling higher costs at the gas pump, grocery store and elsewhere as inflation runs hot.
Gas prices are on the road to hitting $5 per gallon by this week, according to an industry expert.
The national average retail price for a gallon of regular gasoline jumped 25 cents since Memorial Day weekend hitting a record $4.86 Monday, according to AAA.
However, the national average is likely to hit $5 per gallon this week as oil prices continue to rise and gasoline inventories sit at their lowest level for this time of year since 2014, Andy Lipow, president of Lipow Oil Associates, told FOX Business on Monday.
U.S. trade deficit falls 19% to $87.1 billion and comes off record high
The numbers: The nation’s trade deficit shrank 19% in April to $87.1 billion as exports...
The numbers: The nation’s trade deficit shrank 19% in April to $87.1 billion as exports rebounded and imports fell, but the U.S. is still on track to post another record trade gap in 2022.
The deficit narrowed from a record $107.7 billion in March, the first time it’s ever topped $100 billion in a single month.
Economists polled by The Wall Street Journal had forecast an $89.4 billion shortfall.
Exports rose 3.5% to $252.6 billion. Imports slid 3.4% to $339.7 billion.
Market reaction: The Dow Jones Industrial Average DJIA, +0.05% and S&P 500 SPX, +0.31% were set to open lower in Tuesday trades.
In its latest oil price forecast, Stratas Advisors holds to the view that oil prices would not move significantly...
In its latest oil price forecast, Stratas Advisors holds to the view that oil prices would not move significantly higher than $120 over the next few months.
The price of Brent crude ended the week at $119.72 after closing the previous week at $119.43. The price of WTI ended the week at $118.87 after closing the previous week $115.07.
During the previous week, there were some newsworthy developments.
Citi Raises Oil Price Forecasts on ‘Heavily Delayed’ Iran Deal
Citi Research on June 6 raised its quarterly oil price forecasts for this year and its year-average outlook...
Citi Research on June 6 raised its quarterly oil price forecasts for this year and its year-average outlook for 2023, because additional supply from Iran looked heavily delayed, adding to tighter market balances.
Delay in Iran sanctions relief is the main factor tightening balances, Citi said.
Citing tighter market balances, Citi raised its second-quarter 2022 Brent price forecast by $14/bbl to $113/bbl, and the third and fourth quarter prices by $12, to $99 and $85, respectively. The bank estimates Brent to average $75/bbl in 2023, revised higher by $16.
