Dow ends up over 600 points as stocks bounce back after worst week since 2020
The U.S. stock market closed sharply higher Tuesday, with the S&P 500 bouncing from its worst week...
The U.S. stock market closed sharply higher Tuesday, with the S&P 500 bouncing from its worst week since March 2020 as investors bought the dip amid concerns of an economic slowdown. The Dow Jones Industrial Average DJIA, +2.15% jumped around 643 points to close more than 2% higher, while the S&P 500 SPX, +2.45% and Nasdaq Composite COMP, +2.51% each gained around 2.5%, according to preliminary FactSet data. Economic data released Tuesday showed that existing home sales in the U.S. fell 3.4% in May, a fourth straight month of declines amid rising mortgage rates.
The views of Summers — one of the most famous economists of his generation, serving in multiple Democratic administrations as well as in the presidency of Harvard University — are being taken very seriously these days. That wasn’t the case last year when he warned the Biden administration that its $1.9 trillion stimulus plan could worsen inflation.
His warnings were brushed off at the time by the White House, the Federal Reserve and most professional economists. No longer.
Oil prices score a partial rebound from last week’s sharp losses
West Texas Intermediate crude for July delivery ...
West Texas Intermediate crude for July deliveryCLCLN22, which expired at the end of the session, rose $1.09, or 1%, to settle at $110.65 a barrel on the New York Mercantile Exchange. The most actively traded and now front-month contract, August WTI crude CL00CLQ22, added $1.53, or 1.4%, to settle at $109.52 a barrel. WTI slumped over 9% last week, ending a string of seven straight weekly advances.
August Brent crudeBRN00BRNQ22, the global benchmark, added 52 cents, or 0.5%, to $114.65 a barrel on ICE Futures Europe.
Back on Nymex, July gasolineRBN22 rose by less than a penny to $3.7945 a gallon, while July heating oil HON22 gained 0.4% to $4.3584 a gallon.
July natural-gas futuresNGN22 lost 2% to $6.808 per million British thermal units.
Brent and West Texas Intermediate August crude futures edged...
Brent and West Texas Intermediate August crude futures edged higher in early Tuesday trading to highs of $116.25 and $110.80 per barrel, respectively, as concerns about tight supplies outweigh recession fears. "Although recession fears have increasingly become a headwind for oil prices, it is estimated that we still have at least half a year to go before a real recession," said DailyFX analyst Leona Liu.
Fate of federal gas tax suspension to be decided soon
President Joe Biden told reporters on Monday that he is considering pausing the federal gas tax and could...
President Joe Biden told reporters on Monday that he is considering pausing the federal gas tax and could make a decision by the end of the week. Treasury Secretary Janet Yellen said a federal gas tax holiday is "certainly worth considering" since "gas prices have risen a great deal, and it's clearly burdening households."
