![]() ![]() One estimate said growth for the overall economy accelerated in the spring. That in turn could push the Federal Reserve to keep interest rates higher than expected, keeping alive the threat of a recession. households will keep spending, encouraging companies to keep raising prices. Strong data on the job market in particular could mean U.S. Reports about the economy on Thursday were mostly encouraging, but could also keep the pressure up on inflation. ![]() Stocks have been roaring on hopes the Federal Reserve can pull off what earlier seemed like a long-shot bet: successfully pull down high inflation by raising interest rates without sending the economy into a painful recession.īut critics have been saying the market’s sharp move upward has been too much, too fast and that the seemingly growing consensus about a “soft landing” for the economy is hardly a certainty. 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. The dip for Wall Street put a halt to a torrid run where 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 Nasdaq composite fell 0.5% to end at 14,050.11. The Dow Jones Industrial Average also flipped from an early gain to a loss, dropping 0.7% to 35,282.72. The French CAC 40 jumped 2.1%, and Germany’s DAX returned 1.7%.īut a rally on Wall Street fizzled as the S&P 500 sank 0.6% to 4,537.41 after touching its highest level in nearly 16 months during the morning. Stocks climbed in Europe on Thursday after the European Central Bank raised interest rates and left unanswered whether more increases are coming. Markets in India and Thailand were closed for holidays. Digital Replica Edition Home Page Close Menu ![]()
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