New York—The Dow Jones industrial average plummeted more than 900 points on Friday to post its worst daily loss since October 2020. The blue-chip index lost 981 points, or 2.82 percent, to close at 33,811. The S&P 500 dove 121 points, or 2.77 percent, to 4,271. Tech-heavy Nasdaq decreased 335 points, or 2.55 percent, to…
Dow Suffers Worst Decline Since 2020 as Fed Signals Sharper Rate Hike
Wall Street Slumps as Weak Earnings, Rate Hike Clarity Spook Investors
Wall Street tumbled more than 2.5 percent on Friday, ensuring the three main benchmarks ended in negative territory for the week, as surprise earnings news and increased certainty around aggressive near-term interest rate rises took its toll on investors. It was the third straight week of losses for both the S&P 500 and the Nasdaq,…
61 Percent of Small-Business Owners Fear Rising Inflation Will Cripple Them
Over 60 percent of American small-scale employers are worried about inflation threatening their businesses with the highest prices since 1982, according to a recent survey by Clarify Capital. In a poll of more than 500 small-business owners, 61 percent said they were worried about staying afloat in the current economic climate. Sixty-six percent of poll respondents…
Best Buy Recalls 772,000 Insignia Air Fryers Over Fire Hazard
Best Buy on Thursday recalled roughly 772,000 Insignia air fryers and air fryer ovens in the United States and Canada after receiving nearly 100 reports over safety issues, the U.S. Consumer Product Safety Commission (CPSC) announced. The agency said in a statement that the electronics retailer has received 68 reports from U.S. consumers and 36 reports…
Gold Falls and Dollar Climbs Following Fed’s Official Remarks
Gold prices declined on April 22 trade as the U.S. dollar and Treasury yields climbed following comments from a Federal Reserve official that a sizable interest rate hike might be incoming. Gold futures were trading at $1,944 an ounce as of 13:57 UTC (9:57 a.m. Eastern time) on April 22, down 0.4 percent from opening….
Twitter Buoyed by Elon Musk’s Acquisition Plans: Here’s What Lies Ahead for the Stock
Twitter Inc. spiked up over 5 percent higher at one point on Friday and was holding stronger intraday than the general markets, with the S&P 500 plunging almost 2 percent. The stock’s comparative strength is likely due to Tesla Inc. CEO Elon Musk’s tender offer to acquire Twitter for $46.5 billion, which was revealed through…
Democratic Party Is Alienating Its Base, Heading for Trouble in November Midterms, Analysts Say
Dismal poll numbers suggesting that low numbers of Americans think highly of the job that President Joe Biden is doing—a mere 33 percent of respondents in a Quinnipiac poll last week said they approved—have helped prompt a pivot on Biden’s part toward a greater focus on domestic issues, even as the Ukraine crisis continues to…
China’s Economic Suicide: ‘Zero COVID’
April 22, 2022
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News Analysis Chinese leader Xi Jinping has been adamant that he will maintain his “zero-COVID” policy even as it destroys China’s economy. By the first week of April, approximately 75 percent of China’s 100 largest cities, which account for over half of the GDP, have imposed COVID-19 restrictions. Shanghai’s draconian lockdown was the most widely…
Another Supply Chain Shockwave Is Coming Amid Pent-Up Supply, Industry Experts Warn
The global supply chain crisis is about to experience a fresh shockwave as factories reopen in China and begin a mad rush to resume production and fill orders. Following a series of lockdowns and renewed public health restrictions in response to COVID-19 outbreaks, manufacturers have restarted operations and are now frantically trying to catch up….
US Services Sector Activity Eases in April: Survey
WASHINGTON—U.S. business activity slowed in April as soaring costs for raw materials, fuel, and labor pushed input prices to a record high, according to a survey on Friday, which also showed an ebb in sentiment at the start of the second quarter. S&P Global said its flash U.S. Composite PMI Output Index, which tracks the…
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