Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stock Market Today: Dow Surges in Tech-Led Rally to Break 3-Week Losing Streak

Stock Markets Jun 24, 2022 04:07PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Liz Moyer

Investing.com -- U.S. stocks surged into the close on Friday breaking a three-week losing streak led by tech.

At 4:04 PM ET, the Dow Jones Industrial Average was up 824 points or 2.7%, while the S&P 500 was up 3% and the NASDAQ Composite was up 3.3%.

It is the first positive week for stocks since the beginning of June. Investors have been concerned about a recession ahead as several Wall Street economists raised the odds of one happening sometime in the next 12 months. With the housing market showing signs of cooling, new home sales data for May was unexpectedly strong, rising an annualized 696,000.

But Michigan consumer sentiment, the final reading for the month, was a tepid 50, slightly lower than the 50.2 expected and the lowest since the late 1970s.

But Friday's rally showed investors determined to end the week on a high note after putting fears about aggressive rate hikes by the Federal Reserve on the back burner. The Fed raised its benchmark rate by three-quarters of a percentage point earlier this month and was on track for another half-point to three-quarter point increase at its July meeting. Fed Chair Jerome Powell acknowledged in congressional testimony this week that recession was a risk, but he also said the economy was strong enough to withstand successive rate increases.

Carnival Corporation (NYSE:CCL) rose 12% after the cruise operator said second-quarter revenue increased nearly 50% from the first quarter.  

Shares of auto dealer CarMax Inc (NYSE:KMX) rose 7% after it beat earnings expectations despite a challenging environment.

FedEx Corporation (NYSE:FDX) shares jumped 6% after earnings beat estimates on higher rates and fuel surcharges, which overcame declining shipping volume. The logistics giant released an optimistic forecast for fiscal 2023. 

Oil rebounded. Crude Oil WTI Futures were up 3%, to $107 a barrel, while Brent Oil Futures were up 2.6% to $113 a barrel. Gold Futures were flat at $1,830.

Stock Market Today: Dow Surges in Tech-Led Rally to Break 3-Week Losing Streak
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (11)
John Blackwell
John Blackwell Jun 25, 2022 3:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You don't have any other vocab than "Surges" every time the market moves up an inch for the three inches it fell down?
Kerry Ditto
Kerry Ditto Jun 25, 2022 12:28PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
A Dead cat bounce week. one week wonder. BUT, no fed money, no more honey rally. don't fight the fed. Is Fed cutting rates? no. Is Fed pumping more money? no.
Erikke Evans
Erikke Jun 25, 2022 12:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Home sales =famous. Sentiment = inflation, and indexes in bear market rally mode. End of story
lubomir firko
lubomir firko Jun 24, 2022 9:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
block the scambag pimping FB scammers
Senzo Sibonelo
Senzo Sibonelo Jun 24, 2022 8:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so this means I can also expect a bull on sp500 on Monday or?
S S Shet
pingo_0070 Jun 24, 2022 8:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
relief rally ... don't take it as end of bear market
Jim Davies
Jim Davies Jun 24, 2022 6:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Do not put a crisis to waste. Bad news is good news. Looks like a major short squeeze this week. Next week good luck catching the falling knife unless the end of quarter delays the inevitably by another week. By the 4th the shorts will be celebrating bigtime.
Imre Zsombor Varga
Imre Zsombor Varga Jun 24, 2022 6:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
S&P 500 -8000-2023-24 GL USA-respect
Buy And Sell
Buy And Sell Jun 24, 2022 5:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The storm is coming, wall street crash ahead. Ugly next week? Or must we be in pain until september?
Mitchel Pioneer
Mitchel Pioneer Jun 24, 2022 4:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wall Street laughs in the face of the US working class as they hand place the laughingstock of the investing world above 31.5K.  Fraudulent, criminally manipulated JOKE.
Martijn WN
Speculeerbeer Jun 24, 2022 4:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
OK shorty
Jim Gambon
Jim Gambon Jun 24, 2022 4:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
get over yourself
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email