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U.S. Stocks Climb Higher as Investors Try to Shake Off Negative Streak

Stock MarketsMay 13, 2022 09:54AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks jumped on Friday as surging technology stocks lifted the broader market.

At 10:07 AM ET, the Dow Jones Industrial Average was up 381 points or 1.2%, while the S&P 500 was up 1.8% and the NASDAQ Composite was up 3%.

Stocks are trying to shake off a negative streak, with the tech-heavy Nasdaq attempting to clinch its third positive day in four and the Dow trying to snap a six-day down streak.

Twitter Inc (NYSE:TWTR) shares tumbled 11% in early trading after Tesla (NASDAQ:TSLA) CEO and billionaire Elon Musk said his $44 billion deal to take the social media company private was on hold.

The stock rally comes a day after Federal Reserve Chair Jerome Powell acknowledged in a radio interview that the journey to a soft landing for the economy might not be without some pain.

Powell told NPR's Marketplace in an interview Thursday that his goal of calming inflation while maintaining high employment without tipping the economy into recession "may actually depend on factors that we don’t control." He also said with the benefit of hindsight, the Fed might have been better off raising rates sooner. The Fed has raised rates twice this year and is expected to continue to raise them.

The Senate confirmed Powell in an 80-19 vote to continue as Fed chair for a second term.

Robinhood Markets Inc (NASDAQ:HOOD) shares rose 19% after the disclosure that cryptocurrency executive Sam Bankman-Fried, CEO of exchange FTX, had acquired a 7.6% stake in the company.

Meme stock shares bounced. GameStop Corp (NYSE:GME) traded 15% higher, and AMC Entertainment Holdings Inc (NYSE:AMC) shares rose 8%. And donut chain Krispy Kreme Inc (NASDAQ:DNUT) rose 10%.

Oil also rose. Crude Oil WTI Futures was up 2.2%, to $108.44 a barrel, while Brent Oil Futures crude rose 2%, to $109.65. Gold Futures was down 1.2%, to $1801 an ounce.

U.S. Stocks Climb Higher as Investors Try to Shake Off Negative Streak
 

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Comments (7)
Casador Del Oso
Casador Del Oso May 13, 2022 11:02AM ET
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The path to the bottom is never a straight line. It could take 2 years to hit bottom.
Mitchel Pioneer
Mitchel Pioneer May 13, 2022 10:48AM ET
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BIGGEST INVESTMENT JOKE IN THE WORLD
Mike Harms
Mike Harms May 13, 2022 10:45AM ET
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Picking & Choosing the "News," is MANipulation, not Free Speech!
Mike Harms
Mike Harms May 13, 2022 10:40AM ET
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How do you Boil The ...
Mike Harms
Mike Harms May 13, 2022 10:37AM ET
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Since The "News" ain't posting, nor peofiling TODAY'S Consumer Sentiment, you might want to read it! (Bear-Trap is correct!)
Rob Stone
Rob Stone May 13, 2022 10:17AM ET
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It's a bear trap. You will be left holding the bag. The entire market is being controlled to be a slower than normal crash. They can't create fear otherwise there would be an absolute panic sell. Ask yourself, why hasn't the VX spiked above 40?
Rob Stone
Rob Stone May 13, 2022 10:17AM ET
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Perfect day to sell and sit in cash
mad god
mad god May 13, 2022 10:17AM ET
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this spike is invalid until it gets further confirmation
Samer Diab
Samer Diab May 13, 2022 10:17AM ET
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never sit in cash. if in doubt always buy xyld dividend 13%
irfan ameer
irfan ameer May 13, 2022 10:16AM ET
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Its a short covering MF
 
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