Please try another search
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks rallied on Friday as investors try to break a three-week losing streak and end on a positive note.
At 3 PM ET, the Dow Jones Industrial Average was up 699 points or 2.3%, while the S&P 500 was up 2.6% and the NASDAQ Composite was up 2.7%.
Investors have been concerned about a recession ahead as several Wall Street economists raise 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 11% after the cruise operator said second-quarter revenue increased nearly 50% from the first quarter.
Shares of auto dealer CarMax Inc (NYSE:KMX) rose 6% after it beat earnings expectations despite a challenging environment.
FedEx Corporation (NYSE:FDX) shares jumped 7% 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.
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.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.