May 4, 2022

May 4, 2022

Stocks jumped sharply today after the Federal Reserve raised rates by a widely anticipated half percentage point and Chairman Jerome Powell ruled out getting even more aggressive in the central bank’s inflation-fighting campaign.

 

Dow Jones finished +932 at 34,061

S&P 500 finished +125 at 4,300

NASDAQ finished +401 at 12,964

 

The 10 Year Treasury closed down 4 basis points yielding 2.92%

Oil prices closed up $5.59 ending at $108.00 a barrel.

Gold prices closed up $15.50 ending at $1,886 an ounce.

 

In the days’ stock news:

 

  • Match Group closed up 6% even after Match issued weak forward guidance and announced its CEO Shar Dubey would step down at the end of May. Zynga President Bernard Kim will take over as chief executive, Match said.
  • Uber closed down 4.6% after the company posted a massive loss on investments. Uber reported a loss of $5.9 billion during the first quarter, which it said was primarily due to its equity investments in Grab, Aurora, and Didi. The sell-off came even as Uber posted surging revenue as it recovers from its coronavirus lows.

 

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