May 17, 2022

May 17, 2022

U.S. stocks closed up today as the market bounced back from a punishing bear market for the tech-heavy Nasdaq and a sharp pullback for the S&P 500 gained steam.

 

Dow Jones finished +431 at 32,654

S&P 500 finished +81 at 4,088

NASDAQ finished +322 at 11,984

 

The 10 Year Treasury closed up 10 basis points yielding 2.98%

Oil prices closed down $2.12 ending at $112.08 a barrel.

Gold prices closed down $0.30 ending at $1,814 an ounce.

 

In the days’ stock news:

 

  • Walmart closed down 11% after the big-box retailer reported quarterly earnings that significantly missed Wall Street’s expectations. Walmart posted adjusted first-quarter earnings of $1.30 per share on revenue of $141.57 billion. Analysts had expected a profit of $1.48 per share on revenue of $138.94 billion, according to Refinitiv consensus estimates. Walmart cited cost pressures from rising fuel prices, higher inventory levels and overstaffing.
  • United Airlines closed up 8% after the Federal Aviation Administration cleared 52 Boeing 777 planes to fly again, after they were grounded for engine failure. The planes represent 10% of United’s capacity. United has said it plans to bring the planes back gradually starting later this month.

 

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