RIA Advisors CIO Lance Roberts gives an idea of monetary policy in the market and what influences investment decisions in “Making Money”.
US stocks rose after investors weighed a new report on record high inflation against a basket of mixed profits for the first quarter.
Ticker security Last change% I: DJI DOW JONES AVERAGE 34564.59 +344.23 + 1.01% SP500 S&P 500 4446.59 +49.14 + 1.12% I: COMP NASDAQ COMPOSITE INDEX 137143.23% +27.
The Nasdaq Composite increased profits by 2%, while the S&P 500 added 1% and the Dow Jones Industrial Average increased by the same amount or over 344 points.
The rally came when investors rejected another hot inflation report. The producer price index rose by 1.4% per month compared to the previous month, according to statistics from the Labor Office. On an annual basis, prices paid by wholesalers jumped by a record 11.2%, compared to 10% in February.
Taking into account the variable costs for food and energy, the prices of the main producers increased by 1% per month in March, compared to 0.2% the previous month. On an annual basis, look for the core PPI to jump 9.2% in March. On Tuesday, the government announced that the consumer price index, a closely monitored indicator of retail inflation, rose to a 40-year high in March.
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In earnings news, Delta shares rose after the carrier said it had returned to profitability as consumer demand recovered. Disclosure is good for other carriers. Separately, Southwest pilots warned CEO Robert Jordan of fatigue through their union.
Ticker Security Last Updated% DAL DELTA AIR LINES INC. 41.04 +2.43 + 6.29% AAL AMERICAN AIRLINES GROUP INC. 18.95 +1.82 + 10.62% UAL UNITED AIRLINES HOLDINGS INC. + 7.54%
JPMorgan’s quarter was more restrained as revenues and profits fell from the same period a year ago. The largest lender in the United States reported earnings of $ 8.28 billion, or $ 2.63 per share in the first quarter, compared to $ 14.3 billion, or $ 4.50 per share, a year earlier. Revenue fell to $ 30.7 billion from $ 32.2 billion a year earlier. The stock slide weighed heavily on the Dow.
On Thursday, Goldman Sachs, Morgan Stanley and Wells Fargo will report profits.
Ticker Security Last Modified% JPM JPMORGAN CHASE & CO. 127.20 -4.30 -3.27% GS THE GOLDMAN SACHS GROUP INC. 322.42 +2.81 + 0.88% MS MORGAN STANLEY 84.25 +0.34 + 0.41% WFC.78 COELLS. 0.35%
AMC’s CEO is committed to more deals
In the news of the deal, AMC Entertainment made a deal acquire seven former Bow Tie Cinemas locations with 66 screens, including five in Connecticut, one in upstate New York and one in Annapolis, Maryland. The new Connecticut theater locations will double AMC’s overall presence in the state.
Ticker Security Last Change Change AMC AMC AMTER ENTERTAINMENT HOLDINGS INC 18.52 +1.10 + 6.31%
Elsewhere, Peloton’s new CEO Barry McCarthy has been criticized by Blackwells Capital activist. The company says he did little since taking office in February, when John Foley was transferred to a separate role.
Ticker Security Last Modified Change% PTON PELOTON INTERACTIVE INC. 25.03 +1.32 + 5.57%
U.S. oil rose more than 3 percent to $ 104.25 a barrel as traders watched Russia’s supply tighten after Moscow said talks to resolve its invasion of Ukraine had reached a dead end.
Dealers on the NYSE floor. (AP / AP Newsroom)
Ticker security Last change Change USO UNITED STATES OIL FUND LP 78.42 +2.46 + 3.24% BNO UNITED STS BRENT OIL FD LP UNIT UNIT 31.01 +1.19 + 3.99%
RUSSIA INVASES UKRAINE: LIVE UPDATES
INFLATION WITH 8.5% IN MARCH REACHES THE NEW 40-YEAR TOP
Bitcoin is trading around $ 41,000.
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The Associated Press contributed to this report.
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