NEW YORK AP — Wall Street’s stock market opened higher, but it is not enough to make up all of the losses that the market suffered in this volatile week. Although the S&P 500 gained 1%, it is still on track to lose its sixth consecutive week. This has not happened since 2011.. As investors adjust to high inflation and higher interest rates being used by the Federal Reserve to combat it, markets have slumped. Twitter crashed after Tesla CEO Elon Musk announced that he would not be completing his deal to buy the social media company. Tesla stock price rose.
THIS IS A BREAKING NEWS UPDATE. Below is the AP story from earlier.
NEW York (AP) — The U.S. market was poised to recover some losses in Friday’s 2022, worst week, which was a volatile period wrought by anxiety about inflation, war and a pandemic whose effects won’t end.
Futures of the S&P 500 rose by 1.3%, while the Dow industrials saw a 0.9% increase. The S&P lost 4.7%, while the Dow fell 3.6%. This week has also seen two more worrying government reports about inflation.
Trading was volatile with indexes susceptible to sharp swings as investors attempt to protect their portfolios against the effects of the highest levels of inflation for decades.
” Nothing has changed significantly in the world since yesterday. In fact, Russia/Europe risk is increasing. Today’s rally looks more like a technical rebound following a difficult week than a structural change in sentiment. According to Jeffrey Halley, Oanda’s report, the rally should be taken with caution.
Federal Reserve Chairman Jerome Powell, who was just confirmed by the Senate for a second four year term, acknowledged Thursday that high inflation and weakness could hinder his efforts to avoid a downturn.
Powell previously tried to portray Fed’s efforts at tightening interest rates as consistent in a “soft landing” for economy.
Gains for Europe and Asia were the result of a mixed close on Wall Street. Oil prices rose.
In Europe, Britain’s FTSE 100 gained 1.6% while Germany’s DAX gained 1.4%. The CAC 40 in Paris added 1.2%.
In Asian trading, Hong Kong’s Hang Seng index gained 2.7% to 19,898. 77 and the Nikkei 225 in Tokyo jumped 2.6% to 26,427.65. South Korea’s Kospi grew 2.1% to 2 ,604. 24 and in Sydney, the S&P/ASX 200 advanced 1.9% to 7,075.10.
The Shanghai Composite index gained 1% to 3,084. 28 and India’s Sensex climbed 1.4%.
Central bank moves to fight back against price increases by raising interest rates are pulli