Wall Street rallied Tuesday to its best day in three weeks as more reports pour in on how much profit companies earned during the spring.
More types of companies are reporting how much they earned during the spring, broadening out from the banks that dominated the earliest part of the reporting season. Hasbro and Halliburton rose after reporting stronger profits than analysts expected. At the same time, the ongoing decline in the price of gas — with a gallon dipping"The most important change in the market concerns U.S.
The dollar's value eased a bit against other currencies Tuesday, which allayed some fears for the market. So too, counterintuitively, may have a report that showed an extreme level of pessimism among investors.Expectations for economic growth and profits have plunged, according to the latest results from Bank of America's monthly survey of global fund managers. That has them sitting on their highest cash levels since 2001 and their lowest allocations to stocks since 2008.
Given all those fears, though, big swings have become routine on Wall Street recently. The S&P 500 has been flip-flopping between weekly gains and losses over the last month, after a rough run where it dropped in 10 of 11 weeks. The swings have even hit hour to hour, with early morning gains quickly evaporating by the afternoon. On Monday, an early 1% gain gave way to a 0.8% loss.
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The cost of gasoline is going down because demand is going down. Demand is going down because no one can afford gasoline at $4-6 per gallon. This is bad. It means we are either heading toward a recession or already in one.
Why are you lying? The price of gas always goes down after high demand July 4 th and frankly, people are trying to figure out how to drive less because of gas prices. Other indicators are still showing high inflation and and more cautious consumers.
What’s a “sweep higher?”
TIME'S UP: International Legal Forum calls on the ICC to investigate & prosecute Palestinian Authority leaders like President Abbas and PM Shtayyeh who engage in torturing Palestinians, including journalists, human rights activists, & members of LGBTQ
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