Stocks surge even though consumers feel lousy. Here's why
CNN
It's a bad news is good news day on Wall Street again. Stocks soared, and are set to finish the week with solid gains, after a key economic report showed a record low in consumer confidence levels.
Investors cheered the drop in the University of Michigan's consumer sentiment reading in June. Why? Growing recession fears may mean that the Federal Reserve, which has begun to aggressively hike interest rates to fight inflation, could reverse course by the end of 2023 and cut rates again in order to deal with a slowing economy.
The Dow surged nearly 700 points, or 2.3%, in late afternoon trading Friday and is now up 2.6% for the holiday-shortened trading week. The US market was closed Monday in observance of Juneteenth.
The Justice Department’s partial release of its files related to Jeffrey Epstein on Friday marked a moment of triumph for Epstein survivor Maria Farmer and her sister Annie, who have said for years that Maria had filed one of the first complaints against Epstein in the 1990s.
‘Twas the week before Christmas in a Montreal store, when Santa stole groceries, then walked out the door.
The US struck multiple targets in Syria on Friday that the US military tied to ISIS as retaliation for the recent attack against American troops there that killed two service members, according to two US officials.
CNN is tracking delays and cancellations for flights traveling to, from or within the US using data from FlightAware. Data updates every 15 minutes.
Republican Rep. Elise Stefanik announced Friday she was ending her short-lived bid for governor of New York and would not run for another term in Congress.
In his latest effort to lower drug costs, President Donald Trump unveiled Friday “Most Favored Nation” pricing deals with nine more pharmaceutical companies.
At least seven Colombian soldiers were killed and 30 wounded Thursday when a guerrilla group attacked an Army base with drones and explosives, the military said.
The Supreme Court on Friday sided against the Trump administration, keeping alive a federal lawsuit from immigration judges who are attempting to challenge a policy that limits their ability to speak publicly.
The Department of Homeland Security announced its intention to pause a visa program intended to admit certain individuals to the United States, though it’s unclear whether it’s been suspended entirely.
New signage is being installed at Washington, DC’s performing arts center on Friday to include President Donald Trump’s name.
A simmering battle over the future of President Donald Trump’s political movement exploded on one of the right’s biggest stages Thursday, as prominent conservative influencers used Turning Point USA’s annual youth conference to attack each other and their competing visions.
A recently enacted US House map would again make Troost Avenue a dividing line in the community, part of a plan to have Democratic-leaning Kansas City represented by three separate Republican lawmakers.
How should a military commander respond if they determine they have received an unlawful order?