Mortgage rates continue to climb. And Grubhub has a new lawsuit in the bag.
It seems investors really liked the Fed chair’s aggressive comments recently about fighting inflation.
He says there could be several big rates hikes this year, above a quarter percent.
The Dow gained 254 to close at 34,807.
The Nasdaq was today’s big winner. Up almost 2% or 270 points.
The S&P gained over 1%, up 50 points.
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The price of oil is back up over $110/barrel. And in the “it can always be worse” category, gas prices in Los Angeles now *average $6/gallon. That’s up a $1.22 in the last 19 days.
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Mortgage rates are surging faster than economists expected. And that has them lowering their home sales forecasts for the year. The average 30-year fixed mortgage hit 4.72% percent today.
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Washington, D.C.’s Attorney General says he’s suing Grubhub. He says the food delivery service harmed consumers during the pandemic by charging hidden fees. Grubhub says it’s disappointed with the lawsuit, saying their practices comply with DC law.
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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.