5/17/22

Even with inflation, people seem eager to spend. And there’s a new “best city to live in America.” Fed chairman Jerome Powell says a soft economic landing is possible. That was just what investors wanted to hear today.

The Dow gained 431 to close at 32,654.
The Nasdaq jumped 2.75%, gaining 321.
The S&P finished the day 2% higher, up 80.

**********

Retail spending increased almost 1% in April, even with inflation where it is. Economists say people are likely dipping into savings to offset the decline in real wages.

**********

Wells Fargo’s CEO and a guy named Elon Musk both say the U-S is headed towards a recession. Musk says it’s already started. He says it could last up to 18 months before things take off again.

**********

Home Depot had a strong quarter. It reported better than expected gains and lifted its outlook for the year. Home Depot shares were up almost 2% on the news. It also shows the housing market might stay hot for a while.

**********

A new city has been crowned best place to live in America. That would be Huntsville, Alabama. It knocks Boulder, Colorado out of the first place spot after two years.

**********

From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.

#BEONDTV #AfterTheBell #FinancialNews #BusinessNews