Toyota is cutting back on production. And Memorial Day travelers have to deal with high gas prices. Has inflation peaked in the US? According to one index, it may have. And that ended the Dow’s longest weekly losing streak since 1932.
The Dow jumped 575 points to close at 33,212
The Nasdaq – up 3.33% gaining 390.
The S&P was also up big – gaining 2.5% or 100 points.
The Federal Reserve’s favorite inflation measure rose 4.9% from a year ago in April. That’s a slowing from March, and a sign that price increases could be slowing. Personal income rose slightly less than expected, but spending beat estimates as Americans tapped into their savings accounts.
Supply chain issues are hitting Toyota. Again. The carmaker will produce 150,000 fewer vehicles in June than it planned. Not enough semiconductors and covid lockdowns in China.
If you’re heading out of town for the long Memorial Day weekend, get ready to open your wallet. A gallon of regular gas costs $.50 more than it did just last month. California averages over $6 a gallon. And it’s hard find gas for under $4 anywhere in the country right now.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.