15 May 2024 Market Close & Major Financial Headlines: Markets Gapped Up At The Opening Bell Recording New Historic Highs For The Three Major Indexes, All Closing At Session Highs
Summary Of the Markets Today:
- The Dow closed up 350 points or 0.88%, ( New high 39,935)
- Nasdaq closed up 1.49%, ( New high 16.750)
- S&P 500 closed up 1.17%, ( New high 5,312)
- Gold $2,393 up $32.70,
- WTI crude oil settled at $79 up $0.84,
- 10-year U.S. Treasury 4.346 down 0.099 points,
- USD index $104.32 down $0.69,
- Bitcoin $65,813 up $4,252 (6.91%), – Historic high 73,798.25
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Advance estimates of U.S. retail and food services sales for April 2024 was up 3.0% above April 2023 – 1.8% year-over-year inflation adjusted. This shows the economy is muddling along – and retail sales is not driving a stronger economy. Growth this month is average for the past 12 months.
The Consumer Price Index for All Urban Consumers (CPI-U) over the last 12 month increased 3.4% – down from last month’s 3.5% year-over-year growth. The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes contributed heavily to inflation. The all items less food and energy index rose 3.6% over the last 12 months. The energy index increased 2.6% for the 12 months ending April. The food index increased 2.2% over the last year. The Federal Reserve prefers to use the inflation index associated with the BEA’s consumer spending.
The May 2024 Empire State Manufacturing Survey shows the headline general business conditions index was little changed at -15.6. New orders declined significantly, while shipments held steady. Unfilled orders continued to decline. Delivery times shortened, and inventories were little changed. Labor market conditions remained weak, with employment and hours worked continuing to move lower. The pace of input and selling price increases moderated slightly. Though firms expect conditions to improve over the next six months, optimism was subdued.
Here is a summary of headlines we are reading today:
- Texas Freeport LNG Reportedly Operating At Full Capacity
- North Korean-Iranian Military Cooperation Raises Alarm in the West
- Slovak PM Fights for Life After Assassination Attempt
- Qatar Believes The World Will Need More LNG Projects after 2030
- The U.S. Battery Boom Is Revolutionizing Renewable Energy
- The IEA Has Cut Its Oil Demand Growth Forecast for 2024
- S&P 500 jumps 1% to post record close, ending session above 5,300 for the first time: Live updates
- Biden’s EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.
- Netflix ad-supported tier has 40 million monthly users, nearly double previous count
- Dell surges 11% on optimism it has secured big AI server orders
- ‘We have to do what we have to do’: Israel’s Netanyahu stands firm on Rafah offensive despite U.S. tensions
- April Cass Data Shows No Improvement In Freight Demand
- Treasury yields end at lowest levels in more than a month after April CPI data
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.