The Dow Jones Industrial Average jumped 2.8%, or 932 points, while the Nasdaq Composite and S&P 500 rose 3% apiece. 

 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34061.06 +932.27 +2.81%
SP500 S&P 500 4300.17 +124.69 +2.99%
I:COMP NASDAQ COMPOSITE INDEX 12964.85 +401.10 +3.19%

Fed raised rates by half a point; "I think we have a good chance to have a soft or softish landing or outcome, if you will, I'll give a couple of reasons for that. One is households and businesses are in very strong financial shape" Powell said.

The move came as policymakers have faced mounting pressure to move more aggressively to cool demand and slow rising consumer prices, which hit a 40-year high in March. 

Financials jumped as banks can benefit from rising interest rates. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 127.10 +4.07 +3.31%
WFC WELLS FARGO & CO. 45.980 +1.82 +4.12%
BAC BANK OF AMERICA CORP. 38.620 +1.49 +4.01%
{} n.a. 323.89 +9.18 +2.92%

In earnings, Starbucks reported record quarterly sales of $7.6 billion, which matched Wall Street’s estimates. Adjusted earnings of 59 cents per share fell short of estimates. 

Ticker Security Last Change Change %
SBUX STARBUCKS CORP. 81.64 +7.31 +9.83%

 

CVS shares ticked higher after raising its full year outlook as prescription demand helped ease falling COVID-related services. 

Ticker Security Last Change Change %
CVS CVS HEALTH CORP. 100.58 +4.60 +4.79%

Later in the day, earnings of MetLife, Allstate, and eBay. 

Ticker Security Last Change Change %
MET METLIFE INC. 68.32 +1.69 +2.54%
ALL THE ALLSTATE CORP. 133.68 +3.90 +3.01%
EBAY EBAY INC. 54.42 +0.96 +1.80%

In other economic news, ADP's National Employment report for April came in at 247,000, sharply below the estimated 395,000 and trailing March’s tally of 455,000.

The Commerce Department is out with the U.S. trade balance for March. The monthly deficit in goods and services rose to a record $108.9 billion, up sharply from the previous record of $89.2 billion amid huge demand for imported goods and rising prices tied to inflation.

Commodities, Oil prices climbed 5% Wednesday following a drawdown in U.S. crude and fuel stockpiles and concerns about slowing demand from China. West Texas Intermediate crude rose to $107.81 per barrel, while Brent, the global benchmark, ticked up to $110.14 per barrel. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 80.22 +3.53 +4.60%
BNO UNITED STS BRENT OIL FD LP UNIT 31.64 +1.44 +4.77%

Bitcoin is trading around $39,000 per coin.


SPOT MARKET  BY THE HOUR AS OF GMT 09:14  05-05-22

European Market, The investors' appetite response to the marginal elevation of the FED rate is positive as all Euro bourses are climbing across the board. London's FTSE slide by 1.07% to 7,573.85,  Germany's DAX  retreated by 1.43% to 14,171.12 while France's CAC followed suit with a decline of 1.47% to 6,489.53. 

Asia MarketAsian stocks The investors' sentiments are mixed Thursday morning. Tokyo's Nikkei 225 index decreased by 0.11% to 26,818.53, China's Shanghai climbed by 0.68 % to 3,067.76 while Hang Seng in Hong Kong also followed suit with a retreat of 0.36 % to 20,793.4 .

Cryptocurrencies, at an intraday range of $39,434.42 by the hour and a maximum of $39,840.37 in 24 hours.




























 


SOURCE: CNBC
IMAGE SOURCE: PIXABAY
C
ontributions from Fox Business