Wall Street Scores 3rd-Straight Win After Interest Rate Hike

The Fed hiked interest rates by 50 basis points today

Deputy Editor
May 4, 2022 at 4:31 PM
facebook X logo linkedin


As expected, the Federal Reserve raised interest rates by 50 basis points today, which is the biggest hike from the central bank since 2000. In a subsequent press conference, Fed Chair Jerome Powell ruled out a future 75-basis-point hike. Following the news, the Dow settled more than 900 points higher for its best day since November 2020, while the Nasdaq and the S&P 500 scored substantial wins as well, and all three benchmarks logged their third-straight win. Investors are now turning their eyes toward Friday's highly anticipated jobs report.

Continue reading for more on today's market, including:

  • This is the best blue chip to own in May.
  • Why you should avoid Marriot stock this month.
  • Plus, more on Uber's investment losses; unpacking Airbnb's quarterly win; and what's in store for stocks in May.

The Dow Jones Average (DJI - 34,061.06) added 932.3 points, or 2.8% for the day. Every Dow component walked away with a win today, and Honeywell International (HON) led the pack with a 4.5% pop.

The S&P 500 Index (SPX - 4,300.17) rose 124.7 points, or 3% for the day, and the Nasdaq Composite (IXIC - 12,964.86) gained 401.1 points, or 3.2% for the day.

Lastly, the Cboe Market Volatility Index (VIX - 25.42) shed 3.8 points, or 13.1% for the day. 

indexesmay4

NYSEmay4

5 Things To Know Today

  1. While the war rages on, Ukrainian agricultural production as well as Russian food and fertilizer output are vital components to solving global food scarcity, according to U.N. Secretary General Antonio Guterres. (Reuters).
  2. Following Saturday's White House Correspondents' Association dinner, several people tested positive for Covid-19 -- including one reporter that shook hands with U.S. President Joe Biden. (MarketWatch)
  3. Uber stock dented by investment losses.
  4. Blowout quarterly results boosted Airbnb stock.
  5. Schaeffer's Senior Quantitative Analyst Rocky White breaks down seasonality data.

earnmay4

uvolmay4

Oil Prices Rise on EU's Plans to Ditch Russian Crude

Oil prices popped today, after the European Union (EU) moved to phase out Russian oil. In response, June-dated crude added $5.40 or 5.3%, to close at $107.81 per barrel. 

Meanwhile, Gold futures inched lower today, following the Fed's interest rate decision. Specifically, June-dated gold fell $1.80 -- less than 0.1% -- to close at at $1,868.80 an ounce.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI