GDP Drops Sharply as First-Quarter Growth Reverses
President Biden faces a setback after the government reports the US GDP contracted 1.4 percent in Q1 2022. Technical factors and a drop in inventories and rising imports weighed on growth while officials argued consumer spending and investment remained solid. Republicans criticized the shrinkage as inflation and supply risks loom.
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Dems push FTC power to curb gas price gouging
Democrats urged expanding FTC authority to punish price gouging by oil firms, proposing a dedicated market-monitoring unit, steeper fines, and stricter penalties. They argued for action ahead of the midterm elections as gas averages rise to about 4.14 per gallon, with leaders blaming big oil.
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Wall Street rallies as tech stocks lead gains
Major U.S. indexes rise with the S&P 500 up 2.5 percent, Dow 1.8 percent, and Nasdaq 3.1 percent. Apple, Qualcomm, Meta and McDonald’s post strong results while bond yields edge higher amid ongoing inflation and earnings season. Reuters reports on market swings, earnings and global tech firms amid Ukraine war effects.
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