S&P posts best day in two years with broad market rally
The S&P 500 rose 3.1 percent marking its best day in two years and a 6.4 percent weekly gain as tech and banks led a broad rally. Dow and Nasdaq climbed 2.7 and 3.3 percent respectively, while Treasury yields eased and consumer sentiment showed inflation expectations cooling. Strong gains in Carnival, Royal Caribbean, United Airlines, and Wynn Resorts reflected travel stock strength amid hopes Fed policy may ease.
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UN chief warns of looming global food catastrophe
In Berlin, U N Secretary General Antonio Guterres warns that a worsening hunger crisis driven by the Ukraine conflict, climate change, the pandemic and inequality could trigger multiple famines in 2022 with 2023 potentially worse. He calls for Ukrainian exports via the Black Sea, debt relief for poor nations, and private sector help to stabilize markets.
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Banks pass Federal Reserve stress tests amid severe recession fears
The Fed finds the 33 largest U S banks would retain an average 9.7 percent capital ratio under a stress scenario with unemployment at 10 percent and real estate and stock losses exceeding 600 billion dollars. Banks still plan dividend and buyback announcements Monday in the wake of the results.
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