Dow jumps 518 points, oil hits $114 & VMware’s $61B deal: LIVE UPDATES
FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $32,637.19 | +516.91 | +1.61% |
| SP500 | $4,057.84 | +79.11 | +1.99% |
| I:COMP | $11,740.65 | +305.91 | +2.68% |
The S&P 500 jumped 2% in a broad rally with all 11 of the major sectors rising led by consumer discretionary and technology names. This as the Nasdaq Composite tacked on nearly 3% and the Dow Jones Industrial Average 516 points or 1.6%. In commodities, oil closed at $114.09 per barrel.
Meltem Demirors provides insight on cryptocurrency and Ken Mahoney provides insight on the stock market on 'Making Money.'
FOX Business' Jeff Flock speaks to Jersey Shore businesses and travel experts on how inflationary prices impact tourism and the economy.
Weekly Mortgage Rates - Freddie Mac
“Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods" said Sam Khater, Freddie Mac’s Chief Economist.
Dollar Store exteriors
| Symbol | Price | Change | %Change |
|---|---|---|---|
| DG | $220.30 | +24.95 | +12.77% |
| DLTR | $159.89 | +26.30 | +19.69% |
Dollar Tree reported a 48% jump in profits while same-store sales rose over 11% fueling investor interest in dollar retailers.
"The Dollar Tree team successfully completed its conversion to the $1.25 price point, contributing to both sales and margin improvements. Shoppers are responding favorably as the new, greater value products hit our shelves,” stated Michael Witynski, President and Chief Executive Officer in the company's earnings release.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $32,398.57 | +278.29 | +0.87% |
| SP500 | $4,008.04 | +29.31 | +0.74% |
| I:COMP | $11,488.02 | +53.28 | +0.47% |
U.S. stocks rose across the board Thursday as positive earnings from the likes of Macy’s helped drive sentiment along with Broadcom’s $61B purchase of VMware. In commodities, oil rose to $112 per barrel.
Manufacturing
In the second revision, 1Q GDP worsened slightly with a 1.5% contraction vs. the previous 1.4%, according to the Commerce Department.
Broadcom, VMware
| Symbol | Price | Change | %Change |
|---|---|---|---|
| AVGO | $531.63 | +7.43 | +1.42% |
| VMW | $121.15 | +5.38 | +4.65% |
Broadcom is buying cloud tech company VMware for $61 billion in one of the biggest tech deals of the year.
"Building upon our proven track record of successful M&A, this transaction combines our leading semiconductor and infrastructure software businesses with an iconic pioneer and innovator in enterprise software as we reimagine what we can deliver to customers as a leading infrastructure technology company. We look forward to VMware's talented team joining Broadcom, further cultivating a shared culture of innovation and driving even greater value for our combined stakeholders, including both sets of shareholders" said Hock Tan, President and Chief Executive Officer of Broadcom.
Broadcom will also assume $8B of VMware's debt.
NYSE stocks traders (Reuters)
U.S. equity futures were choppy following Wednesday's Fed-fueled rally, as the latest meeting confirmed expectations of more interest rate hikes, but held no surprises to rattle investors. The major futures indexes suggest a mixed open when the Thursday trading session on Wall Street gets underway.
Gas prices (AAA)
The average price for a gallon of gasoline in the U.S. was essentially unchanged at a record $4.60, according to the latest numbers from AAA. The price on Wednesday was $4.599. The price of diesel slipped again to $5.538 from $5.544.
Oil drilling (Reuters)
Oil prices gained Thursday morning extending a rally supported by tight supply. U.S. West Texas Intermediate crude futures climbed to $110.88 a barrel.
Brent futures rose to $114 a barrel. A bigger-than-expected drawdown in U.S. crude inventories last week supported the market on Wednesday.
Bitcoin was trading around $29,000 on Thursday morning. The cryptocurrency has gained in four of the past five days. In the last two days, bitcoin has gained 1.6%. For the month, bitcoin is off more than 22% and down more than 35% year-to-date. Ether is trading above $1,900.
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