Market Updates
Powell's Comments Spark Stock Reversal and Yield Advance
Barry Adams
21 Apr, 2022
New York City
The S&P 500 and Nasdaq Composite turned lower and accelerated decline in the final hour of trading after Fed Chairman Powell showed the urgency in controlling inflation.
The comments sparked a sharp reversal on Wall Street and the S&P 500 declined 1.5% and Nasdaq Composite dropped 2.2%.
Airlines traded higher after United Airlines, American Airlines, and Alaska Air reported better than expected quarterly results and also guided strong passenger traffic recovery in March. United soared as much as 10% and American Air gained 6% before trimming gains at close.
Tesla Inc also jumped as much as 11% after the automaker reported gains in revenues, earnings, and deliveries and highlighted the lack of debt on its balance sheet.
Twitter Inc was in focus after Elon Musk, the largest shareholder and CEO of Tesla, said he has arranged the $46.5 billion financing needed to purchase the company and he may launch a tender offer.
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