Financial News

Thursday, April 14th
April 13, 2022
AP-NC Newswatch
April 13, 2022
Financial News

 

Financial News:

 

Stocks edge up…Wholesale prices surge 11.2%

NEW YORK (AP) – Stocks are managing to post modest gains in the early going on Wall Street. Airlines and other travel-related companies are leading the way higher after Delta Air Lines said it was seeing a surge in bookings. Technology stocks also gained ground. The S&P 500 rose 0.3%, the Dow Jones Industrial Average rose 0.2% and the Nasdaq rose 0.9%. The S&P 500 is coming off three straight losses brought on by persistent worries about inflation.

 

WASHINGTON (AP) – The surging cost of energy pushed wholesale prices up a record 11.2% last month from a year earlier. It’s the latest sign that inflationary pressure is widespread in the U.S. economy. The Labor Department says its producer price index – which measures inflation before it reaches consumers – climbed at the fastest year-over-year pace in records going back to 2010 and rose 1.4% from February. Energy prices, which soared after Russia’s Feb. 24 invasion of Ukraine, were up 36.7% from March 2021.

 

NEW YORK (AP) – JPMorgan Chase says its first-quarter profits dropped by 42% from last year, partly because the bank had to write down nearly $1.5 billion in assets due to higher inflation and Russia’s war in Ukraine. The nation’s largest bank by assets said it earned a profit of $8.3 billion, or $2.63 per share, down from a profit of $14.3 billion, or $4.50 a share, in the same period a year earlier. Wall Street analysts were looking for earning of $2.72 a share. CEO Jamie Dimon warned of challenges ahead because of high inflation, supply chain issues and the war in Ukraine.

 

UNDATED (AP) – Inventory difficulties hurt Bed Bath & Beyond during its fiscal fourth quarter and are expected to continue into the current quarter. The home products retailer says that for the three months ending Feb. 26, sales fell 22% to $2.05 billion. Analysts polled by Zacks Investment Research predicted sales of $2.08 billion. Bed Bath & Beyond lost $159 million, or $1.79 per share, in the quarter. A year earlier it earned $9 million, or 8 cents per share. Stripping out certain items, the company lost 92 cents per share. Analysts were calling for a profit of 2 cents per share.

 

AUSTIN, Texas (AP) – Protests over Texas Gov. Greg Abbott’s latest border security measure are slowing down the flow of trade on the U.S.-Mexico border. Since Monday, Mexican truckers have blocked the Pharr-Reynosa International Bridge in protest after the Republican governor last week directed state troopers to pull over and inspect trucks coming into Texas. Unusually long backups have also been reported elsewhere along Texas’ 1,200-mile border with Mexico. Abbott says the extra inspections are needed to curb human trafficking and the flow of drugs. He plans a press conference this afternoon in Laredo. Critics question how the inspections are meeting that objective, and experts say grocery shoppers could notice shortages as soon as later this week.