Financial News

Thursday, May 12th
May 11, 2022
AP-NC Newswatch
May 11, 2022
Financial News

 

Financial News:

 

Stocks stumble higher…Inflation slows slightly

NEW YORK (AP) – Stocks are staggering higher in jumbled trading on Wall Street after a report showed inflation slowed last month, though it was still worse than feared. The S&P 500 was 1% higher after waffling between modest gains and losses in the first few minutes of trading. Treasury yields initially jumped but pared their gains. Wall Street has been focused on the nation’s high inflation, and where it’s heading, because it’s causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic. The Fed has flipped aggressively toward raising interest rates after seeing high inflation last longer than it expected.

 

WASHINGTON (AP) – The government says inflation slowed in April after months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households. Consumer prices jumped 8.3% from 12 months earlier. That was below the 8.5% year-over-year surge in March, which was the highest rate since 1981. On a month-to-month basis, prices rose 0.3% from March to April, the smallest increase in eight months. Still, today’s report from the Labor Department contained some signs that inflation may be becoming more entrenched. Excluding volatile food and energy costs, “core” prices jumped 0.6% from March to April – twice the rise from February to March. Those increases were fueled by spiking prices for airline tickets, hotel rooms and new cars.

 

ATLANTIC CITY, N.J. (AP) – Inflation may be soaring, supply chains are snarled and the coronavirus just won’t go away. But America’s casinos are humming right along, recording the best month in their history in March. The gambling industry’s national trade group reports that the country’s commercial casinos won more than $5.3 billion from gamblers in March. That’s their best single-month total ever. The previous record month was July 2021 at $4.92 billion. The numbers don’t include tribal casinos, which report their income separately. They’re expected to report similarly positive results later this year.

 

DETROIT (AP) – Hyundai is recalling more than 215,000 midsize cars in the U.S. – most for a second time – because fuel hoses can leak in the engine compartment and cause fires. The recall covers certain 2013 and 2014 Sonata sedans, many of which were recalled for the same problem in 2020. The Korean automaker says in documents posted Wednesday by U.S. safety regulators that a low pressure fuel hose can crack over time due to heat from the engine. That can cause fuel leaks and increase the risk of a fire. Dealers will replace the hoses. Owners will be notified starting July 5.

 

BERLIN (AP) – The European Union will no longer require masks to be worn at airports and on planes starting next week. The European Union Aviation Safety Agency says it hopes the joint decision with the European Centre for Disease Prevention and Control will mark “a big step forward in the normalization of air travel” for passengers and crews. The agencies say the new guidelines take account of the latest developments in the pandemic especially “the levels of vaccination and naturally acquired immunity.” The new recommendations take effect on May 16. Rules for masks may still vary by airline beyond that date if they fly to or from destinations where the rules are different.