Nasdaq jumps 2% as stocks rally, oil hits $104

Nasdaq jumps 2% as stocks rally, oil hits $104

US stocks rose as investors weighed a new report on record high inflation against a basket of mixed first-quarter earnings.

ribbon protection else they change they change %
Me: DJI Dow Jones averages 34564.59 +344.23 + 1.01%
SP500 Standard & Poor’s 500 446.59 +49.14 + 1.12%
I: COMP Nasdaq Composite Index 13643.587173 +272.02 + 2.03%

The Nasdaq Composite led the gains, up 2%, while the S&P 500 added 1%, and the Dow Jones Industrial Average rose by the same amount, or more than 344 points.

The rally came as investors shrugged off another hot inflation report. The producer price index rose 1.4% month over month, according to the Bureau of Labor statistics. On an annual basis, prices paid by wholesalers jumped 11.2%, compared to 10% in February.

After factoring in volatile food and energy costs, core producer prices rose 1% monthly in March, up from 0.2% the previous month. On a yearly basis, look for core PPI up 9.2% in March. On Tuesday, the government reported that the Consumer Price Index, a closely watched measure of retail inflation, rose to a 40-year high in March.

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In earnings news, Delta shares rose after the carrier said it had returned to profitability as consumer demand rebounded. The disclosure bodes well for other carriers. Separately, Southwest Flyers have warned CEO Robert Jordan not to be fatigued by their union.

ribbon protection else they change they change %
DA Delta Airlines Limited 41.04 +2.43 + 6.29%
AAL American Airlines Group 18.95 +1.82 + 10.62%
UAL United Airlines Holdings 45.14 +2.41 + 5.64%
love Southwest Airlines Company 46.05 +3.25 + 7.61%

JPMorgan’s quarter was quieter as revenue and profit were down from the same period last year. The largest US lender earned $8.28 billion, or $2.63 per share, in the first quarter, compared with $14.3 billion, or $4.50 per share, a year earlier. Revenue fell to $30.7 billion from $32.2 billion a year earlier. The stock slide affected the Dow Jones Index.

Thursday, Goldman Sachs, Morgan Stanley and Wells Fargo will announce their earnings.

ribbon protection else they change they change %
JPM JPMORGAN CHASE & CO. 127.20 -4.30 -3.27%
p Goldman Sachs Group of Companies 322.42 +2.81 + 0.88%
Mrs. Morgan Stanley 84.25 +0.34 + 0.41%
WFC Wells Fargo & Co 48.58 +0.17 + 0.35%

AMC CEO participates in more dealings

In deal news, AMC Entertainment has struck a deal for Acquire Seven former Bow Tie cinema locations with 66 screens, including five in Connecticut, one in upstate New York, and one in Annapolis, Maryland. New Connecticut theater locations will double AMC’s public attendance in the state.

ribbon protection else they change they change %
AMC AMC ENTERTAINMENT HOLDINGS INC 18.52 +1.10 + 6.31%

Elsewhere, new Peloton CEO Barry McCarthy got a knockout blow from activist Blackwells Capital. The company says he has done little since taking the job in February when John Foley was transferred to a separate position.

ribbon protection else they change they change %
PTON PELOTON INTERACTIVE INC. 25.03 +1.32 + 5.57%

US oil rose more than 3 percent to $104.25 a barrel as traders watched Russia tighten supplies after Moscow said talks to resolve its invasion of Ukraine had reached a dead end.

New York Stock Exchange traders

Traders on the floor of the New York Stock Exchange. (AP/AP Newsroom)

ribbon protection else they change they change %
USO United States Petroleum Fund LP 78.42 +2.46 + 3.24%
BNO United STS BRENT OIL FD LP UNIT 31.01 +1.19 + 3.99%

Russia invades Ukraine: live updates

Wounds swelled 8.5% in March, marking 40 new years

Bitcoin is trading around $41,000.

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The Associated Press contributed to this report.

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