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Wall Street
Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following their tough April.
Wall Street returned to record heights and capped a punishing, two-year round trip dogged by high inflation and worries about a possible recession.
The Dow jumped 512 points, or 1.4%, to top 37,000 and surpass its prior peak of 36,799.65 set at the start of last year.
Fed officials have said they expect at least one more increase this year and then for the benchmark rate to stay elevated through at least early 2024.
WHAT'S HAPPENING
The GOP House Speaker could provide some clarity and give details on Republicans plan to do something on their own without Biden.
Lawmakers are trying to decide whether the federal government should bail out a failed bank that mostly served the wealthy and powerful.
The bank, which served tech workers and venture capital-backed companies, was the second-biggest bank failure in U.S. history after the 2008 collapse.
Stocks struggled all year as inflation was made worse by Russia's war in Ukraine, and amid fears of a recession.
Wall Street tumbled into a bear market Monday after fears about a fragile economy sent the S&P 500 more than 20% below its record set early this year.
Rising interest rates, high inflation, the war in Ukraine and a slowdown in Chinas economy have caused investors to reconsider the prices theyre willing to pay for a wide range of stocks.
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