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By Karen Langley and Joe Wallace U.S. stocks extended their losses Wednesday, with the Dow Jones Industrial Average and S&P 500 posting their steepest three-day declines in nearly seven months, after a sharp rise in consumer prices heightened concerns about inflation. The jump in prices was steeper than expected and exacerbated fears that inflation could prompt the Federal Reserve to accelerate its timeline for scaling back its easy-money policies. Near-zero rates have buoyed demand for stocks, which have hit dozens of records since the coronavirus pandemic sent them tumbling early last year. Not only is just inflation and unexpected inflation a bad story for any type of real returns in your portfolio, it s also increasing the uncertainty around what the Fed s next moves are going to be over the next couple of months, said Matt Forester, chief investment officer of Lockwood Advisors at BNY Mellon Pershing.
By Joe Wallace and Karen Langley U.S. stocks fell Wednesday, extending their recent declines after fresh data showed the rise in consumer prices picked up speed in April. The S&P 500 dropped 1.2%, after starting the week with its biggest two-day decline since early March. The Dow Jones Industrial Average retreated 0.9%, or about 300 points, while the tech-heavy Nasdaq Composite slumped 1.9%. The consumer-price index jumped 4.2% in April from a year before, the Labor Department said Wednesday, the highest 12-month level since the summer of 2008. The index measures what consumers pay for goods and services such as clothes, restaurant meals and vehicles. Core prices, which exclude the volatile categories of food and energy, rose 3% from a year earlier.
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Dogecoin joke proves its legitimacy in latest crypto binge
By The Washington Post
By Justina Lee, Joanna Ossinger
For anyone who still thinks Dogecoin is a joke, there are some 90 billion reasons that say it s not.
That s how much the digital token is nearly worth in dollar terms after jumping again in Wednesday trading. Useless or not, the coin has been swept up in the crypto mania that s gripped markets awash in central bank largesse.
It s the latest milestone in a year of speculative excesses for a market Nouriel Roubini once described as the mother of all bubbles. While in the past, trillions of dollars in stimulus by governments and central banks might have triggered a rush into gold for the inflation-wary and risky stocks for the intrepid, a deluge of cash this time round is flooding into the nascent crypto market.
The jobs report is too bad to be true: The economy will be fine
Job creation in April fell far short of forecasts, but the recovery hasnât run out of gas.
By Larry Edelman Globe Columnist,Updated May 7, 2021, 4:40 p.m.
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A sign advertising job openings at a restaurant in Detroit in May. Hiring in the hospitality and leisure sector was robust in April, but job growth overall was surprisingly weak.SARAH RICE/NYT
Yes, the April employment report was a bigger disappointment than Al Caponeâs empty vault, with far fewer jobs created than forecasters had expected and the blowout gain in March revised significantly lower.