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NVDA   156.61 (+3.51%)
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MU   58.27 (+1.57%)
CGC   2.71 (+2.26%)
T   21.17 (+0.38%)
GE   62.46 (+1.45%)
F   11.58 (+4.70%)
DIS   96.93 (+0.88%)
AMC   13.74 (+9.31%)
PFE   52.93 (+0.34%)
PYPL   74.34 (+1.50%)
NFLX   188.25 (+2.28%)
S&P 500   3,892.01 (+1.22%)
DOW   31,308.60 (+0.87%)
QQQ   292.50 (+1.28%)
AAPL   145.18 (+1.58%)
MSFT   267.31 (+0.41%)
META   170.59 (+0.48%)
GOOGL   2,343.88 (+2.29%)
AMZN   115.62 (+1.13%)
TSLA   724.07 (+4.15%)
NVDA   156.61 (+3.51%)
NIO   22.25 (+6.82%)
BABA   123.24 (+3.46%)
AMD   78.48 (+4.15%)
MU   58.27 (+1.57%)
CGC   2.71 (+2.26%)
T   21.17 (+0.38%)
GE   62.46 (+1.45%)
F   11.58 (+4.70%)
DIS   96.93 (+0.88%)
AMC   13.74 (+9.31%)
PFE   52.93 (+0.34%)
PYPL   74.34 (+1.50%)
NFLX   188.25 (+2.28%)
S&P 500   3,892.01 (+1.22%)
DOW   31,308.60 (+0.87%)
QQQ   292.50 (+1.28%)
AAPL   145.18 (+1.58%)
MSFT   267.31 (+0.41%)
META   170.59 (+0.48%)
GOOGL   2,343.88 (+2.29%)
AMZN   115.62 (+1.13%)
TSLA   724.07 (+4.15%)
NVDA   156.61 (+3.51%)
NIO   22.25 (+6.82%)
BABA   123.24 (+3.46%)
AMD   78.48 (+4.15%)
MU   58.27 (+1.57%)
CGC   2.71 (+2.26%)
T   21.17 (+0.38%)
GE   62.46 (+1.45%)
F   11.58 (+4.70%)
DIS   96.93 (+0.88%)
AMC   13.74 (+9.31%)
PFE   52.93 (+0.34%)
PYPL   74.34 (+1.50%)
NFLX   188.25 (+2.28%)

Stocks rise on Wall Street; report shows strong retail sales

Tuesday, May 17, 2022 | Damian J. Troise And Alex Veiga, AP Business Writers


A U.S. flag waves outside the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are opening higher on Wall Street Tuesday, May 17, led by a rebound in the highly volatile technology sector. (AP Photo/John Minchillo, File)

NEW YORK (AP) — Stocks rose in afternoon trading on Wall Street Tuesday as investors review an encouraging report on retail sales and a mixed batch of earnings updates from several big retailers.

The S&P 500 rose 1.2% as of 2:33 p.m. Eastern. The Dow Jones Industrial Average rose 205 points, or 0.6%, to 32,423 and the Nasdaq rose 1.6%.

The highly volatile technology sector led the gains. Apple rose 1.7% and Microsoft rose 0.8%. Pricey stock values for many big technology companies give the sector more weight in pushing the broader market up and down.

The gains were broad and included retailers, health care companies and industrial firms. Amazon rose 2.6%. Abbott Laboratories rose 4% after the company made a deal with regulators to ramp up production of baby formula amid a shortage.

Banks gained ground along with rising bond yields, which they rely on to charge more lucrative interest on loans. The yield on the 10-year Treasury rose to 2.97% from 2.88% late Monday. JPMorgan Chase rose 2.7%.

The solid gains on Tuesday come as the broader market struggles to break a six-week long slump.

The Commerce Department said U.S. retail sales rose 0.9% in April. The solid increase was driven by higher sales of cars, electronics, and at more spending at restaurants. The upbeat report helps allay some concerns on Wall Street about persistently high inflation crimping consumer spending and about the possibility that the economy could slip into a recession.

“The retail sales report really gave a boost of confidence to investors that consumers are doing well,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “As long as consumers stay strong the chance of us going into a recession in 2022 are very low.”

Inflation is at a four-decade high, driven by demand for goods outpacing supplies in the aftermath of the pandemic. Supply chain problems have prompted businesses to raise prices on everything from food to clothing. Rising energy prices following Russia's invasion of Ukraine worsened pressure from inflation, as did China's strict lockdown measures over the last month as it faces a resurgence of COVID-19 cases in major cities.


Walmart, the nation's largest retailer, fell 11.5% for the biggest decline among S&P 500 stocks after reporting disappointing earnings and trimming its profit forecast for the year, partly because of inflation pressures.

Several other retailers also lost ground. Target fell 2.5% and Bath & Body Works slid 3.1%. Supermarket operator Kroger fell 4.3%.

Central banks have been shifting policies to help fight inflation. The Federal Reserve is gradually pushing its benchmark short-term interest rate off its record low near zero, where it spent most of the pandemic. Investors are concerned that the central bank could cause a recession if it raises rates too high or too quickly and are watching for comments by Fed officials that might provide insight into the U.S. economic outlook and future policy moves.

___

Veiga reported from Los Angeles.

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Abbott Laboratories (ABT)
3.2189 of 5 stars
$108.51-0.2%1.73%25.18Moderate Buy$139.64
Kroger (KR)
1.957 of 5 stars
$48.30+1.9%1.74%16.66Hold$52.22
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7 Dividend Aristocrats to Help You Take the Bite Out of the Bear

Investing in a bull market is fun and relatively easy. When the major indexes are hitting new highs seemingly every day, it's easy to find stocks to buy. By contrast, investing in a bear market may not be as enjoyable. But it's necessary, and when you have a strategy it doesn't have to be hard.

One timeless bear market strategy is to buy dividend stocks. And for investors looking to take even more risk out of this strategy, investors can elect to buy a group of stocks known as dividend aristocrats. These are companies that have a history of issuing, and growing, its dividend year – after year – after year. In fact, to be a member of this exclusive group, a company must have increased its dividend every year for at least 25 consecutive years.

In this special presentation, we'll analyze seven dividend aristocrats who are giving investors a good balance between growth and value. This makes them strong additions to your portfolio as part of a defensive strategy to weather a recession.

Here are 7 dividend aristocrats that can help your portfolio thrive in a bear market.



View the "7 Dividend Aristocrats to Help You Take the Bite Out of the Bear".

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