Dow adds 422 points, Nasdaq jumps 2.5% as Russia eases off Ukraine
Producer Prices jumped 9.7% in January matching a record high
The Fed is in a really hard place: Wells Fargo SVP
FOX Business correspondent Madison Alworth, BNY Mellon Wealth Management Head of Equities Alicia Levine, and Wells Fargo Advisors senior vice president Mark Smith provide insight on inflation and Fed rate hikes on 'Making Money.'
U.S. stocks rose across the board as the conflict between Russia and Ukraine appeared to ease and even as the Producer Price index, the latest check on inflation at the wholesale level, rose 9.7%, matching a record high from the prior month.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | NO DATA AVAILABLE | - | - | - |
| SP500 | NO DATA AVAILABLE | - | - | - |
| I:COMP | NO DATA AVAILABLE | - | - | - |
The Dow Jones Industrial Average tacked on 422 points or 1.2%, while the S&P 500 gained 1.6% and the Nasdaq Composite 2.5%.
Oil settled at $92.07 on reports Russian forces are pulling back from Ukraine. Even so, oil giants ExxonMobil and Chevron dipped.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | NO DATA AVAILABLE | - | - | - |
| XOM | NO DATA AVAILABLE | - | - | - |
| CVX | NO DATA AVAILABLE | - | - | - |
Stocks on the move included Activision after Warren Buffett's Berkshire Hathaway disclosed a new stake of nearly 15 million shares purchased ahead of Microsoft's $69 billion takeover.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ATVI | NO DATA AVAILABLE | - | - | - |
| MSFT | NO DATA AVAILABLE | - | - | - |
In other deal news, Intel is buying Tower Semiconductor for $5.4 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | NO DATA AVAILABLE | - | - | - |
| TSEM | NO DATA AVAILABLE | - | - | - |
"This deal will enable Intel to offer a compelling breadth of leading-edge nodes and differentiated specialty technologies on mature nodes – unlocking new opportunities for existing and future customers in an era of unprecedented demand for semiconductors," said Intel CEO Pat Gelsinger.
Chipmakers Nvidia and AMD rose in tandem.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NO DATA AVAILABLE | - | - | - |
| AMD | NO DATA AVAILABLE | - | - | - |
Shares of Virgin Galactic jumped 31% as the space giant begins to take reservations for trips. The starting cost: $150,000 to reserve a seat.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPCE | NO DATA AVAILABLE | - | - | - |
REGULATORS PROBE BLOCK TRADING AT MORGAN STANLEY, GOLDMAN, OTHER WALL STREET FIRMS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VIAB | NO DATA AVAILABLE | - | - | - |
| WYNN | NO DATA AVAILABLE | - | - | - |
| ABNB | NO DATA AVAILABLE | - | - | - |
After the close media and entertainment company ViacomCBS, online lodging marketplace Airbnb and high-end hotel and casino operator Wynn Resorts will also provide a picture into their earnings.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Associated Press contributed to this report.