Stock investors are wrapping another volatile week as the major averages hover at yearly lows. U.S. stocks rebounded as investors put inflationary reports and recession concerns aside.
, fresh off winning Senate confirmation for a second four-year term Thursday, acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a recession.Prices of imported goods were unchanged month-over-month, down from March’s 2.6% surge, the biggest increase in 11 years. Export prices rose 0.6% in April, also down from a record 4.5% spike the previous month. Smaller gains in import and export prices would support the view that inflation has peaked.
The University of Michigan released its preliminary index of consumer sentiment for May, which came in at 59.1, falling from April’s final reading of 65.2. Sentiment has fallen 26% from a pandemic high of 88.3 in April 2021 as consumers worry about the rapid rise in prices for goods and services.