The Economy Is on Solid Footing Despite Tariff Turmoil, Bank of America CEO Says
Risks are mounting, but the economy is still in a good place, according to Bank of America CEO Brian Moynihan.
Moynihan on the company’s first-quarter earnings call Tuesday morning said the bank’s research team “does not currently believe we’ll see a recession in 2025,” though it has lowered its growth rate estimates for US gross domestic product.
Read MoreUS economy to lose billions as foreign tourists stay away
The US economy is set to lose billions of dollars in revenue in 2025 from a pullback in foreign tourism and boycotts of American products, adding to a growing list of headwinds keeping recession risk elevated.
Arrivals of non-citizens to the US by plane dropped almost 10 per cent in March from a year earlier,
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Read MoreWall Street Price Prediction: Tesla's Share Price Forecast for 2025
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After soaring in 2023 and 2024, shares of Tesla (NASDAQ:TSLA) have been battered for nearly three months now.
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Read MoreDow surges 2,900 points, S&P 500 posts biggest gain since 2008 on Trump tariff reversal: Live updates
The stock market mounted one of its biggest rallies in history after President Donald Trump announced a pause in some of his “reciprocal” tariffs on the globe, causing a market that has been under extreme pressure for the past week to explode higher.
The S&P 500 skyrocketed 9.52% to settle at 5,456.90 for its biggest one-day gain since 2008.
Read MoreUS stocks sink, dollar hits 3-year low as Trump ramps up Fed attacks
US stock indexes fell and the dollar index slid to a three-year low on Monday as US President Donald Trump’s continued attacks on the Federal Reserve chair and the bank’s monetary policy rattled investors.
Safe-haven gold prices hit another record high, while the Swiss franc also rose. Benchmark US Treasury yields edged higher.
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Read MoreThe Burst
Market Commentary: 1 Extraordinary Firm Soaring Right Now
It’s bad out there the news media will tell you. Silicon Valley Bank collapsed. First Republic Bank collapsed. First Horizon shares crashed. Bank PacWest cratered. US Bancorp tumbled.
Read MoreThe Ivy
The Single Best ETF to Buy for 2024?
By many measures, the stock market is overextended now yet calls for a correction have vanished with the wind in recent weeks.
Within a few weeks, though, we expect the market will find a plateau and turnaround. If it does top as expected and start a new downtrend, one index above all others could be the top performer in 2024.
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