|
Data on spending this week shows that consumers are shopping big for the holidays despite inflation and economic worries.
|
|
Black Friday kicks off as inflation-burned shoppers scour for deals The Washington PostBlack Friday shoppers spend more time looking for deals but less money amid economic angst Los Angeles TimesPhotos capture enduring enthusiasm for Black Friday, the biggest shopping day of the year AP NewsUS retailers are about to see if Black Friday benefits from a holiday halo effect ABC News
|
|
Despite concerns about inflation, shoppers turned out en masse for a day of shopping that, for some, is just as much about finding good deals as it is holiday traditions in downtown Chicago.
|
|
Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
SEE MORE 10 Best Marijuana Stocks to Buy Now
"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.
As for stocks, the tech-heavy Nasdaq Composite
|
|
