US Senate Minority Leader Mitch McConnell is on the wires saying it may take a recession to crush inflation.
Meanwhile, in the US stock market, after opening lower, major indexes rallied. The S&P and NASDAQ indices traded in positive territory. The NASDAQ is virtually unchanged at present. The S&P is down slightly. The Dow Jones Industrial Average approached flat levels, but has since retreated and is currently trading around -130 points.
A snapshot of the market currently shows:
- Dow Industrial Average -132.15 points or -0.40% to 33080.82. The high price reached 33187.11 less than 25 points from unchanged on the day
- The S&P index is down -11.48 points or -0.28% at 4146.75. Its high price reached 4159.48. At the session low, the S&P index tested its 200 hour mark by moving to 4103.94. The low reached 4104.88 today.
- The NASDAQ the index is up 4.56 points or 0.04% to 12135.69. These are 200 hour moving averages at 12106.70. Current prices just above this moving average level tilting the short-term bias more in favor of the buyers (although price has traded above and below this moving average today)
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