Economic activity grew slightly in the New Orleans area over the past six weeks. The latest regional assessment from the Fed also found that labor market tightness eased, but wage pressures continued. Retailers reported stable consumer demand, while demand for new autos was strong. Leisure travel activity was steady and business travel improved.
Amazon says it recorded its biggest ever Thanksgiving weekend as shoppers, undeterred by inflation, scooped up everything from New Balance sneakers to Nintendo Switch gaming consoles. Fire TV Sticks, AirPods and Champion clothing were among Amazon’s top-selling items.
Stocks rallied after Fed Chair Jerome Powell signaled a potential slowdown in interest-rate increases, powering the Dow Industrials up 737 points and into a new bull market. Analysts say Powell’s speech gives more hope for the possibility of that elusive soft landing.
Futures are up after stocks soared yesterday. The Dow Industrials jumped 737, the NASDAQ gained 484 and the S&P 500 was up 122.
