By Staff Reporters
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The cost of gasoline is falling so fast that it is beginning to put real money back in the pockets of drivers, defying earlier projections and offering an unexpected gift for the holidays.Filling up is now as cheap as it was in February, just before Russia's invasion of Ukraine touched off a global energy crisis. AAA reported the average nationwide price of a gallon of regular Wednesday was $3.50, and gas price tracking company GasBuddy projected it could drop below $3 by Christmas. And all of that relief probably helped drive robust shopping over Thanksgiving weekend.
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U.S. stocks ended mixed in a choppy trading session. The market struggled to continue yesterday's surge, which came as Fed Chairman Jerome Powell provided some less hawkish commentary. The Fed Chief suggested that the Central Bank could slow the pace of its aggressive rate hiking campaign as early as this month.
The economic front provided some reports that shaped market action, as personal income and spending rose solidly and inflation cooled off but remained elevated, while jobless claims moderated more than expected. However, the ISM Manufacturing Index fell into contraction territory for the first time since May 2020, and construction spending declined more than expected. Earnings reports continued to pour in, as Kroger topped expectations, while Costco Wholesale's November sales growth came in below predictions, and Dollar General missed earnings estimates while also providing some disappointing guidance.
Additionally, Dow member Salesforce's billings performance missed, and the company announced that its co-CEO will step down.
Treasury yields and the U.S. dollar extended yesterday's drops, while crude oil and gold prices rallied.
Asian stocks gained ground and European stocks ended mostly higher, as the global markets appeared to get some relief from the Fed Chair's commentary but economic data was lackluster.
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