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U.S. Stocks Open Higher; Twitter Sinks as Musk Says Deal ‘On Hold’ -Breaking

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© Reuters.

By Liz Moyer

Investing.com — U.S. stocks rose on Friday following a statement by Jerome Powell (Federal Reserve Chair) that the path to an economic soft landing might involve some difficulties.

At 9:47 AM ET the index had risen 248 points, or 0.8%. The was also up 1.2% and 2.2% respectively.

Twitter Inc Shares of (NYSE:] tumbled 11% during early trading following Elon Musk’s announcement that his $44billion deal to privatize the social media giant was being rescinded.

Powell told NPR’s Marketplace in an interview Thursday that his goal of calming inflation while maintaining high employment without tipping the economy into recession “may actually depend on factors that we don’t control.” The Fed may have made a better decision to raise rates earlier, he said. It has already raised interest rates twice in the past year. They will likely continue to rise.

In an 80-19 vote, the Senate approved Powell’s confirmation as Fed Chair for a second term.

Stock shares of Meme fell. GameStop Corp (NYSE 🙂 was traded 15% more, while AMC Entertainment Holdings Inc’s shares rose 8%.

Also, oil prices rose. The price of oil increased 2.2% to $108.44/barrel, and crude oil rose 2% to $109.65. It was 1.2% lower at $1801 per ounce.

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