Stocks Jump on Solid Data, Wexner Epstein Testimony Begins, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Stocks are surging after some solid economic data and with a bounce back in big tech. Right now, the S&P 500 is up nine tenths of one percent. The Dow Jones industrial average is six tenths of a percent higher and the tech heavy Nasdaq composite is surging one point three percent. Those positive economic indicators, industrial production hit a nearly one year high in January. Business equipment orders rose more than expected in December, and new home construction hit a five-month high that month as well. Nadia Lovell with UBS says a slowing economy? Not in her forecast.
There is some weariness from some Fed members about potential pickup and inflation. I think once that happens throughout the spring month, then we think that that also would help the Fed position to start cutting rates again by the time we get to June. So hopefully the inflation story can move out of the way. markets.
Nadia Lovell is head of global equity strategy at UBS. White House economic advisor Kevin Hassett is blasting a study from the New York Fed that showed American consumers and businesses have borne almost 90 percent of the tariff burden.
It is true that we're seeing news stories that people say, well, we've held off on raising prices because of the tariffs, but we're going to have to now. I guess the question is, is everybody going to do that or are some people going to do that? And the people who do that, are they going to lose customers to the folks who don't? That's what happened last year. I expect that's what's going to happen this year
National Economic Council Director Kevin Hassett told CNBC the report led to a lot of highly partisan news based on analysis that, in his words, wouldn't be accepted in a first-year econ class. The Fed is declining to comment. The Jeffrey Epstein files are back on the front burner in Washington. Les Wexner, the 88-year-old retail mogul behind Victoria's Secret and other brands, has begun closed-door testimony about his relationship with the late sex offender who managed his money for decades. Bloomberg's Lauren Dozenski has more from Washington.
Democrats on the House Oversight Committee are eager to pull out more details related to this Epstein probe. This has been a way for Democrats especially to highlight President Trump's intersection with these leaders and officials.
Bloomberg's Lorenzo Zensky in the nation's capital, Les Wexner, has long denied any knowledge of Epstein's crimes.
What recent economic data is driving stock market surges?
The interview that Stephen Colbert says CBS wouldn't let him air is taking off on YouTube. It's the late show host conversation with Texas Democratic Senate candidate James Tallarico. Do you mean to cause trouble? I think that Donald Trump is worried that we're about to flip Texas. Since that interview went online yesterday, it's racked up more than 5.3 million views. Tallarico's campaign says it's raised $2.5 million. Colbert says CBS lawyers blocked him from airing the interview due to FCC fairness rules. The network says it advised Colbert he might have to give other candidates equal time. Oil prices are jumping after the latest round of talks between the U.S. and Iran. Both sides did report progress on a deal over Iran's nuclear program.
But Vice President J.D. Vance told Fox News the Iranians still aren't engaging on President Trump's red lines and that all options are still on the table. Golnar Motavali heads Bloomberg's Iran coverage.
The Iranians have said that they have a set of guiding principles on which they are going to work.
What are the implications of the latest economic indicators?
And on that basis, they are going to exchange texts that could provide, again, a framework for a possible deal.
Bloomberg's Gulnar Motivali right now both West Texas Intermediate and Brent Cruder higher by more than three percent.
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