![Stocks surge even though consumers feel lousy. Here's why](https://cdn.cnn.com/cnnnext/dam/assets/220624155147-dow-stock-market-today-super-tease.jpg)
Stocks surge even though consumers feel lousy. Here's why
CNN
It's a bad news is good news day on Wall Street again. Stocks soared, and are set to finish the week with solid gains, after a key economic report showed a record low in consumer confidence levels.
Investors cheered the drop in the University of Michigan's consumer sentiment reading in June. Why? Growing recession fears may mean that the Federal Reserve, which has begun to aggressively hike interest rates to fight inflation, could reverse course by the end of 2023 and cut rates again in order to deal with a slowing economy.
The Dow surged nearly 700 points, or 2.3%, in late afternoon trading Friday and is now up 2.6% for the holiday-shortened trading week. The US market was closed Monday in observance of Juneteenth.
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Donald Trump’s campaign is taking a vastly different approach to 2024 compared to 2020, with plans for fewer staff and expenses, including what they view as superfluous brick and mortar offices. Instead, the campaign pledges to run a more efficient operation that will rely heavily on data modeling, microtargeting and relying on wealthy conservative groups for data, infrastructure and significant bank accounts to help find Trump a pathway to the 270 electoral votes needed to secure victory in November.
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“I never thought I would see a Russian submarine so up close,” said a Cuban man next to me as we waited in line in view of the four vessels. We were standing outside the port terminal in Havana which, just years earlier, had been full of US cruise ships, until then-President Donald Trump banned their visits to the island in 2019.
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The US military will temporarily dismantle the humanitarian pier it constructed off the coast of Gaza and move it back to Israel on Friday night, amid concerns that heavy seas could once again break it just days after it resumed aid delivery operations, multiple US officials and US Central Command said.