Stock Market Recap: Stocks Hit Hard, Gas Surges to Record Prices

US stock indexes get smacked down for the second straight day as the Federal Reserve suggests no further rate cuts and oil surged to a new all time high on supply report. The DJIA tumbled -227.49 to 12,601.19, the S&P 500 fell -22.69 to 1,390.71 and the NASDAQ dropped another -43.99 to 2,448.27.

UAL Corp
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– United Airlines collapsed nearly 30% or $3.30/share to $8.26 after Soleil Securities put out a sell recommendation.

Intuit Inc.
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added 3.60% or .98 cents/share to $28.22 due to increased profits and demand for Turbo Tax software.

Red Robin Burgers
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lost 9.02% or $3.49/share to $35.23 after posting first quarter profits that did not meet analysts’ expectations.

National Fuel Gas
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– Climbed 5.53% or $3.25/share after UBS upgraded it to a buy from neutral due to its Marcellus Shale project.

The dollar declined to $1.5787 against the Euro, Oil hit another all time high to $133.62 on a negative supply report, and the VIX spiked another 6.09% to 18.65 on the day.

Market Snapshot

Dow

-227.49 12,601.19

NASDAQ

-43.99 2,448.27

S&P 500

-22.69 1,390.71

Economic
News

Leading Indicators (Apr): Actual 0.1%, Consensus 0.0%

Core PPI (Apr): Consensus 0.2%, Prior 0.2%

PPI (Apr): Consensus 0.4%, Prior 1.1%

Crude Inventories (Apr): Consensus NA, Prior 176K

Retail Sales ex-auto (Apr): Consensus 0.2%, Prior 0.1%

Initial Claims (05/17): Consensus 372K, Prior 371K

Existing Home Sales (Apr): Consensus 4.85M, Prior 4.93M