US Senate minority leader Mitch McConnell is on the wires saying that it may take a recession to crush inflation.
Meanwhile in the US stock market, after opening lower, the major indices have seen a recovery. Both the S&P and the NASDAQ indices have traded in positive territory. The NASDAQ is near unchanged currently. The S&P is down modestly. The Dow industrial average got close to unchanged levels but has since backed off and currently trades down around -130 points.
A snapshot of the market currently shows:
- Dow industrial average -132.15 points or -0.40% at 33080.82. The high price reached 33187.11 got within 25 point from unchanged on the day
- S&P index is down -11.48 points or -0.28% at 4146.75. It's high price reached 4159.48. At the session lows, the S&P index tested its 200 hour moving into 4103.94. The low price reached 4104.88 today.
- The NASDAQ index is up 4.56 points or 0.04% at 12135.69. It's 200 hour moving averages at 12106.70. The current prices just above that moving average level tilting the shorter-term bias more in favor of the buyers (although the price has traded above and below that moving average today)
NASDAQ index trades above and below its 200 H MA