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"Stand fast therefore in the liberty by which Christ has made us free, and do not be entangled again with a yoke of bondage."
Galatians 5:1
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For the week, the S&P 500 rose 1.82%, ending at 4,282.37. The Dow added 2.02%, to close at 33,762.76. The Nasdaq gained 2.04%, closing at 13,240.77.
The Nasdaq and S&P 500 surged to nine-month closing highs on Thursday as signs of slowing wage pressure raised hopes the Federal Reserve will pause hiking interest rates and investors cheered a vote in Congress to suspend the U.S. debt ceiling.
The U.S. Senate will stay in session until it passes a bill to lift the government's $31.4 trillion debt ceiling, Democratic Majority Leader Chuck Schumer said on Thursday, as some members pushed him to allow amendment votes that risks delaying the process.
Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire.
Federal Reserve emergency lending to banks edged down in the latest week, driven by a decline in "other credit" to government wind-downs of failed banks, to $188.1 billion on Wednesday from $192.6 billion a week earlier, according to Fed data released on Thursday.
The number of Americans filing new claims for unemployment benefits increased modestly last week and private employers hired more workers than expected in May, pointing to continued labor market tightness.
U.S. construction spending surged in April, boosted by investment in nonresidential structures, but higher mortgage rates continued to depress single-family homebuilding.
U.S. manufacturing contracted for a seventh straight month in May as new orders continued to plummet amid higher interest rates, but factories boosted employment to a nine-month high.
U.S. private payrolls increased more than expected in May, suggesting that the labor market was slowing only gradually.
The Mortgage Bankers Association reported a 3.7% decline in mortgage applications in the week ended May 26 after a 4.6% drop in the previous week, as mortgage rates surged to a six-month high.
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Friday Recap: Wall Street Jumps 700 Points on Jobs Data, Debt Deal
U.S. stocks closed higher on Friday after a labor market report showing moderating wage growth in May indicated the Federal Reserve may skip a rate hike in two weeks, while investors welcomed a Washington deal that avoided a catastrophic debt default.
Fed funds futures showed a 71.3% probability that the Fed will hold rates steady in two weeks, down from 79.6% on Thursday. Markets now await data on key consumer prices a day before the Fed's rate decision in two weeks.
U.S. job growth accelerated in May but a surge in the unemployment rate to a seven-month high of 3.7% as more people looking for employment indicated labor market conditions were easing, the Labor Department said.
Gold closed lower on Friday as the dollar and bond yields moved higher after the United States reported hiring surged in May. Gold for August delivery closed down US$25.90 to settle at US$1,969.60 per ounce.
Silver and platinum also closed slightly lower on Friday, while copper and palladium were both up.
The Dow Jones Industrial Average rose 701.19 points, or 2.12%, to 33,762.76, the S&P 500 gained 61.35 points, or 1.45%, to 4,282.37 and the Nasdaq Composite added 139.78 points, or 1.07%, to 13,240.77.
For the week, the S&P 500 rose 1.82%, ending at 4,282.37. The Dow added 2.02%, to close at 33,762.76. The Nasdaq gained 2.04%, closing at 13,240.77.
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Donations may be made by clicking on the secure link above, or by mailing a check or money order to: Financial Issues Stewardship Ministries, or "FISM," PO Box 270, Exton, PA 19341.
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Join host, Seth Udinski, as he explores the most pivotal moments in history, including compelling stories and people of the Bible. Gain a new perspective and insight into the events that have shaped our world, while enjoying Seth’s masterful storytelling at A Moment in History. | |
Watch Financial Issues Live
with Shana Burt hosting our daily radio program
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As of May 1, 2023
Watch Financial Issues with Shana Burt
on 398 CSN radio stations around the Country
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We are excited to announce the launch of Financial Issues with Shana Burt on all 398 CSN stations around the country on May 1, 2023. The show will be broadcast at 2:30 p.m. ET (1:30 p.m. CT, 12:30 p.m. MT, 11:30 a.m. PT), Monday through Friday, on these stations.
The CSN broadcast will be a 30-minute "abridged" rebroadcast of the day's hour-long program. The show will continue to be live from 9:00-10:00 a.m. ET and you can continue to listen in during this time on the app, the website, and most current stations.
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You can find insightful video clips of the program on our FISM App, as well as on our website. On the FISM app, go to FINANCIAL ISSUES, then scroll down to access HELPFUL VIDEOS.
While you are there, please take the time to enjoy our FISM News to glean a conservative and biblical worldview on current events.
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Starting Saturday, June 3, FISM News will no longer be posting long-form written news articles. We will instead be diverting our resources and attention to our broadcast news.
On Monday, June 5, the website will instead have shorter articles alongside clips from our nightly news broadcast. Please follow FISM News on our website, through the FISM app, our Roku channel, and//or' social media outlets as we will continue to bring you just the news, grounded in truth.
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Weekly Social Media Highlights | |
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~ Matching Donor ~
Please Join Us In Saving Babies this Mothers' Day!
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Thanks to your generous donations, the Financial Issues audience has already raised over $78,576 and 14 ultrasound machines for PreBorn! Join us in the fight for the unborn and help us reach our goal of placing 30 machines by the end of the month. | |
Biden to Sign Debt Ceiling Bill Passed by Senate | | |
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President Biden said that he looked “forward to signing [the] bill into law as soon as possible” in a statement released immediately after the vote.
Chris Lange, FISM News
A Note from Yvonne Celia
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The Senate passed the debt ceiling bill late Thursday with only days to spare before a predicted likely default next week.
The legislation cleared the chamber in a bipartisan 63-36 vote and was sent immediately to the president’s desk. Thirty-one Republicans, three Democrats, and Independent Sen. Bernie Sanders (I-Vt.) voted against the bill.
Majority Leader Chuck Schumer (D-N.Y.) and Republican Leader Mitch McConnell (R-Ky.) hailed the bill’s passage…(READ MORE)
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US Border Patrol Chief to Retire at The End of the Month | |
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…the Chief acknowledged the stressors they are under by stating that morale was at an “all-time low.”
Katie Kerekes, FISM News
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Comer Wins Battle with Wray over Biden ‘Bribery’ Doc | | |
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Republicans assert that the internal FBI memo contains information about an alleged pay-for-play scheme between Biden and a foreign national...
Chris Lange, FISM News
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FBI Director Christopher Wray will hand over the so-called Biden ‘bribery’ document to the House Oversight Committee.
Facing possible contempt of Congress charges, Wray agreed Thursday to provide the document to top Republicans on the committee.
A committee spokesperson told the Washington Examiner that the document will undergo a review and that Chairman James Comer (R-Ky.) will receive a briefing from the bureau on…(READ MORE)
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Ukraine Update: Biden Approves New $300 Mil In Military Aid to Ukraine | |
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The Biden administration has committed more than $37.6 billion in security assistance to Ukraine since the beginning of Russia’s invasion in February 2022.
Chris Lange, FISM News
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President Joe Biden approved $3 million in new military aid for Ukraine Wednesday. The package, which includes additional drone munitions and several other weapons, marks the 39th drawdown of Defense Department equipment for Ukraine since August 2021.
“Russia has continued to wage a brutal, completely unprovoked war against Ukraine, launching yet more airstrikes and bombarding Ukrainian cities across the country,” National Security Council spokesman John Kirby said Wednesday at a White House briefing.
“In response, the United States is going to continue to help give them things that they need…(READ MORE)
SEE ALSO: Ukraine update: US seeks to reestablish nuclear curbs pact with Russia
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Experts Warn of Extinction Risk in New Statement on Artificial Intelligence | | |
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…experts worry that AI has the potential to threaten personal freedoms and be militarily misused during wartime conflicts.
Vicky Arias, FISM News
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A group of scientists and tech experts on Tuesday released a statement to the public warning of the potentially catastrophic consequences of unchecked artificial intelligence (AI).
“Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war,” the statement read.
The CEO of Google DeepMind, Demis Hassabis, and OpenAI CEO, Sam Altman, among hundreds of others, signed…(READ MORE)
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Target Loses $10 Billion in Value after Promoting LGBTQ Clothing that Targeted Children | |
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Many of the offerings were geared more toward children than ever before and one line promoted Satanism alongside the LGBTQ agenda.
Matt Bush, FISM News
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Retail giant Target is losing about $1 billion in market capitalization per day as the company continues to face backlash over its line of pride-themed clothing for children.
According to the New York Post, a week and a half ago Target’s stock was valued at $160.96. On Friday, prior to the three-day Memorial Day weekend, the stock had dropped to $138.93 per share. That 14% drop in value translates to about $10 billion in valuation in…(READ MORE)
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Date Set for Durham’s House Testimony | | |
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While his report might have been well received by conservatives, it’s unlikely Durham will be given a hero’s welcome in Washington.
Willie R. Tubbs, FISM News
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Americans will have to wait until late June to hear special counsel John Durham’s testimony regarding his investigation into the FBI’s handling of debunked claims that former President Donald Trump colluded with Russia to win the 2016 election.
As previously reported by FISM, Durham’s report includes allegations that the FBI “failed to uphold [its] mission of strict fidelity to the law.”
The New York Post reports that Durham will appear before Congress on…(READ MORE)
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Daily Multivitamin May Improve Cognition in Older Adults | |
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The study results found that after a year participants who took a multivitamin each day had better memory function than participants who took a placebo each day.
Lauren Dempsey, FISM News
MS in Biomedicine and Law, RN
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Taking a daily multivitamin may improve memory in the elderly according to new research funded by the National Institutes of Health (NIH), Mars Edge — a division of Mars, which makes candy, pet food, and other products — Pfizer, and Haleon — both makers of multivitamins.
THE STUDY
The study was published last week in the American Journal of Clinical Nutrition and found that taking vitamins may boost memory function by the equivalent of three years of normal, age-related memory loss in some adults. Researchers at New York’s Columbia University and Brigham and Women’s Hospital in Boston tracked 3,562 adults over the age of 60 for three…(READ MORE)
SEE ALSO: Study shows SIDS may be caused by impaired brain receptors
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Financial Issues Stewardship Ministries, PO Box 270, Exton, PA 19341
www.financialissues.org / www.fism.tv
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The FISM (Financial Issues Stewardship Ministries) is the home of the program Financial Issues which focuses on financial headlines, investing, politics and encourages people to be thoughtful stewards of the money God has entrusted to them. Financial Issues is a live call-in radio and TV program heard and watched internationally. | |
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Disclaimer: The information and data provided in this communication is meant for informational purposes only. It is the option of an individual and should not be regarded as an offer to sell, a solicitation to buy, or a recommendation of any security, or as an offer to provide financial planning or investment advice. You should consult with your Financial Planner, Adviser and your Tax Account to make sure of the suitability for you of any investment you make. Understand that ALL investments contain risk of loss of principal and that should always be considered before investing. The user bears the sole responsibility of evaluating the merits and risks associated with the use of any information obtained from Financial Issues Stewardship Ministries, Daniel J. Celia, or Shana Burt of Exodus Financial Services and GA Repple. Although the information provided is obtained or compiled from sources believed to be reliable, Financial Issues Stewardship Ministries, Daniel J. Celia and Shana Burt of Exodus Financial Services and GA Repple do not guarantee the reliability, accuracy, timeliness or completeness of any information or data made available to the recipient of this message for any particular purpose.
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