{"id":1511012,"date":"2022-06-11T12:19:53","date_gmt":"2022-06-11T16:19:53","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1511012"},"modified":"2022-06-11T12:19:56","modified_gmt":"2022-06-11T16:19:56","slug":"stock-market-sees-worst-week-since-january-after-gas-hits-5-inflation-reaches-new-high","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stock-market-sees-worst-week-since-january-after-gas-hits-5-inflation-reaches-new-high\/","title":{"rendered":"Stock Market Sees Worst Week Since January After Gas Hits $5, Inflation Reaches New High"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstock-market-sees-worst-week-since-january-after-gas-hits-5-inflation-reaches-new-high%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1511012&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In a week <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">marked<\/a> by gas prices surpassing $5 per gallon and <a href=\"https:\/\/www.dailywire.com\/topic\/inflation\">inflation<\/a> reaching new highs, the <a href=\"https:\/\/www.dailywire.com\/topic\/stock-market\">stock market<\/a> saw its worst returns since January.<\/p>\n<p>After the dust <a href=\"https:\/\/www.cnbc.com\/2022\/06\/09\/stock-market-news-open-to-close.html\">settled<\/a>, the Dow Jones Industrial Average had fallen 2.73%, the Nasdaq had fallen 3.52%, and the S&#038;P 500 had fallen 2.91%.<\/p>\n<p>On Thursday morning, GasBuddy announced that the <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">national average price of gasoline<\/a> hit $5 per gallon. Days earlier, gas prices were $4.82 per gallon \u2014 more than double the $2.39 average when President Joe Biden entered the Oval Office at the beginning of last year.<\/p>\n<p>Then on Friday, a report from the U.S. Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, meaning that <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">inflation hit new four-decade record highs<\/a> once again. The new figure surged past the Dow Jones estimate of 8.3% year-over-year inflation.<\/p>\n<p>Biden attributed the ugly report to \u201cPutin\u2019s Price Hike.\u201d He also <a href=\"https:\/\/www.dailywire.com\/news\/president-biden-blames-vladimir-putin-for-record-high-inflation\">pinned the blame<\/a> on purported corporate price-gouging and wealthy Americans failing to pay higher taxes.<\/p>\n<p>\u201cPrices at the pump are a major part of inflation, and the war in Ukraine is a major cause of that. The United States is on track to produce a record amount of oil next year, and I am working with the industry to accelerate this output,\u201d Biden said in a statement. \u201cBut it is also important that the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes.\u201d<\/p>\n<p>Although most social media accounts for Democratic members of the Senate discussed the January 6 protest hearings on Friday morning while remaining silent about the dismal inflation news, two lawmakers \u2014 Sen. <a href=\"https:\/\/www.dailywire.com\/topic\/amy-klobuchar\">Amy Klobuchar<\/a> (D-MN) and Sen. <a href=\"https:\/\/www.dailywire.com\/topic\/elizabeth-warren\">Elizabeth Warren<\/a> (D-MA) \u2014 called for Congress to <a href=\"https:\/\/www.dailywire.com\/news\/heres-how-democrats-reacted-to-inflation-reaching-new-highs\">pass legislation<\/a> they believe will slash prices.<\/p>\n<p>Klobuchar \u2014 pointing toward a Thursday tweet from President Joe Biden that blames high prices on \u201ca handful of companies who control the market\u201d for shipping \u2014 referred to her <a href=\"https:\/\/www.klobuchar.senate.gov\/public\/index.cfm\/2022\/3\/klobuchar-thune-bipartisan-legislation-to-help-fix-supply-chain-and-ease-shipping-backlogs-passes-senate\">Ocean Shipping Reform Act<\/a> as a mechanism to prevent the firms from \u201cjacking up prices.\u201d Meanwhile, Warren praised Klobuchar\u2019s <a href=\"https:\/\/www.klobuchar.senate.gov\/public\/index.cfm\/2021\/10\/klobuchar-grassley-colleagues-to-introduce-bipartisan-legislation-to-rein-in-big-tech\">American Innovation and Choice Online Act<\/a> \u2014 which, according to Warren, would \u201cpromote competition and lower consumer prices\u201d by prohibiting technology firms from \u201cfavoring their own products.\u201d<\/p>\n<p>Many economists are watching the <a href=\"http:\/\/dailywire.com\/topic\/federal-reserve\">Federal Reserve<\/a> as it considers a faster rollback of its aggressive monetary stimulus. Although the central bank already introduced two interest rate hikes this year \u2014 0.25% in March and 0.5% in May \u2014 many on Wall Street believe that a 0.75% rate hike may be <a href=\"https:\/\/www.yahoo.com\/now\/fed-seen-extending-steep-rate-144215947.html\">on the table<\/a>.<\/p>\n<p>Polls indicate that Americans are worried about rising price levels ahead of this year\u2019s midterm elections.<\/p>\n<p>In a Harvard <a href=\"https:\/\/www.dailywire.com\/news\/poll-95-of-voters-say-inflation-is-somewhat-or-very-serious\">survey<\/a>, 95% of respondents said that inflation is \u201cvery serious\u201d or \u201csomewhat serious.\u201d A plurality \u2014 47% \u2014 said that the Biden administration is responsible. Another <a href=\"https:\/\/www.dailywire.com\/news\/94-percent-of-americans-concerned-about-inflation-overwhelmingly-trust-republicans-to-handle-it-poll\">poll<\/a> from The Washington Post and ABC News revealed that 94% of Americans were either \u201cupset\u201d or \u201cconcerned\u201d about the impact of skyrocketing prices. Biden\u2019s approval rating was underwater, with 42% of respondents approving of his work and 52% disapproving.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a week marked by gas prices surpassing $5 per gallon and inflation reaching new highs, the stock market saw its worst returns since January. After the dust settled, the Dow Jones Industrial Average had fallen 2.73%, the Nasdaq had fallen 3.52%, and the S&#038;P 500 had fallen 2.91%. On Thursday morning, GasBuddy announced that &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1510621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1511012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1511012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1511012"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1511012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1510621"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1511012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1511012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1511012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}