CNBC Business News Update - Market Midday: Stocks Rebound, Dow Up 1000, Gold Hits Another Record High 4/22/25
Episode Date: April 22, 2025From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Ancho...red by CNBC's Jessica Ettinger.
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I'm Jessica Edinger, CNBC, Wall Street trying to rebound from yesterday's ugly stock sell-off.
The bounce has gained some momentum this afternoon.
The Dow is up 1,011 points, 2.5%.
That's being led higher by shares of 3M, that company reporting better than expected.
Quarterly results, it's up almost 8%.
The S&P 500 index
up 135 points, 2.5%. And the Nasdaq soaring up 460 points, that is almost 3% this afternoon.
Companies whose shares have hit fresh record highs today include grocery chain Kroger and
Coca-Cola. Bitcoin hit its highest in six weeks.
Gold at another new record high today
as skittish investors look for a safe haven
and the dollar weakens.
For individual investors, the market's been beaten up
and some say it is time to go shopping.
For us, we want to take advantage
of these lower U.S. stock prices.
We want to step into the S&P 500.
You know, retail clients are our bread and butter here at Wells Fargo Investment Institute.
We want our clients to do what's really tough for them, which is the market's down, they're
nervous, their friends are nervous. We want them to step in and buy stocks here. If they
have any kind of a long-term view at all, you need to step in when stocks are down and you're nervous.
Wells Fargo's Scott Wren on CNBC. Lockheed Martin out with strong quarterly profit on resilient demand for defense equipment.
GE Aerospace out with mixed results, but shares were higher. As we mentioned, 3M shares rising on better-than-expected quarterly results.
Verizon keeps losing phone subscribers. Its shares were lower. President Trump has been trying to
revive the coal industry and coal plants are becoming hot again but it's not what
you think. There is a key reason why coal assets are valuable and it's not the coal
itself. It's that these plants are already connected to the electric grid.
So at a high level if you're a new power plant
or a data center and you want to connect to the grid,
you have to wait in a long line,
which in some parts of the country
is now more than five years long.
But a currently operating or recently retired coal site
already has the hookup to the grid,
including the wires and substation and the rights to use it,
which means repurposing an old coal plant can become a
shortcut with a much faster timeline for powering up. And so what we're seeing is coal sites
repurposed for renewable energy like solar and storage as well as for new data centers.
CNBC's Pippa Stevens. Tesla reports quarterly results after the closing bell this afternoon.
There has been some brand damage in the eyes of a lot of customers.
So, so I think all eyes are on the company's updated guidance.
The number one thing investors are looking for is just reassurance regarding demand.
The year is not off to a good start for Tesla.
We know that their Q1 deliveries were down 13% year over year.
CFRA's Garrett Nelson on CNBC.
Jessica Ettinger, CNBC.