![]() Struggle sessions were a form of physiological warfare designed to shape public opinion, and they were quite effective at enforcing class strictures and Chinese Communist Party dogmas. ![]() The scene was one of the infamous " struggle sessions" that took place in communist China during the reign of Chairman Mao. "Down with You Xiaoli!" the audience chanted at the full professor, who wore a chain around her neck that held a blackboard procured from one of the nearby classrooms. Students, colleagues and even peasants who had been bused in gathered to witness the humiliating scene. That's higher than what economists expected and close to a 40-year-high of 8.5%.In her 1987 book Enemies of the People, the historian Anne Thurston recounts a professor, named You Xiaoli, who was forced to stand on a stool at a right angle in front of a crowd that had gathered on a sports field at one of China's most venerated universities. government posted the latest consumer price index reading, which showed an 8.3% year-over-year jump in April. Fresh producer price index data, which measures prices at the wholesale level, rose 11% year over year. These moves came as traders pored over the latest U.S. The media giant reported higher-than-expected streaming subscriber growth, but warned about the Covid impact on parks in Asia. Meanwhile, shares of Amazon and Meta Platforms closed up more than 1%.ĭisney shares fell to a two-year low but closed down about 0.9%. The company's recent downdraft has led Saudi Aramco to become the world's most valuable in the world. "I think it's a desperate move, it's a gambling move, it's a lottery ticket hoping for a big payout and they may get lucky, but most likely, probably not," he said.Īpple lost 2.7%, pushing the shares into bear market territory and down 22% from a 52-week-high. This trading action could indicate some investors who have made hefty bets on the beaten-up meme stocks are upping the ante in the hopes of winning big, said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research. A short squeeze is a rally that results from that buying. Short selling is a tactic where funds sell shares that are borrowed from investment banks and so in order to close the trade they need to buy the stocks and return them. While it was unclear what was driving gains from Lucid, GameStop and AMC, it could mean a short squeeze was taking place, where hedge funds that have profited from the steep losses in overvalued pandemic winners this year were finally closing out their short positions by buying back the shares. Carvana, which hit a two-year low earlier in the session, ended the day up nearly 25%. Rivian Automotive also soared nearly 18% after reporting its latest quarterly results. Shares of Lucid popped 13.2% while GameStop and AMC jumped more than 10% and 8%. Some heavily shorted names led the market's brief rally attempt from earlier in the day and closed higher. "Every day for the last however many days, you get this pop in the morning, and then it dribbles off." ![]() "It's my opinion that this is a market that's trading on emotions and not rational logic," Jim Lebenthal of Cerity Partners told CNBC's "Halftime Report" on Thursday. Of the major averages, the Nasdaq is the only one in bear market territory, having fallen about 30% from its record high - as tech shares continue to get pummeled. "I think, at least short-term, and given how oversold we are and given that we're starting to see people nibble at some of these areas that have been the most beaten up, I think that's at least a silver lining in a sea of red and gloom over the last couple of days." "Even if you say we're in a bear market, there's rallies within bear markets that can be very sharp," said Truist's Keith Lerner about the early market moves. The S&P 500 hit a new low for 2022, closing more than 18% off its 52-week high and steering closer toward bear market territory. At session lows, the Dow fell more than 500 points, while the Nasdaq dipped 2.25%. At one point, the Dow was up as much as 80 points at session highs, while the Nasdaq added 1.61%. Personal Loans for 670 Credit Score or LowerĮarlier in the day, the market attempted to rebound as traders bought into beaten-down names. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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