Closing Bell: Stocks rally again in the final hour of trading, Cleveland-Cliffs’ CEO on the wild moves in metal prices, and FTX’s CEO on a new cryptocurrency regulation bill 3/18/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 18 March 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rallying into the close for a third straight day to post the biggest weekly gain of the year. The CEO of steel Cleveland-Cliffs on why his company is better positioned than rivals to deal with the wild swings in metal prices. The CEO of cryptocurrency exchange FTX on a new bill that would crack down on using crypto to avoid Russian sanctions. Jefferies Michael Yee on whether Moderna’s recent bounce back is for real. And Needham’s Laura Martin on the FANG stock she thinks is most attractive. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Stocks near session highs on track for their best week since 2020.
0:05.4	The most important hour of trading starts now.
0:07.8	Welcome to Closing Bell, I'm Sarah Eisen.
0:09.7	Happy Friday, here are your top takeaways on the biggest stories. FedEx showing that
0:13.7	inflation can cut into growth. In the earnings report you saw those shipping rate
0:18.1	increases sales looked great as a result of 10%. Volumes not so much much FedEx only shipping an average 16.8 million parcels a day in the
0:26.6	quarter which was a decline and a disappointment sure could be partly omicron but
0:31.3	also a sign that higher inflation can take a bite out of
0:34.8	demand.
0:35.8	What a week for ARC! A big comeback for lots of beaten down parts of the market this week.
0:40.0	The Kathy Woods Arc Innovation E.T.F.
0:42.2	Up 18% on the week. Arc Innovation E. T. F. up 18% on the week.
0:44.4	Still down more than 50% from the highs.
0:46.8	So is it the start of a longer comeback?
0:49.0	Matt Mealy and Miller Teaback on the technical
0:51.0	says the level to watch here is 65. A break above that would take
0:55.4	it above its trend line from November when it really started falling off a cliff.
0:58.6	Could be a good sign for the momentum on this ETF going forward if you believe the charts.
1:04.0	And all the Fed voters are speaking out and everyone is a hawk now.
1:07.4	Wanted to spotlight Neil Kashkari in Minneapolis Fed President because he's famously
1:11.3	been the most dovish at the Fed,
1:13.0	Mr. Transitory inflation.
	...

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