Closing Bell: Stocks rally, Danny Meyer on consumer spending, Kellogg splits 6/21/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 21 June 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rallied to kick off a shortened trading week, following the worst week for the major averages since 2020. Tony Dwyer from Canaccord and Charlie Bobrinskoy from Ariel discuss if they think the bounce is sustainable. Meantime famed restaurateur Danny Meyer shares his thoughts on the summer spending environment, and what he’s seeing right now from consumers at his restaurants. And Sara breaks down the decision by Kellogg to split into three separate companies – and what it could mean for shareholders. 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 at session highs here firmly in the green as the shortened trading week kicks off on a high note.
0:05.3	We are sitting up about 755 points right now at the Dow. The most important hour of trading starts now.
0:11.3	Welcome everyone to Closing Bell I'm Sarah Eisen
0:13.9	take a look at where we stand broadly here in the markets. S&P's up about 2 and 3
0:18.2	quarters percent. Keep in mind we're coming off of the worst week for stocks in
0:22.0	about two years and we're still down sharply up for the
0:24.8	month of June but having a nice big bounce back today the Nasdaq up 2.8% is broad.
0:30.8	The Dow as I mentioned up about 2.4 percent. Look at the S&P 500 sector heat
0:35.2	map right now. You'll see that every sector is seeing nice gains. Energy is leading.
0:39.5	We've got a 1% rise in crude oil prices. Consumer discretionary is right up there
0:44.3	along with health care and staples and technology materials. The worst
0:48.2	performing sector it is up about the 1.6 percent so you've got a mix here
0:52.3	growth, value, cyclical technology, everything that's been
0:56.7	beaten down in the last week or so.
0:58.3	Coming up on today's show, can't accord's Tony Dwyer breaks down today's bounce, whether
1:02.4	he thinks it's the start of a broader market
1:04.3	comeback.
1:04.9	He's been calling for a summer rally.
1:06.7	Plus, all week long, we are taking a look
1:08.5	at where Americans are spending their money this summer.
1:11.7	And we're starting off today with famed
1:13.0	restaurant tour Danny Meyer for an inside look at the state of the
	...

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