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NWQWM Morning Financial Report

Stock indices have notched an impressive rally since mid-March, with the three major indices sailing out of correction territory Over the last two weeks, the S&P has produced one of its sharpest rallies in history, larger than the biggest 10-day rallies in seven of the S&P's 11 bear markets since 1927.  The sharp unanticipated rebound is having analysts rewrite their latest market forecasts, though some are holding strong by comparing it to a bear market trap.

 

The war in Ukraine has been a boon for Chinese companies as Western firms continue to suspend or exit their businesses in Russia. In fact, China's top envoy to Russia, Zhang Hanhui, has urged businesspeople in Moscow to seize economic opportunities created by the crisis, like adjusting their company structures and filling the "gap" in the Russian market.

 

Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company, according to a release filed with the SEC.  Shares were up more than 6% on the news.  Musk’s term is set to expire in 2024, according to the filing. For his entire board term or 90 days after, Musk cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding.

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