Finance

This week’s wild swings on Wall Street mean little to some market players, who look past the huge bounce in stocks and are ready to zero in on the earnings season that kicks off in the second week of January. The Dow Jones Industrial Average on Wednesday surged a whopping 5 percent, the largest one-day
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Check out the companies making headlines before the bell: Procter & Gamble, IBM – The two companies separately announced that former American Express CEO Kenneth Chenault will retire from the boards of both companies. Both exits are effective February 13. Lockheed Martin – The defense contractor was awarded a $712 million defense contract to develop
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Futures on Thursday evening stateside pointed to a slightly higher open on Friday for the three major indexes in the U.S. Dow Jones Industrial Average futures implied a gain of 16.18 for the index at Friday’s open, as of 10:30 p.m. ET Thursday. S&P 500 and Nasdaq futures also pointed to slight gains for the
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Check out the companies making headlines after the bell: Aphria shares soared more than 20 percent during after-hours trading Thursday as Green Growth Brands announced it would launch a takeover bid for the company. Green Growth Brands is a marijuana retailer and Aphria is one of the largest Canadian cannabis companies in the world. P&G
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The impact of Trump’s tariffs on China’s economy has mostly only been psychological so far in the ongoing trade war, analysts say. That’s may be set to change next year, potentially denting Chinese growth. “With the tariffs we haven’t seen the direct impact, but we’ll see that next year,” said Tom Rafferty, principal economist for
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While the overall market is beaten down this year, there are still some outliers that typically hold up well in an economic downturn, especially discounted retail stores. Shares of Dollar General have returned 10 percent this year, drastically outperforming the S&P 500 which has lost 12 percent in 2018. “They did very well during the
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It was Wall Street that scared the markets as storied institutions failed during the financial crisis, and now as stocks fall into bear market territory, it’s Washington that’s getting the blame. Making matters worse, is that when financial markets are in trouble, market pros turn to Washington’s lawmakers and regulators for help, and now they
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Twitter made news of its own, permanently banning conservative commentator and conspiracy theorist Alex Jones and his publication Infowars. The move followed similar decisions from YouTube, Apple and Facebook, which removed content from Jones, citing restrictions on hate speech and harassment. The reactions from tech’s most influential companies marked a potential turning point for how
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The Dow is also getting pummeled, down almost 17 percent from its record high. It saw its lowest close on Friday since August 2017. “We’re getting close to the bottom,” Paulsen said, adding that it appears negative sentiment is “getting close to burning out.” Jitters over the trade war with China, slowing economic and earnings
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Over the weekend, multiple reports said President Donald Trump had discussed privately the possibility of firing Powell. The U.S. leader has repeatedly criticized the institution over its rate hiking path. Treasury Secretary Steven Mnuchin later downplayed those reports, tweeting that Trump said he “never suggested firing” Powell, despite his disagreements with the Fed’s policy tightening.
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“I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy,” the president told reporters in October. The independence of the Fed is one of the pillars of confidence global investors have in the U.S. financial system. Powell’s removal would undermine that confidence because it would now
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To be sure, the Dow Jones Industrial Average is still up 23 percent since Trump’s election, but that may not matter if it drops into a bear market on his watch. Through midday Friday, it was just 4 percentage points short of that mark. Peter Boockvar, chief investment strategist at Bleakley Advisory Group, said that
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