Love was in the air on Wall Street: U.S. stocks were set to close February with an advance of 6% as economically sensitive sectors outperformed.
Despite good wages and plenty of available jobs, the number of younger people going into construction work is lagging badly. Can more millennials be enticed to take up carpentry?
Midday Movers takes a look at what might be moving markets next week
A social media frenzy about the color of a dress is bringing fame and fortune for one small British fashion company. The retailer, Roman, said sales of the outfit that sparked #TheDress debate soared 347% ...
Oil tycoon Harold Hamm tells CNBC his divorce from Sue Ann Arnall is "in the rearview mirror."
The fight to fund the Department of Homeland Security is just the latest in a series of political "crises" both parties have inflicted on the nation in recent years, with no end in sight.
The job market is looking up for new college graduates. That's according to the National Association of Colleges and Employers.
About 6 million households will owe Uncle Sam money for failing to purchase health insurance in 2014.
Warren Buffett is about to release his annual letter to investors. There's a lot of stuff to learn from it.
U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a moderate increase in business inventories and a wider trade deficit, but strong domestic demand brightened the outlook. Gross domestic product expanded at a 2.2 percent annual pace, revised down from the 2.6 percent pace estimated last month, the Commerce Department said on Friday. The economy grew at a 5 percent rate in the third quarter. Businesses accumulated $88.4 billion worth of inventory in the fourth quarter, far less than the $113.1 billion the government had estimated last month.
The outlook remains negative, signaling more cuts are possible, underscoring the city’s fiscal stress as Mayor Rahm Emanuel faces a runoff election. “This is a very significant, negative development for the city of Chicago’s financial position,” Laurence Msall, president of the Civic Federation, a nonpartisan research group in Chicago, said in an interview. Most swaps can be ended if one party fails to maintain a minimum credit rating, requiring payment of the entire amount due. Chicago has 15 agreements tied to variable-rate general-obligation debt and one to variable-rate sales-tax bonds, according to Moody’s. While the company said the city has the resources to cover the $58 million payment, it said the cut moves Chicago closer to further termination payments triggered by going below Baa2 or Baa3.
Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day.
CFO confidence in the US economy spiked this quarter, according to the latest CNBC CFO Council survey. This should trigger corporate spending in IT.
Airbus Group (AIR.PA) defied warnings of a slowdown in the jetliner market with a steep production boost for its top-selling A320 and announced its biggest ever dividend. The world's second-largest aerospace group after Boeing (BA.N) said it would increase production of the A320 jet family to a record 50 a month in early 2017. "Airbus has bitten the bullet on the A330," said Edison Investment Research analyst Sash Tusa, adding that the move was widely expected. Airbus Group Chief Executive Tom Enders dismissed recent market concerns that the commercial aerospace cycle has peaked.
Global investors increased their bets on stocks during February as major equity markets broke through all-time highs, fuelled by the promise of more monetary stimulus, Reuters' monthly asset allocation poll showed. As around 20 central banks have cut interest rates since the start of 2015, and with the European Central Bank set to launch quantitative easing next month, investors expect loose monetary policy to stir growth and boost corporate earnings. The monthly asset allocation poll, covering 47 fund managers and chief investment officers in the United States, Europe and Japan, found that the average recommended exposure to stocks in global balanced portfolios rose to 50.7 percent, the highest level since last September, from 49.5 percent a month earlier. The increased exposure to stocks came largely at the expense of alternative investments, a category that includes commodities, private equity and hedge funds.
Germany's parliament approved an extension of Greece's bailout on Friday but a record number of dissenters from Angela Merkel's conservatives underscored growing scepticism in Berlin about whether a new Greek government can be trusted to deliver on its reform pledges. With Finance Minister Wolfgang Schaeuble promising not to let Greece "blackmail" its euro zone partners, 542 members of the Bundestag voted "yes" to the extension, while 32 opposed it and 13 abstained.
February was one of the strongest months for stocks in years. Could today be the day we reach Nasdaq 5000? And economic growth slowed more that previously reported in the fourth quarter.
Investors should start shedding some rallying stocks as U.S. markets linger near highs, CNBC's "Fast Money" traders said.
Former Fed chairman Alan Greenspan provides insight into job growth and how the Fed moves the markets. Greenspan says capital investment is key to productivity growth.
European shares rose to fresh seven-year highs on Friday, extending a two-month rally fueled by the European Central Bank's money printing program which starts in the coming weeks. European shares bucked a softer trend in Asian and U.S. markets as a sharp overnight pullback in crude oil prices dampened risk appetite there. The FTSEurofirst 300 index (.FTEU3) index of top European shares was up 0.3 percent at 1,561.60 points, with strong annual results from Airbus Group (AIR.PA), the world's second-largest aerospace company, spurring the rally. About two-thirds of the way into Europe's earnings season, 55 percent of companies have met or beaten profit forecasts.
Asian shares were mostly lower on Friday as a sharp overnight pullback in crude oil prices dampened risk appetite, while the dollar was firm after upbeat U.S. data tilted expectations back toward an early interest rate hike by the Federal Reserve. Strong factory ouput data and a weaker yen pushed Tokyo's Nikkei to a fresh 15-year high but the market was last flat as profit taking kicked in. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent after advancing to a five-month high on Wednesday.
U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a moderate increase in business inventories and a wider trade deficit, but strong domestic demand brightened the outlook. Gross domestic product expanded at a 2.2 percent annual pace, revised down from the 2.6 percent pace estimated last month, the Commerce Department said on Friday. The economy grew at a 5 percent rate in the third quarter. "The composition of growth is looking much better, we are setting up for a solid quarter for the economy.
Billionaire activist investor Carl Icahn's publicly traded investment fund posted its first annual loss since 2008 last year, undone by plummeting oil prices, the company said in a regulatory filing on Friday. Results were hurt by a halving of oil prices between June and December amid a global supply glut. "This year's results were obviously disappointing, with the precipitous decline in oil prices impacting the profitability of many of our segments," Icahn said in a statement. The performance of Apple Inc (AAPL.O), the largest position in Icahn's investment segment, "softened the impact of the decline in oil prices and hopefully will continue to do so," Icahn said.
The U.S. stock market has been quiet this week - too quiet. Wall Street has traded in a tight range of late, with both volatility and trading volumes drying up as the earnings season winds down and Federal Reserve Chair Janet Yellen's recent Congressional testimony delivered no surprises. About 238,000 jobs are expected to have been added in February, according to the non-farm payroll report that will be released on Friday, down from the 257,000 added in January. "Economic data will be the biggest driver of market moves over the next month, and the key one is the jobs report," said Jim McDonald, chief investment strategist at Chicago-based Northern Trust Asset Management.
Southwest voluntarily removed the aircraft from service and disclosed the matter on Tuesday to the U.S. Federal Aviation Administration, which then said it could operate the aircraft for a maximum five days while it completed the checks. The checks resulted in about 80 Southwest flight cancellations on Tuesday and about 15 cancellations on Wednesday but no others since.
Robert Benmosche, who headed insurer American International Group (AIG.N) after a massive government bailout at the height of the financial crisis, died on Friday at 70, the company said in a statement. Benmosche, who was president and chief executive officer of AIG between August 2009 and September 2014, died at NYU Langone Medical Center in New York City. He will be deeply missed," said Robert S. Miller, chairman of AIG's board of directors. During his tenure, AIG fully repaid the $182.3 billion government bailout it received in 2008 to stave off bankruptcy.
Fiat Chrysler Automobiles (FCAU.N) said on Friday it will recall about 467,500 SUVs worldwide in order to fix a fuel-pump issue that could cause the engine to either stall or not start. The U.S. arm of Fiat Chrysler said it wasn't aware of any crashes or injuries linked to this issue. The vehicles affected are the Dodge Durango from model years 2012 and 2013 and the Jeep Grand Cherokee diesel versions from 2011 model year sold outside North America. The recall is related to one last September in North America for 230,760 Grand Cherokee and Durango SUVs with gasoline engines, both from the 2011 model year.
The downgrade of Chicago's credit rating by Moody's Investors Service on Friday could immediately terminate four interest-rate swap agreements, costing the city about $58 million, and could lead to more terminations in the city's swaps portfolio. Moody's in a report noted that its downgrade of Chicago's credit rating to Baa2 triggered termination clauses in four swaps contracts, used by Chicago to hedge interest-rate risk on its variable-rate bonds. Chicago will be required to pay $58 million penalties if it cannot reach settlement agreements with counterparties on the four swaps contracts, Moody's noted.
This year, his 50th at Berkshire's helm, the world's third-richest person could write something quite different. When Buffett releases this year's letter on Saturday, he may point to opportunities outside of the United States, after he recently decided to buy a German motorcycle accessories retailer and said he may shop more in that country. In his letter, eagerly awaited on Wall Street for Buffett's candid thoughts on investing, business and life, the 84-year-old Buffett may detail his vision for Berkshire in the decades to come, including after he is gone. "Warren Buffett recognizes that global investing is going to be an important part of the future," said Michael Yoshikami, chief executive of Destination Wealth Management in Walnut Creek, California and a longtime Berkshire shareholder.
Raising interest rates too late is safer than acting too early, an influential Federal Reserve official said on Friday, endorsing a high-profile research paper that argues that the U.S. economy, given time, can rebound to normal growth. The paper by four top U.S. economists, presented on Friday to a roomful of powerful central bankers in New York, argues the Fed would be wise to keep rates at rock bottom for longer than planned and then tighten monetary policy more aggressively. New York Fed President William Dudley, who offered a critique of the paper, cited currently low inflation and warned against being too anxious to tighten monetary policy. Some policymakers, like Cleveland Fed President Loretta Mester, caution against waiting too long, given concerns about potential financial stability and an erosion of public confidence in the economy.
Embrace the record run for stocks and banish the bears.
Speculation is growing that embattled Greece is on the verge of asking for yet more cash.