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Modern-Day Gold Rush Has Investors Digging for Profits

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12:04 p.m. Dec. 16, 2020 - By Mark DeCambre
Nasdaq ends at record, S&P 500 narrowly misses closing high as Fed emphasizes 0% interest rates through 2023 U.S. stocks finished at or near records on Wednesday, though the Dow closed nearly flat, as the Federal Reserve did little to indicate a change of the regime of ultralow interest rates amid the pandemic. The Fed said it was optimistic on the current recovery but emphasized that the outlook for the economy will hinge on how the U.S. deals with the worst viral outbreak in more than a century. Federal-funds rates were held at a range between 0% and 0.25%, as expected, as Washington tries to hammer out an agreement on another round of financial aid to combat the economic harm from the coronavirus. The central bank increased its GDP forecast but didn't adjust its $120 billion asset purchases, as had been expected by some Fed watchers. "Together these measures will ensure that monetary policy will continue to deliver powerful support for the economy until the recovery is complete," Fed Chairman Jerome Powell said at a news conference after Wednesday's statement was released. "A big yawn," is how Michael Arone, chief investment strategist at State Street Global Advisors, described the policy update to MarketWatch, immediately after the release. The Dow Jones Industrial Average closed down by about 44 points, or 0.2%, at around 30,155; the S&P 500 index rose 0.2% to 3,701, just shy of its Dec. 8 closing record at 3,702.25' while the Nasdaq Composite Index booked a 0.5% rise to a record close at about 12,658. In economic reports, a retail sales report showed that the economy may be slowing as coronavirus cases surge. U.S. retail sales dropped a seasonally adjusted 1.1% in November from the prior month. The data and Fed update come as congressional lawmakers were hammering out a roughly $900 billion deal that was expected to include another round of direct payments to households, The Wall Street Journal reported. In corporate news, Shares of Facebook Inc. were in focus after it launched a PR assault against Apple Inc. claiming the iPhone maker's upcoming mobile operating system update will hurt small businesses. Bond yields also edged higher, with the 10-year Treasury note yielding 0.92%.
8:01 a.m. Sept. 14, 2020 - By Michael Ashbaugh
Charting another bullish reversal: S&P 500, Nasdaq rally from key support Focus: Japan’s stealth breakout attempt, Amazon narrowly holds key support, EWJ, AMZN, VFC, CROX, TMU.S. stocks are firmly higher early Monday, rising amid renewed vaccine optimism as well as merger and acquisition activity. Against this backdrop, the S&P 500 and Nasdaq Composite are concurrently rising from major support closely matching the 50-day moving average. The tandem successful retests preserve a bullish intermediate-term bias.
7:36 a.m. Aug. 29, 2020 - By Shawn Langlois
Market timing when ‘clocks have no hands’ — Warren Buffett’s warning is as relevant now as it was in 2000Different this time? “Is this really just another giant bubble, or is this the New Age fueled by low interest rates and massive bond buying by the FED? Only time will tell.”
8:13 a.m. Aug. 28, 2020 - By Michael Ashbaugh
Bullish momentum persists: S&P 500, Nasdaq sustain key technical breakouts Focus: 10-year yield tags two-month high, Airlines clear key trendline, TNX, JETS, COUP, MDT, TNDMU.S. stocks are higher early Friday, rising after a solid batch of economic data and as markets continue to digest recently dovish Federal Reserve policy remarks. Against this backdrop, the big three U.S. benchmarks are vying to build on already-consequential week-to-date technical breakouts.
8:25 a.m. Aug. 27, 2020 - By Michael Ashbaugh
Charting the S&P 500’s persistently wild 2020 ride Focus: Technology sector scores massive single-day spike, Salesforce.com (+26%), Facebook (+8%), Netflix (+12%), Adobe (+9%) — in one dayU.S. stocks are higher early Thursday, rising amid market-friendly Federal Reserve policy language. In the process, the S&P 500 and Nasdaq Composite have extended decisive breaks to record territory — clearing the 20-day volatility bands — while the Dow industrials have concurrently spiked to six-month highs.
8:04 a.m. Aug. 19, 2020 - By Michael Ashbaugh
Nasdaq breaks to uncharted territory, S&P 500 (narrowly) nudges a record high Focus: Small- and mid-cap benchmarks assert holding pattern as August rotation persistsU.S. stocks are higher early Wednesday, rising after a mixed batch of earnings reports, and ahead of the Federal Reserve’s meeting minutes, due out this afternoon. Against this backdrop, the Nasdaq Composite has extended a respectable break to record territory, while the S&P 500 has scratched out nominal record highs across consecutive sessions.
12:54 p.m. Aug. 18, 2020 - By Joy Wiltermuth
S&P 500, Nasdaq score record closes, reclaim their perch at all-time highs Dow closes lower, but 6% off record highMajor U.S. stock indexes finished Tuesday mostly in record territory, despite ongoing wrangling in Congress over a further coronavirus aid and concerns about how the economy will fare when an unprecedented raft of fiscal stimulus eventually burns off.
12:44 p.m. Aug. 8, 2020 - By Philip van Doorn
Gold rising to $4,000 an ounce ‘would not be an unreasonable move,’ fund manager says Michael Cuggino of the Permanent Portfolio makes the case that gold is still relatively cheap, despite its 35% increase this yearMichael Cuggino of the Permanent Portfolio makes the case that gold is still relatively cheap, despite its 35% increase this year.
6:41 a.m. Aug. 1, 2020 - By Michael Brush
‘Gold is going higher’ despite recent surge, says investor who’s managed a precious-metals fund for a quarter-century Caesar Bryan of the Gabelli Gold Fund says investors need the yellow metal as an insurance policy against the coronavirus crisisCaesar Bryan of the Gabelli Gold Fund says investors need the yellow metal as an insurance policy against the coronavirus crisis.
8:10 a.m. July 29, 2020 - By Michael Ashbaugh
Bull trend pauses: S&P 500 traverses the range Focus: Mid-year currency cross currents persist, UUP, FXE, FXY, PG, TGT, UALU.S. stocks are higher early Wednesday, rising ahead of the Federal Reserve’s latest policy statement, due out this afternoon. Against this backdrop, the S&P 500 remains range-bound, for now, though its intermediate-term path of least resistance continues to point higher.
12:37 p.m. July 15, 2020 - By Sunny Oh
Dow ends 228 points higher as vaccine optimism outshines rising coronavirus cases Apple shares eke out gain, after EU court battle win over $15 billion tax billU.S. stock indexes closed modestly higher on Wednesday, as investors focused on COVID-19 vaccine hopes and early signs of an economic upswing, rather than the toll of the pandemic.
10:14 a.m. July 15, 2020 - By Myra P. Saefong
Gold edges up on dollar weakness, but strength in the stock market on vaccine hopes caps gainGold posts a gain on Wednesday, with the dollar-denominated metal finding some support from weakness in the U.S. dollar, but strength in global stock markets on optimism surrounding a coronavirus vaccine kept a cap on the price rise.
7:14 a.m. July 14, 2020 - By Joy Wiltermuth
Coronavirus slashes deal-making globally: What to expect next Drones, Zoom and COVID-19 have reshaped the M&A landscapeIt’s official: the first half of 2020 was the worst in at least 15 years for the global mergers and acquisitions business, according to Dealogic data. Here’s how rainmakers are making due in the new M&A landscape.
12:35 p.m. July 7, 2020 - By Joy Wiltermuth
Dow ends nearly 400 points lower, U.S. stocks swoon, on doubts of quick economic recovery Trump starts process for U.S. to quit World Health OrganizationU.S. stocks on Tuesday tumbled in the final hour of trade, ending a 5-day win streak for the S&P 500, as investors grew more wary of the economic, public-health and policy response to the coronavirus pandemic.
8:43 a.m. July 1, 2020 - By Greg Robb
In latest dark twist of pandemic, companies appear to be cutting wages Falling wages would be a concern for Federal Reserve It looks like companies are cutting wages for workers, a move that was almost unheard of pre-pandemic, said Mark Zandi, chief economist at Moody’s Analytics.
4:50 a.m. June 26, 2020 - By Greg Robb
Central banks need to re-think rules on risk-taking at hedge funds, insurance companies and even corporations, IMF’s market division chief says Central banks did the right thing in being aggressive, fast and large, but there are consequences for risk takingEmergency actions by central banks to shore up the financial system in the face of the coronavirus pandemic earlier this year were appropriate, but regulators will need to re-think the rules about risk-taking for hedge funds and insurance companies, often called non-banks that operate in the “shadow banking system”, the top financial regulator at the International Monetary Fund says.
12:45 p.m. June 25, 2020 - By Mark DeCambre
Bank stocks retreat in after-hours trade after Fed caps dividends and buybacks in the 3rd quarterShares of the U.S.'s biggest banks retreated in after-hours action on Thursday after the Federal Reserve after its of the banking system voted to require financial institutions to preserve capital by suspending share repurchases and cap dividend payments in the third quarter amid the worst economic and public health crisis in decades. Shares of JPMorgan Chase & Co. were trading 1.5% lower in thin trading in post-market action, those for American Express Co. were off 1.1%, Bank of America shares were trading 2.6% lower in the after-hours, shares for Goldman Sachs were down 2%, while Morgan Stanley shares were down 2.1% and those for Citigroup were off 1.9%. Wells Fargo's shares tumbled 3% in post-market action. To be sure, all of those mega banks enjoyed a powerful updraft in the regular session, with Wells finishing the day up 4.8% after the Federal Deposit Insurance Commission and Office of the Comptroller of the Currency said they are planning to loosen the restrictions imposed by the Volcker rule and allow banks to more easily make large investments into venture capital and similar funds. They will also be able avoid setting aside cash for derivatives trades between different affiliates of the same firm, potentially freeing up billions of dollars in capital for the industry, according to the Wall Street Journal.
12:35 p.m. June 25, 2020 - By Mark DeCambre
Dow logs a 300-point gain as banks rally ahead of stress-test results, but rise in coronavirus cases remains a worry Investors weight slight improvement in economic data and loosening of financial regulation against rising daily rate of coronavirus cases U.S. stocks closed solidly higher Thursday, recovering a chunk of Wednesday’s ugly loss, ahead of a key update of the banking sector from the Federal Reserve.
2:11 p.m. June 23, 2020 - By Mark DeCambre
‘Will the Fed spend trillion of dollars, every year, forever to support the market?’ asks billionaire Howard Marks ‘How do people feel about buying securities that are high only because the Fed is buying?’Billionaire investor Howard Marks appears to have more questions than answers during a Tuesday interview with CNBC.
7:55 p.m. June 18, 2020 - Associated Press
Asian markets mixed amid concern over coronavirus hotspots Stocks edge up in Tokyo, down in Hong KongAsian stock markets were mixed Friday after Wall Street closed little-changed amid as optimism about a possible global economic recovery was tempered by concern over rising coronavirus infections.
10:33 a.m. June 10, 2020 - By Myra P. Saefong
Gold prices end lower, then move up as Fed signals no interest-rate hikes through 2022 Gold futures trade more than 2% higher week to dateGold futures give up earlier gains on Wednesday to finish lower, marking their first loss in three sessions, but prices move up in electronic trading after the U.S. Federal Reserve indicates that it does not plan to raise current interest rates, which stand near zero, through at least 2022.
8:03 p.m. May 26, 2020 - Associated Press
Asian markets mixed as tensions flare in Hong Kong Hang Seng retreats as new laws debated; Nikkei recovers from early lossesMajor Asian stock markets were mixed Wednesday as U.S.-Chinese tension over Hong Kong competed with optimism about recovery from the coronavirus pandemic.
7:06 a.m. May 26, 2020 - By Sunny Oh
Here’s why the Treasury’s record-breaking borrowing won’t dampen Wall Street’s mood, says JP Morgan U.S.’s budget deficits won’t drain liquidityCould the U.S.’s fiscal deficits drain liquidity from Wall Street as the Federal Reserve puts the brakes on its bond-buying and investors are forced to absorb the trillions of debt sold by the U.S. this year?
6:10 a.m. May 26, 2020 - By Barbara Kollmeyer
BlackRock portfolio manager says stock investors should watch out for these blind spots right now Critical information for the U.S. trading dayStocks are looking up for Tuesday, as investors get back to work after the Memorial Day weekend. Our call of the day says there is plenty that investors don’t understand right now, which could trip them up in future.
10:43 a.m. May 20, 2020 - By Sunny Oh
Former IMF chief economist says Fed’s bond-buying is ‘smoke and mirrors,’ doesn’t solve U.S. debt problems ‘The debt is not a free lunch,’ said RogoffKenneth Rogoff, former IMF chief economist, takes issue with how investors have taken comfort in the Federal Reserve’s aggressive bond purchases
5:28 a.m. May 16, 2020 - By Sunny Oh
Fed says risks to the financial system are worrying insiders Corporate leverage cited as a significant problem that could be exposed due to problems created by the coronavirusRisks are lingering in the U.S. financial system despite unprecedented actions taking by the Federal Reserve in recent weeks to limit the damage wrought by the COVID-19 pandemic, according to a recent report.
12:40 p.m. May 15, 2020 - By Mark DeCambre
'Asset prices remain vulnerable to significant price declines should the pandemic take an unexpected course,' says FedThe markets are vulnerable to a pullback, said the Federal Reserve in the central bank's most recent account of the health of the financial markets in the aftermath of coronavirus. "Asset prices have been volatile across many markets," the central bank wrote in its on the financial sector published at 4 p.m. Eastern Time on May 15. "Since their lows in late March and early April, risky asset prices have risen and spreads have narrowed in key markets, the Fed wrote. "Asset prices remain vulnerable to significant price declines should the pandemic take an unexpected course, the economic fallout prove more adverse, or financial system strains reemerge," policy makers explained. Fed Chairman Jerome Powell said earlier this week that a lengthy downturn could turn liquidity problems into solvency issues. The Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index have all surged by more than 20% since hitting a bear-market low on March 23, with a number of high-profile investors warning that valuations may have gotten lofty amid the worst viral outbreak in more than a century. The COVID-19 pandemic has killed nearly 300,000 people globally and infected more than 4 million people, according to data compiled by Johns Hopkins University. The Fed was forced to unleash a series of unprecedented actions to limit the economic damage from forced shutdowns and closures intended to curtail the spread of the deadly pathogen. Those lockdowns, however, have likely pushed the domestic economy into one of its worst recessions since the Great Depression, with some 36.5 million people out of work over the past two months. "Uncertainty remains high and markets remain volatile relative to historical norms, suggesting the possibility of further price declines should developments prove more adverse than expected," .
10:34 a.m. May 14, 2020 - By Sunny Oh
Overseas investors can’t get enough of America’s debt Purchases of U.S. Treasurys and government-backed mortgage bonds by Japan hit a record in MarchJapan’s purchases of U.S. Treasurys ramped up in March, suggesting foreign investors may not be worried about the U.S.’s budget deficits.
6:45 a.m. May 13, 2020 - By Chris Matthews
Investors should prepare for a U.S. ‘economic depression,’ warns Kyle Bass, but China’s fate could be even worse Hedge-fund manager predicts U.S. economy could contract upwards of 10%Kyle Bass made his name betting against the U.S. housing market more than a decade ago, and now he is predicting an economic contraction that could be more than three times as severe as that suffered during the Great Financial Crisis.
12:23 p.m. May 12, 2020 - By Chris Matthews
Dow books 450 point loss as stocks record biggest one-day slump since May 1 Nasdaq breaks six-day win streakU.S. stocks end sharply lower on Tuesday, erasing the previous day’s gains, as investors monitor tentative efforts to reopen the economy and weigh tensions between Washington and Beijing.
5:34 a.m. May 12, 2020 - By Mark DeCambre
Dow opens up more than 100 points as consumer prices sink by the most since the 2008 financial crisisU.S. stocks opened headed higher early Tuesday as investors watched the latest development on the pandemic and the responses of state and federal agencies to limit the economic impact from the deadly disease. The Dow Jones Industrial Average was up 150 points, or 0.6%, at 24,371, the S&P 500 index rose 0.5% at 2,945, while the Nasdaq Composite Index advanced 0.6% at 9,245. The moves for the major benchmarks come as consumer prices sank 0.8% in April, led by tumbling gasoline prices, marking the biggest decline since the 2008 Great Recession. The pace of inflation over the past 12 months slowed to 0.3% from 1.5% in March and 2.5% at the start of 2020. Meanwhile, The Federal Reserve Bank of New York is set to begin buying corporate-bond, exchange-traded funds Tuesday, marking a historic expansion of the central bank's efforts to support the economy and financial system during the most significant financial crisis in nearly a century sparked by the COVID-19 pandemic.
11:31 a.m. May 11, 2020 - By Greg Robb
Fed stands behind U.S. banking sector no matter what the coronavirus demands, Quarles says ‘The storm is not over,’ the Fed vice chair saysThe Federal Reserve will do whatever the moment demands to protect the banking system, Fed Vice Chair for Supervision Randal Quarles said.
5:53 a.m. May 11, 2020 - By Sunny Oh
Here’s a $4 trillion reason why the U.S. is unlikely to have negative interest rates Negative U.S. interest rates would hurt the money market fund industryThe intense pain that negative interest rates would inflict on the $4 trillion money-market fund industry in the .U.S. would ultimately give Fed officials second thought.
5:14 a.m. May 8, 2020 - By Selin Bucak
Here’s another reason Turkey’s lira may keep tumblingThe Turkish lira fell to a record low against the U.S. dollar this week and reports say the government has tried to stop the slide by taking action against three foreign banks.
11:20 a.m. April 30, 2020 - By Myra P. Saefong
U.S. oil prices climb 25% to pare monthly loss to 8% Major oil producers begin output cutbacksOil futures finish 25% higher for Thursday’s session, paring their loss for the month as traders eye the outlook for global crude supply, demand and crude storage capacity.
5:49 a.m. April 28, 2020 - By Barbara Kollmeyer
These two signals will soon tell us if investors are fighting a ‘losing game’ with stocks, says top strategist Critical information for the U.S. trading day Our call of the day worries investors are fighting a ‘losing game’ with stocks. Jim Bianco of Bianco Research is opting for cash and gold these days and keeping a close eye on big economic signals coming in the next couple of weeks.
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