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5:37 a.m. Today - By Mark Decambre
Dow carves out fresh intraday record and Nasdaq Composite trades within 1% of all-time high Tuesday as 3rd-quarter results roll inU.S. stock indexes drifted toward record territory Tuesday morning, as buying was supported by upbeat corporate earnings reports. The Dow Jones Industrial Average rose 0.2% to around 38,819, touching an intraday record high at 35,865.53, the S&P 500 index rose 0.4% to 4,586 and hit an all-time intraday record high at 4,588.53, while the Nasdaq Composite Index rose 0.7% moving within 1% of its Sept. 7 record closing high. Shares of social-media platform Facebook Inc. edged lower after it surpassed third-quarter earnings estimates but issued a revenue outlook below Wall Street forecasts.
2:25 a.m. Today - By Ciara Linnane
JPMorgan says it has deployed more than $13 billion of its $30 billion racial equity commitmentJPMorgan Chase & Co. said Tuesday it has deployed more than $13 billion of its $30 billion racial equity commitment to help close the wealth gap, most of it for refinancing homes and preserving affordable rental housing. The bank said it will publish the progress of its program annually in the environmental, social and governance report that it was start to publish in May of 2022. The bank first announced its plan to commit $30 billion to racial equity in October of 2020, saying it aimed to "help the racial wealth gap among Black, Hispanic and Latino communities." The company says it has committed $4 billion to mortgage refinancing, helping homeowner save on monthly mortgage payments by refinancing 16,000 of a 20,000 loans goal. The bank has hired more than 130 community home lending advisers, expanded a homebuyer grant program to $5,000 in 6,700 minority neighborhoods across the U.S. and funded more than $6 billion loans to preserve more than 60,000 affordable housing and rental housing units. The bank has hired more than 20 diverse senior business consultants to provide free one-on-one coaching for small business owners in 13 U.S. cities and they have mentored more than 900 small business owners so far. Going forward, the bank is planning to open more branches in underserved communities, to build a more equitable and representative workforce and host more meetings with executives at the community level. Shares were slightly higher premarket, but have gained 34.5% in the year to date, while the Dow Jones Industrial Average has gained 16.8%.
12:05 p.m. Oct. 25, 2021 - By Joy Wiltermuth
Dow, S&P 500 score set of closing records Monday ahead of earnings delugeThe Dow Jones Industrial Average and the S&P 500 index finished at records on Monday, ahead of a deluge of third-quarter earnings results due this week, including from Facebook Inc. after the session's closing bell. The Dow advanced about 64 points, or 0.2%, to close at a record 35,741.15, eclipsing its record finish on Friday and setting a new all-time trading high along the way. The S&P 500 added about 0.5% on Monday to end at a record 4,566.48, after setting its own intraday record high. The technology-heavy Nasdaq Composite Index outperformed, gaining 0.9%, but ended shy of record territory. The bullish mood on Wall Street comes ahead of more than 150 S&P 500 companies, or nearly a third of the broad-market index, this week reporting quarterly results. Investors also widely expect the Federal Reserve to start to lay out its plans soon for reducing its $120 billion of monthly emergency purchases of Treasury and mortgage-backed securities as the U.S. economy heals, but without tightening monetary policy by too much down the road.
12:03 p.m. Oct. 22, 2021 - By Mark Decambre
Dow just bagged its first record close since Aug. 16 as Powell says U.S. might see 'maximum employment' in 2022The Dow Jones Industrial Average registered its first record closing high in over two months, but the broader market faced headwinds from selling in information technology shares in an otherwise solid week of gains for the main three equity benchmarks. The Dow closed up 0.2% to reach 35,677, on a preliminary basis, marking the first all-time closing high since Aug. 16. The advance for the price-weighted blue-chip benchmark were supported in part by gains in American Express Corp. and Goldman Sachs Group Inc. . The record for the Dow also comes a day after the S&P 500 index registered its first closing high since Sept. 2. The broad-market index closed down 0.1% on Friday at around 4,544. Meanwhile, the Nasdaq Composite Index ended down 0.8% at about 15,090, weighed by shares of Google-parent Alphabet Inc. and Facebook Inc. . Fed's Powell said the U.S. labor market might continue to improve so it reaches "maximum employment" next year, speaking at an event hosted by the Bank for International Settlements.
8:39 a.m. Oct. 22, 2021 - By Mark Decambre
Stock market briefly takes a U-turn lower Friday as Tepper says market isn't a great investment now, Powell hints a rate hikeU.S. stock indexes were turning lower midday Friday, with the main benchmarks retreating from records to end an otherwise strong week of gains, as investors digested comments from Federal Reserve Chairman Jerome Powell. Some of the shift lower in sentiment intraday als was blamed on comments from hedge-fund luminary David Tepper, who said he didn't think stocks were "a great investment right here," in an interview with CNBC on Friday. "I just don't know how interest rates are going to behave next year... I don't think there's any great asset classes right now... I don't love stocks," he told the business network. The Dow Jones Industrial Average [ : DJIA] was up less than 0.1%, while the S&P 500 index was off 0.3% and the Nasdaq Composite Index was nearly 1% lower. Powell told the BIS that the job market could reach maximum employment next year, achieving one of the Fed's central mandates, which he said would meet one requirement for a rate hike.
6:10 a.m. Oct. 22, 2021 - By Mark DeCambre
Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gainShares of Phunware Inc. surged more than 1,000% early Friday, as a special-purpose acquisition company, or SPAC, called Digital World Acquisition Corp. , . Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump's 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal, which apparently represents the former president's latest attempt to launch a social-media platform. Meanwhile, shares of DWAC were up 190% on Friday, contributing to a 1,345% weekly gain for the entity. Trump announced that he expects to upend Silicon Valley via a new app called TRUTH Social, which will be a property of the newly formed social-media company Trump Media & Technology Group. Digital World closed up 356.8% on Thursday, marking the best first day of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's market value is just $116 million, FactSet data show, even with the surge in its stock on Friday.
12:12 p.m. Oct. 20, 2021 - By Mark Decambre
Dow, S&P 500 end higher but narrowly miss closing highs as Fed's Beige Book shows inflation pressures remainThe S&P 500 index and Dow industrials closed higher on Wednesday, barely missing a finish at record closing highs as investors parsed the Federal Reserve's latest Beige Book showing the U.S. economy is growing at a modest to moderate pace, but remains under pressure from inflation and labor shortages. Strong third quarter corporate earnings are helping investors overcome some doubts about the impact of the coronavirus delta variant, supply-chain disruptions and the Federal Reserve's likely move to start withdrawing some of its easy-money policies. The Dow Jones Industrial Average close 0.4% higher at 35,609, missing its Aug. 16 closing high at 35,625.40. The S&P 500 index closed up 0.4% to end at around 4,536, coming within a hair's breadth of its Sept. 2 closing high at 4,536.95. The Nasdaq Composite Index , however, ended down slightly, less than 0.1% to end at about 15,121, ending its win streak at five straight sessions. Investors were focused on results from electric-vehicle maker Tesla Inc. , which rolled out after Wednesday's close. Meanwhile, the Fed's latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.
12:12 p.m. Oct. 19, 2021 - By Mark Decambre
S&P 500 retakes 4,500 and rises for fifth straight session to clinch longest win streak in 2 months; Bitcoin ETF risesU.S. stock benchmarks on Tuesday finished solidly higher for another session, putting the main indexes near closing highs, supported by strong corporate earnings, despite the spread of the coronavirus delta variant and supply-chain disruptions. The Dow Jones Industrial Average closed up 0.6% to 35,457, the S&P 500 index finished up 0.7% to around 4,519, gaining for a fifth straight session, matching the longest win streak since Aug. 25; while the Nasdaq Composite Index ended 0.7% higher at 15,129. Separately, the first exchange-traded fund linked to bitcoin got off to a solid start in its first trading day on the NYSE. The ProShares Bitcoin Strategy ETF closed up 4.7% as bitcoin prices trading near an all-time high around $65,000. The ProShares bitcoin ETF is pegged to bitcoin futures, and offers indirect exposure to the world's No. 1 crypto.
5:35 a.m. Oct. 19, 2021 - By Mark Decambre
Dow rises tentatively and S&P 500 retakes 4,500 in early Tuesday trade U.S. stock benchmarks rose Tuesday morning, extending gains after the largest four-day rally since late July for both the S&P 500 and Nasdaq Composite. The Dow Jones Industrial Average was up 0.3% at 35,371, the S&P 500 index climbed 0.3% to 4,501, while the Nasdaq Composite Index advanced 0.3% at 15,072. The positive backdrop for equities comes as good corporate earnings have largely overshadowed worries about supply-chain disruptions. In corporate news, Johnson & Johnson shares rose after the drugmaker said it brought in $502 million in world-wide sales of its COVID-19 vaccine in the third quarter of 2021.
5:34 a.m. Oct. 14, 2021 - By Mark Decambre
Dow opens over 400 points higher, S&P 500 retakes 4,400 as weekly jobs report hits fresh pandemic lowU.S. stock benchmarks rose solidly higher Thursday morning, advancing as a parade of big banks released upbeat earnings and data showed a drop in first-time jobless claims to the lowest since the pandemic began and a smaller-than-expected rise in producer prices. The Dow Jones Industrial Average traded 406 points, or 1.2%, at 34,784. The S&P 500 index advanced 1% to 4,404, retaking a psychologically signicant level at 4,400, while the Nasdaq Composite Index advanced 0.9% at 14,710. Bank of America Corp. reported profit and revenues that topped expectations as it released $1.1 billion in reserves to its bottom line, driven primarily by asset quality improvements. Shares rose 2.8% in premarket trade. In economic reports, weekly first-time claims for unemployment benefits last week dropped to 293,000 - the first sub-300,000 reading since before the pandemic took hold in early 2020.
12:10 p.m. Oct. 13, 2021 - By Mark Decambre
S&P 500, Nasdaq Composite snap 3-session skid but Dow ensnared in longest losing skid in three weeksU.S. stocks ended mostly in positive territory Wednesday, halting a string of losses at three, as investors digested minutes from the Federal Reserve's Sept. 21-22 policy meeting that seemed to underscore the cetnral bank's plan to dial back its monthly purchases of Treasurys and mortgage-backed securities as evidence of inflation show that pricing pressures continue to percolate. The Dow Jones Industrial Average ended lower but almost unchanged at about 34,378. Still, it was the fourth straight decline for the blue-chip benchmark, matching the longest losing skid ended Sept. 21, FactSet data show. The S&P 500 index closed up 0.3% at 4,363, while the Nasdaq Composite Index rose 0.7% at about 14,572, and marked the best day since Oct. 7. Several Fed officials said they even preferred a more rapid reduction of the central bank's current $120 billion pace of monthly purchases, rather than the $15 billion reduction anticipated. Data showed that the U.S. consumer-price index rose 0.4% in September after climbing 0.3% in August, the Labor Department said on Wednesday. In the 12 months through September, the CPI increased 5.4% after advancing 5.3% year-over-year in August.
12:11 p.m. Oct. 12, 2021 - By Mark Decambre
The stock market closed lower Tuesday, logging another intraday reversal and a 3rd straight fall for the longest skid in 3 weeks U.S. stocks finished lower Tuesday, with the main indexes erasing early modest gains to close lower for the third straight decline for the three main equity benchmarks, ahead of the unofficial start of third-quarter results from American corporations. The Dow Jones Industrial Average fell 118 points, or 0.3%, the S&P 500 index declined 0.2% to 4,350, while the Nasdaq Composite Index declined 0.1% to 14,465. The small-capitalization Russell 2000 index , however, was headed for a close in positive territory, up 0.4%. Markets have been choppy amid concerns about slowing growth here and abroad and worries that inflation may be more durable than had been previously estimated by some members of the Federal Reserve. The International Monetary Fund said that it now sees global growth of 5.9% this year - down one-tenth of a percent from its July forecast - and then slowing to 4.9% growth in 2022. For the U.S., the IMF cut its growth estimate for this year down to 6%. Atlanta Federal Reserve President Raphael Bostic said that the recent burst of U.S. inflation is likely to last longer than expected and no longer should be considered "transitory." Minutes from the Fed's Sept. 21-22 meeting are due at 2 p.n. ET on Wednesday. Before that, a report on consumer inflation, the consumer price index, is due at 8:30 p.m. ET.
5:36 a.m. Oct. 12, 2021 - By Mark Decambre
Dow drifts higher Tuesday but stock market gains capped as IMF dials back global growth outlook U.S.stocks rose tenatively Tuesday morning as inflation worries dogged bullish investors ahead of third-quarter earnings and as the International Monetary Fund cut its outlook for global growth. The Dow Jones Industrial Average rose 36 points, or 0.1%, at 34,533, the S&P 500 index inchded 0.1% higher at 4,364, and the Nasdaq Composite Index advanced 0.1% at 14,505. The IMF on Tuesday said it expects global GDP to grow by 5.9% in 2021---0.1 percentage point lower than its previous estimate. "This modest headline revision masks large downgrades for some countries," wrote Gita Gopinath, chief economist at the IMF, in a Tuesday blog post. The report comes as investors are wrestling with surging energy prices, which are contributing to pricing pressures across the globe in the wake of the COVID-19 pandemic.
9:51 a.m. Oct. 11, 2021 - By Mark Decambre
Stock market reverses course in Monday afternoon trade, with Dow down about 120 pointsU.S. stock markets turned south Monday afternoon, with early, modest gains fizzling, amid selling in financials and communication services . The Dow Jones Industrial Average was trading about 115 points lower, or 0.3%, at 34,630, the S&P 500 index was trading 0.3% lower at 4,380, while the Nasdaq Composite Index shed 0.1% at 14,560. All three benchmarks had been showing modest gains earlier in the session. The Treasury is closed in observance of Columbus Day in the U.S.
8:17 a.m. Oct. 7, 2021 - By Victor Reklaitis
Schumer: Senate could act 'as soon as today' on lifting debt limit after agreement reachedSenate Majority Leader Chuck Schumer said in a brief floor speech on Thursday morning that top Democrats and Republicans in the chamber had "reached agreement to extend the debt ceiling through early December, and it's our hope that we can get this done as soon as today." Democratic senators had signaled late Wednesday that their party was Senate Minority Leader Mitch McConnell's offer of a short-term lift to the federal borrowing limit.
5:33 a.m. Oct. 7, 2021 - By Mark Decambre
Dow jumps over 350 points and S&P 500 retakes perch at 4,400 in early Thursday action, a day before monthly jobs reportU.S. stock benchmarks rose Thursday morning, heading for a third straight day of gains, on signs that the the debt-ceiling issue in Washington will be resolved for at least two more months and that relations with China may be thawing. Meanwhile, the Labor Department said weekly initial claims for unemployment benefits fell 38,000, to 326,000, in the week ended Oct. 2. That data comes a day ahead of closely watched September employment report, which could be a catalyst for markets. The Dow Jones Industrial Average [: DJIA] rose by about 356 points, or 1.1%, to 34,781, the S&P 500 index advanced 0.9% at 4,404, while the Nasdaq Composite Index climbed 1% to 14,655. Sen. Mitch McConnell, the minority leader and Kentucky Republican, effectively ended worries - for now - around the debt ceiling by announcing that Republicans would not filibuster an increase. Separately, U.S. President Joe Biden and Chinese leader Xi Jinping will meet virtually before the end of the year, according to reports.
12:11 p.m. Oct. 6, 2021 - By Mark Decambre
Dow stages 560-point U-turn to end positive as McConnell says he'll allow Dems to pass short-term debt-limit extensionU.S. stocks on Wednesday staged a powerful intraday turnabout that resulted in all three indexes finishing in positive territory after sharp early losses. Stock-market investors have been buffeted lately by a surge in energy prices, notably natural-gas futures , heightening fears about a surge in inflation that might prompt the Federal Reserve to act sooner to end market-accommodative policies. The Dow Jones Industrial Average [: DJIA] closed over 100 points higher, or 0.3%, to reach about 34,417, and had been down by as many as 459 points, or 1.3%, while the S&P 500 index climbed 0.4% to 4,364, and the Nasdaq Composite Index advanced 0.5% to reach 14,501 but had seen an intraday low at 14,259.07, putting the technology-laden index down by as many as 1.2% on the session. For the Nasdaq Composite it was the biggest intraday turnaround since March 25, while it was the biggest intraday comeback for the Dow since Dec. 21, 2020, according to Dow Jones Market Data. A rise in yields, with the benchmark 10-year Treasury note reaching 1.57%, initially weighing on markets, but those rate moves subsided somewhat later in the session and reports about a possible detente between the GOP and Democrats set the stage for a mini comeback. Senate Minority Leader Mitch McConnell of Kentucky proposed allowing Democrats to "use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December." In economic data, a report from Automatic Data Processing Inc. showed that 568,000 private-sector jobs were created in September, outpacing estimates from The Wall Street Journal for 425,000. However, a reading for August was reduced to 340,000 from 374,000.
10:27 a.m. Oct. 6, 2021 - By Victor Reklaitis
McConnell to offer proposal to Schumer for ending debt-limit standoffSenate Minority Leader Mitch McConnell plans to outline a proposal that he's prepared to discuss with Senate Majority Leader Chuck Schumer "that's going to give us a way out of the woods" in the debt-limit standoff, Republican Sen. Lisa Murkowski of Alaska told reporters on Wednesday, according to multiple published reports. McConnell, the Kentucky Republican, in a floor speech earlier Wednesday offered to limit Republican delaying maneuvers if Senate Democrats agree to address the debt ceiling through a process known as budget reconciliation.
6:05 a.m. Oct. 6, 2021 - By Mark Decambre
Dow sinks over 400 points, wiping out Tuesday's rebound as stock market renews stumble lower on WednesdayThe stock market resumed a trend lower on Wednesday, with the Dow industrials set to erase of its gains from Tuesday and then some as selling in energy and financials pressured the main indexes south. The Dow Jones Industrial Average was down 450 points, or 1.3%, at 33,862, the S&P 500 index was off 1.2% at 4,292, while the Nasdaq Composite Index declined 1.2% at 14,267. On Tuesday, the Dow rose 312 points, or 0.92%, to 34,315, the S&P 500 increased 45 points, or 1.05%, to 4,346, and the Nasdaq Composite gained 178 points, or 1.25%, to 14,434. The slump for stocks came even as a report from Automatic Data Processing Inc. showed that 568,000 private-sector jobs were created in September, outpacing estimates from The Wall Street Journal for 425,000. However, a reading for August was reduced to 340,000 from 374,000.
5:37 a.m. Oct. 5, 2021 - By Mark Decambre
Dow opens nearly 200 points higher as stock market attempts turnaround Tuesday following tech-lead rout; Facebook's stock rises U.S. stock benchmarks opened modestly higher Tuesday morning, as Wall Street attempted to bounce back after the previous day's slump led by technology companies. The Dow Jones Industrial Average rose 164 points, or 0.5%, to around 34,148, the S&P 500 index added 21 points, or 0.5%, at 4,321, while the technology-laden Nasdaq Composite Index advanced 86 points, or 0.6%, to 14,340. Meanwhile, shares of Facebook Inc. were up 0.4% a day after the social-media company slumped by nearly 5%. A whistleblower is set to testify about Facebook's social-media practices later in the morning, which could weigh on the company's stock.
12:18 p.m. Oct. 4, 2021 - By Mark Decambre
Dow falls over 320 points, Nasdaq Composite ends Monday's session 2% lower as Facebook's stock stumbles U.S. markets ended Monday's trade sharply lower, as a selloff in shares of social-media company Facebook and other technology companies rippled through Wall Street, and worries about inflation and a host of other problems combined to sink the broader market. The Dow Jones Industrial Average closed down 323 points, or 0.9% at 34,002, the S&P 500 index closed down 1.3% to 4,300, while the Nasdaq Composite Index closed off 2.1% to 14,255, putting the index down by about 7% from its Sept. 7 peak and bringing the technology-laden index closer to a 10% drop from that peak, which is how market technicians define a correction. Facebook shares were down as its units WhatsApp, Instagram went down and whistleblower, Frances Haugen, was set to testify before Congress on Tuesday, detailing problems within the company partly reported by the Wall Street Journal.
5:34 a.m. Oct. 4, 2021 - By Mark Decambre
Dow inches higher at Monday's open but selling in tech weighs on broader stock market U.S. stock indexes weakened early Monday, resuming a downward path on uncertainties on future policy and concern about the global economy. The Dow Jones Industrial Average was trading 0.1% higher at 34,367, the S&P 500 index traded off 0.1% at 4,351, while the Nasdaq Composite Index wa trading 0.7% lower at 14,468.
12:09 p.m. Oct. 1, 2021 - By Mark Decambre
Dow surges nearly 500 points as Merck's experimental COVID drug delivers dose of optimism but stocks register weekly losses U.S. stock indexes closed solidly higher Friday, with some of the upbeat mood on Wall Street to start October and the fourth quarter being attributed to an experimental COVID-19 pill from Merck & Co. that has shown in trials that it helps prevent high-risk people early in the course of the disease from becoming seriously ill and dying. The Dow Jones Industrial Average rose 1.4% to 34,326, with gains in Visa , Microsoft Corp. , Walt Disney & Co. and American Express Co. helping power the gains for the price-weighted index, along with Merck. The S&P 500 index rose 1.2% to 4,357, with energy shares surging 3.3% to lead the S&P 500's 11 sectors to start the month where that sector ended September, on top. The Nasdaq Composite Index closed 0.8% higher at 14,566. For the week, however, the Nasdaq closed down 3.2% and the S&P 500 ended off 2.2% for their worst weekly declines since Feb. 26, while the Dow ended the week off 1.4% for the sharpest weekly slide since Sept. 10, FactSet data show. as investors displayed a little risk appetite, thinking a new page in the calendar might push the market past the issues that drove it down earlier in the week.
5:37 a.m. Oct. 1, 2021 - By Mark Decambre
Dow jumps more than 250 points to start trade in October, 4th quarter on optimism from Merck's experimental COVID drugU.S. stock benchmarks rose Friday morning to kick off the start of a new quarter and month, following heavy selling that closed a bruising September for investors. Some observers were attributing the more optimistic tone at the end of the week to news that Merck's experimental antiviral drug, developed as a treatment for COVID-19 with partner Ridgeback Biotherapeutics, reduced the risk of hospitalization or death in at risk adult patients with mild-to-moderate COVID by about 50% in an interim analysis of data from a Phase 3 trial. The Dow Jones Industrial Average gained nearly 260 points, or 0.7%, to 34,092, the S&P 500 index climbed 0.3% at 4,321, while the Nasdaq Composite Index rose less than 0.1% at 14,459.
12:17 p.m. Sept. 30, 2021 - By Mark Decambre
Dow sinks nearly 550 points to end ugly September even as Congress passes bill to temporarily avoid government shutdown U.S. stocks closed out the month and quarter on a sour note Thursday as investors shed equities and losses accelerated within the final hour of trading, continuing a trend of weakness on Wall Street that has played out over the past several weeks. The declines for stocks came even as Congress passed a bill extending government funding through Dec. 3, sending the legislation to President Joe Biden's desk hours before current funding expires and completing one of several pressing measures before lawmakers. The Dow Jones Industrial Avergae closed off 547 points, or 1.6%, to reach 33,843, the S&P 500 index closed off 1.2% at 4,308, finishing down around 5% from its Sept. 2 peak. The Nasdaq Composite Index ended 0.4% lower to around 14,449. For the month, the Dow closed down 4.3% for its worst monthly loss since October of 2020, the S&P 500 index closed down 4.8%, while the Nasdaq Composite finished September off 5.3%. For the quarter, the Dow booked a quarterly decline of 1.9%, the S&P 500 finished the quarter up 0.2%, while the Nasdaq Composite booked a quarterly loss of 0.4%. It was the first quarerly loss for the Dow and Nasdaq since March 2020, according to Dow Jones Market Data.
10:46 a.m. Sept. 30, 2021 - By Greg Robb
Yellen throws cold water on trillion-dollar coin solution for debt ceiling stalemateTreasury Secretary Janet Yellen on Thursday said "the only way" to avoid a default on the U.S. debt is for Congress to pass legislation to raise the debt ceiling, throwing cold water on the radical idea of minting a trillion-dollar coin to get around the politically difficult vote. Rep. William Timmons, a Republican of South Carolina, asked Yellen to comment on the idea. He said Speaker of the House Nancy Pelosi "gave oxygen" to the proposed trillion-dollar coin when she mentioned it during a press conference on Wednesday. Timmons asked Yellen to "please tell me this is not a legitimate policy proposal." In response, Yellen said: "I believe that the only way to handle the debt ceiling is for Congress to raise it and show the world, financial markets and the public that we're a country that will pay our bills." However, in a question from Rep. Sean Casten, Democrat from Illinois, Yellen said she would support legislation to remove the requirement for a vote on the debt limit by Congress.
9:50 a.m. Sept. 30, 2021 - By Mark Decambre
Dow loses grip on 34,000, S&P 500 skids below 100-day MA as indexes head for worst September in 10 yearsThe Dow Jones Industrial Average on Thursday was down over 400 points and the S&P 500 index was trading beneath an intermediate-term trend line, putting both bechmarks on track to post their worst September declines since 2011, according to Dow Jones Market Data. At last check, the Dow was down 440 points, or 1.3%, to reach around 33,946, down 4% on the month, and on the verge of the ugliest September performance since the index tumbled 6% in September of 2011. The S&P 500 index was trading 0.7% lower Thursday to reach around 4,326, with that downward pressure pushing the broad-market benchmark below its 100-day moving average at 4,344.58. Market technicians view moving averages as dividing lines between bullish and bearish momentum in an asset. The S&P 500's slump on Thursday was contributing to a 4.3% drop for the month and setting the stage for its worst September since a 7.2% drop in 2011.
8:50 a.m. Sept. 30, 2021 - By Greg Robb
Yellen throws cold water on trillion-dollar coin solution for debt ceiling stalemateTreasury Secretary Janet Yellen on Thursday said "the only way" to avoid a default on the U.S. debt is for Congress to pass legislation to raise the debt ceiling, throwing cold water on the radical idea of minting a trillion-dollar coin to get around the politically difficult vote. Rep. William Timmons, a Republican of South Carolina, asked Yellen to comment on the idea. He said Speaker of the House Nancy Pelosi "gave oxygen" to the proposed trillion-dollar coin when she mentioned it during a press conference on Wednesday. Timmons asked Yellen to "please tell me this is not a legitimate policy proposal." In response, Yellen said: "I believe that the only way to handle the debt ceiling is for Congress to raise it and show the world, financial markets and the public that we're a country that will pay our bills."
8:49 a.m. Sept. 30, 2021 - By Victor Reklaitis
Manchin wants any revenue over $1.5 trillion from reconciliation bill to go to reducing deficit: reportDemocratic Sen. Joe Manchin of West Virginia, who wants to his party's $3.5 trillion spending plan cut by more than half, has argued that any revenue from it that exceeds $1.5 trillion should go toward reducing the U.S. deficit, according to a on Thursday, citing a document that he reportedly has been distributing among colleagues. The document also spells out other stances taken by Manchin that previously have been reported, such as his proposal to raise the corporate tax rate to 25% and his view that the Federal Reserve should pull back on certain stimulus measures. Democrats need the support of Manchin in order to advance legislation through a process known as budget reconciliation because the Senate is split 50-50.
6:38 a.m. Sept. 30, 2021 - By Greg Robb
Senior House Republican defends Powell from Warren's criticismRep. Patrick McHenry, the ranking Republican on the House Financial Services Committee, on Thursday defended Fed Chairman Jerome Powell from criticism made earlier in the week by Sen. Elizabeth Warren, the Democrat from Massachusetts. Warren said Powell was a "dangerous man" because he had deregulated the biggest banks over his four-year term and said she would not vote to give him a second term if he were nominated for a second term. McHenry said this criticism was "reckless and unmoored from reality." McHenry said Powell's "decisive action" prevented the worst of the coronavirus pandemic crisis.
5:35 a.m. Sept. 30, 2021 - By Mark Decambre
U.S. stock market gains early Thursday as investors aim to close out downbeat SeptemberU.S. stocks rise Thursday, as Wall Street aims to wrap up the last trading day of September and the quarter, as investors await another appearance by Federal Reserve Chairman Jerome Powell Treasury Secretary Janet Yellen, who will appear before the House Financial Services Committee. The Dow Jones Industrial Average was up 164 points, or 0.5%, at 34,554, the S&P 500 index was climbing 0.5% to 4,381, while the Nasdaq Composite Index was up 0.7% early in the session. For the month, the Dow was headed for a 2.4% decline, the S&P 500 was down 3.2% and the Nasdaq Composite was off 4.3%. For the quarter, the Dow was flat, the S&P 500 was up 1.9% and the Nasdaq Composite was up 0.8%.
12:11 p.m. Sept. 29, 2021 - By Mark Decambre
Nasdaq Composite books 4th straight loss as stock-market rebound fades in final hour of Wednesday tradeU.S. stock-market benchmarks closed slightly higher but well off the best levels of Wednesday's trade as Wall Street attempted to recover some of the losses from Tuesday's yield-fueled rout. The Dow Jones Industrial Average closed up by about 90 points, or 0.3%, to 34,391, on a preliminary basis; the S&P 500 index advanced 0.2% to around 4,359, while the Nasdaq Composite Index declined 0.2% at 14,512 to mark the fourth straight decline. Renewed concerns about too-hot inflation, which could force the Federal Reserve to ramp up interest-rate hikes, is causing friction in equity markets. The 10-year Treasury note yields [ss: BX:TMUBMUSD10Y] 1.540%, up from 1.534% on Tuesday. A number of other concerns, including those centered on the debt limit and the worries about weakening economic output, are also buffeting bulls.
11:04 a.m. Sept. 29, 2021 - By Victor Reklaitis
Without action on debt limit, U.S. likely to run out of cash near end of October or start of November: CBOThe said the U.S. Treasury Department will most likely run out of cash near the end of October or the beginning of November if the federal borrowing limit remains unchanged by Congress. That's later than an given on Tuesday by Treasury Secretary Janet Yellen.
5:35 a.m. Sept. 29, 2021 - By Mark Decambre
Dow industrials attempt to bounce back after Tuesday's yield-driven selloffU.S. stock benchmarks were trading higher early Wednesday, following the worst selloff for the S&P 500 in roughly four months, as surging bond yields spooked investors. The Dow Jones Industrial Average was trading 0.3% higher at 34,398, the S&P 500 index was gaining 0.4%, following its worst daily percentage decline since May 12. The Nasdaq Composite Index was trading 0.6% higher near the start of Wednesday's action, at 14,827. Yields began their ascent last week, following a Federal Reserve meeting that indicated the central bank was ready to begin backing away from its accommodative policy put in place to help the economy cope with the pandemic. On Wednesday, the 10-year Treasury yield was edging back at around 1.52%. Bond prices move in the opposite direction of yields.
12:08 p.m. Sept. 28, 2021 - By Mark Decambre
Dow skids 570-points and snaps 4-day win streak and Nasdaq notches worst day since March 18The Dow Jones Industrial Average closed lower Tuesday, along with the rest of the market, which faced a fresh drop in September, putting the blue-chip index on track to nearly erase its entire gains over the past three months and deliver the worst monthly decline since October. For the Nasdaq Composite Index , it was the worst session since March 18 on a percentage basis, down 2.8% to end 14,546, on a preliminary basis. The Dow closed 1.6% lower to reach 34,300, and is up less than 0.1% for the quarter, while the S&P 500 index declined 2% on Tuesday to reach around 4,353. The slump in equities comes as The 10-year Treasury yield was up about 6 basis points at 1.54% Tuesday afternoon, after hitting its highest level since June. Bond yields have been rising as investors anticipate the Federal Reserve moving away from the accommodative policy it set during the early months of the pandemic amid concerns over elevated inflation. Rising long-term bond yields have put pressure on tech- and other growth-related shares, while stocks for companies more sensitive to the economic cycle were also succumbing to selling pressure, but outperformed more rate-sensitive stocks. Energy shares, however, were the only bright spot in markets, with the S&P 500's energy sector up 0.5% on the day, amid concerns of an energy shortage in parts of the globe.
6:51 a.m. Sept. 28, 2021 - By Greg Robb
Powell: Some bottlenecks sparking inflation have gotten worseFederal Reserve Chairman Jerome Powell said Tuesday that some of the supply-side bottlenecks behind the surge in inflation have "gotten worse." "Look at the car companies, look at the ships with the anchors down outside of Los Angeles. This is really a mismatch between demand and supply, we need those supply blockages to alleviate, to abate, before inflation can come down," Powell said, during a Senate Banking Committee hearing. The Fed projects that inflation will come down and most of the gains in inflation are coming from a very small category of items, Powell added.
6:28 a.m. Sept. 28, 2021 - By Mark Decambre
Panic-buying signs emerge---not selling---in Tuesday trade despite sharp tumble for broader stock market as yields climbWhile the Nasdaq Composite Index on Tuesday morning was suffering a decline of more than 2%, market internals suggest investors in the Nasdaq-listed stocks are buying rather than selling stocks. The Arms Index Arms Index, a volume-weighted breadth measure, fell to 0.426, while many on Wall Street see declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of the number of advancing stocks over decliners by the ratio of the volume of advancing stocks over declining volume and the Arms index often falls below 1.000, as the buyers rush into advancing stocks. The Nasdaq Composite was down 2.4% at 14,620, the S&P 500 index was trading 1.7% lower at around 4,369, while the Dow Jones Industrial Average was declining 1.2% at 34,452.
5:26 a.m. Sept. 28, 2021 - By Greg Robb
Congress must raise or suspend debt limit by Oct. 18, Yellen saysTreasury Secretary Janet Yellen said Tuesday that the Treasury Department is likely to exhaust extraordinary measures to keep from defaulting on its debt if Congress has not acted to raise or suspend the debt limit by Oct. 18. "At that point, we expect Treasury would be left with very limited resources that would be depleted quickly," Yellen said in an update sent to Congressional leaders. Yellen had earlier estimated that the extraordinary measures would last until mid-October. On Monday, Senate Republicans blocked legislation that would have suspended the debt limit.
12:13 p.m. Sept. 27, 2021 - By Victor Reklaitis
Dallas Fed's Kaplan, under scrutiny for 2020 trading activity, to retire Oct. 8The Dallas Federal Reserve announced Monday that its president, Rob Kaplan, will retire from the regional bank on Oct. 8. The departure comes after Kaplan and Boston Fed President Eric Rosengren of individual securities. that "the recent focus on my financial disclosure risks becoming a distraction" to the U.S. central bank's work. earlier Monday that he will retire on Thursday.
12:10 p.m. Sept. 27, 2021 - By Mark Decambre
Dow books longest win streak in 2 months but gains fade at Monday's end and S&P 500 and Nasdaq close lowerThe Dow Jones Industrial Average finished higher Monday, but the index managed to notch a fourth straight session of gains, but the blue-chip index ended well off the best levels of the session and the S&P 500 and Nasdaq Composite closed lower. Notably, small-capitalization stocks advanced sharply on the session, aided by a gain in energy shares which themselves were helped by a rally in crude-oil prices , rising to the highest level in about three years. The Dow closed about 71 points, or 0.2%, higher at 34,870, but ended well off its intraday peak at 35,061.12. The fourth straight session for blue chips matched its longest string of gains since the period ended Aug. 25. The S&P 500 index ended off 0.3% at 4,443, while the Nasdaq Composite Index finished the session down 0.5% at 14,970, on a preliminary basis. Meanwhile, the small-cap Russell 2000 index rose over 1% on the session. The moves for stocks came as the benchmark 10-year Treasury note touched 1.5%, its highest level since June, while the 30-year Treasury bond yield rose above 2%, marking its highest level since around mid August.
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