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What the Inflation of the 1970s Can Teach Us Today

  • What the Inflation of the 1970s Can Teach Us Today What the Inflation of the 1970s Can Teach Us Today 7:55
    How the Government Creates Stimulus Money How the Government Creates Stimulus Money 4:52
    Why the Fed Is Considering a Digital Dollar Why the Fed Is Considering a Digital Dollar 6:19
    Powell Says Factors Driving Inflation Should Be Temporary Powell Says Factors Driving Inflation Should Be Temporary 2:35
9:43 a.m. Oct. 15, 2021 - By Myra P. Saefong
Gold futures end lower, but post a modest gain for the weekGold futures , pressured by strength in Treasury yields and U.S. benchmark stock indexes, but prices still saw a modest gain for the week, the strongest advance in six weeks. Gold gave back most of its gain for the week on Friday, "with investors choosing the racier equity markets over the haven asset," said Fawad Razaqzada, market analyst at ThinkMarkets. The metal "remains stuck inside its existing ranges as investors wonder whether bond yields and the dollar will resume higher," with the Federal Reserve seen tapering its bond purchases program in mid-November or mid-December," he said. "Other investors will be happy to buy the dips as the metal is considered to be a good hedge against inflation." December gold declined by $29.60, or nearly 1.7%, to settle at $1,768.30 an ounce. Prices based on the most-active contract rose 0.6% for the week, the biggest weekly rise since the week ended Sept. 3, FactSet data show.
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.
11:01 a.m. Oct. 11, 2021 - By Tomi Kilgore
Utilities stocks suffer broad weakness as Treasury yields climbThe utility sector suffered a broad selloff Monday, as the to multi-month highs acted as a counterweight. The SPDR Utilities Select Sector ETF dropped 1.4% in afternoon trading with 25 of 28 equities components losing ground. The decline was enough to pace all of the SPDR ETFs tracking the S&P 500's 11 key sectors in declines. Within the XLU, the biggest loser was NextEra Energy Inc.'s stock , which fell 3.0%. Among other more active components, shares of Exelon Corp. shed 1.7%, CenterPoint Energy Inc. slipped less than 0.1% and PPL Corp. gave up 0.7%, while Consolidated Edison Inc. was the best performer with a 1.0% gain. Meanwhile, the yield on the 10-year Treasury note was on track to close at the highest yield since June 3, and Treasury prices fell, as investors bet the Federal Reserve will cut its monthly Treasury purchases. Utilities stocks tend to be stable and have relatively high dividend yields, so they often trade as bond proxies, and fall when Treasury prices fall and Treasury yields rise. The utilities ETF's dividend yield is 3.09%, compared with the implied yield for the S&P 500 of 1.38% and the 10-year Treasury was recently at 1.614%.
8:00 a.m. Oct. 9, 2021 - By MarketWatch
Wall Street gets ready for the Federal Reserve to pull trigger on tapering, despite ‘unusual situation’ in U.S. economyThe labor market recovery may be slowing, but the Federal Reserve probably will --- and should --- taper 'excessive liquidity-accommodation in the very near future,' says BlackRock's Rick Rieder, CIO of global-fixed income at the investment giant.
5:00 a.m. Oct. 9, 2021 - By MarketWatch
Wall Street gets ready for the Federal Reserve to pull trigger on tapering, despite ‘unusual situation’ in U.S. economyThe labor market recovery may be slowing, but the Federal Reserve probably will --- and should --- taper 'excessive liquidity-accommodation in the very near future,' says BlackRock's Rick Rieder, CIO of global-fixed income at the investment giant.
1:00 p.m. Oct. 6, 2021 - By MarketWatch
Dow scores best comeback since December, S&P 500 and Nasdaq end higher as tech stocks find a footingU.S. stock benchmarks close higher Wednesday, with the Dow staging an intraday comeback, as technology stocks find a footing and signs of progress emerge in Washington on the debt ceiling debate.
8:00 a.m. Oct. 6, 2021 - By MarketWatch
Natural-gas futures drop as Putin says Russia will boost supplies to EuropeNatural-gas futures pull back after Russian President Vladimir Putin says the country will meet its obligations to Europe and help stabilize the market.
5:41 a.m. Oct. 6, 2021 - By MarketWatch
Stocks open lower as investors track bond yieldsStocks opened modestly lower Wednesday, under pressure as investors kept an eye on Treasury yields and sifted through data on private-sector payrolls. The Dow Jones Industrial Average fell around 134 points, or 0.4%, to 34,180, while the S&P 500 was down 0.4% near 4,326 and the Nasdaq Composite declined 0.5% to 14,358. Stock futures had dropped ahead of the opening bell as the yield on the 10-year Treasury note pushed toward 1.56%. Yields subsequently pulled back. U.S. private-sector employment increased by a stronger-than-expected 568,000 in September, according to the ADP National Economic Report released Wednesday. Analysts said strong jobs data could help affirm expectations the Federal Reserve will move soon to begin tapering its monthly bond purchases.
1:00 p.m. Oct. 3, 2021 - By MarketWatch
The biggest risk facing investors this earnings season is lurking just beneath the surfaceGrowth rates of more than 27% for EPS and more than 15% for sales suggest corporate earnings have staged a strong rebound from their pandemic lows. But for some companies, that's far from the case.
8:00 a.m. Oct. 3, 2021 - By MarketWatch
The biggest risk facing investors this earnings season is lurking just beneath the surfaceGrowth rates of more than 27% for EPS and more than 15% for sales suggest corporate earnings have staged a strong rebound from their pandemic lows. But for some companies, that's far from the case.
8:00 a.m. Oct. 2, 2021 - By MarketWatch
The biggest risk facing investors this earnings season is lurking just beneath the surfaceGrowth rates of more than 27% for EPS and more than 15% for sales suggest corporate earnings have staged a strong rebound from their pandemic lows. But for some companies, that's far from the case.
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.
8:00 a.m. Sept. 30, 2021 - By MarketWatch
Here’s what would happen if Americans could easily look up everyone’s salaryIn the U.S., where there isn’t a nationalized pay transparency law, women earned 82% of what men earned last year. Some experts say more transparency around pay could help change that.
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.
9:48 a.m. Sept. 29, 2021 - By Myra P. Saefong
Gold futures settle at lowest price in almost 6 monthsGold futures to settle at their lowest level since the end of March, with dollar-denominated prices for the precious metal pressured by strength in the U.S. dollar. The ICE U.S. Dollar Index was up 0.6% at 94.367, trading at the highest since September of last year, FactSet data show. While gold metal is likely to weaken further amid a stronger dollar, its outlook may be influenced by the Federal Reserve's "preferred inflation gauge," the core personal consumption expenditures price index, due out Friday, said Lukman Otunuga, manager, market analysis at FXTM. December gold fell $14.60, or 0.8%, to settle at $1,722.90 an ounce, the lowest most-active contract finish since March 31, FactSet data show.
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.
2:05 a.m. Sept. 29, 2021 - By Ciara Linnane
Allvue Systems postpones its IPO over adverse market conditionsAllvue Systems Holdings Inc. , a Florida-based technology provider for investment managers, said Wednesday it has decided to postpone its initial public offering because of adverse market conditions. The major indexes suffered steep losses on Tuesday with the S&P 500 seeing its worst day since May 12. Stocks sold off as investors anticipate the Federal Reserve moving away from the accommodative policy it set during the early months of the pandemic on concerns over elevated inflation. Allvue said its decision to postpone came "despite receiving strong interest and positive indications from the broader institutional investor market." The company was aiming to raise
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.
11:00 p.m. Sept. 27, 2021 - By Barbara Kollmeyer
Bond yields keep climbing with 30-year pushing further past 2%The yield on the 30-year Treasury bond pushed further past 2% early Wednesday, last up 6 basis points to 2.05%, a level not seen since June. The 10-year was yielding 1.533%, up 5 basis points, also hovering at levels not seen since June. Yields have been climbing since last week's Federal Reserve decision.
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.
9:43 a.m. Sept. 27, 2021 - By Myra P. Saefong
Gold futures tally a second straight gainGold futures , as eased back from their highest levels of the session. "Bearish elements," such as the hawkish comments from the Federal Reserve last week and expectations for interest rate hikes, have been predominant, said Carlo Alberto De Casa, analyst at Kinesis Money. For now, investors do not seem to be too worried about the risk of a domino effect from China property giant Evergrande's debt woes, he said. December gold rose 30 cents, or 0.02%, to settle at $1,752 an ounce. Prices posted a climb of 0.1% on Friday.
5:34 a.m. Sept. 27, 2021 - By William Watts
Stocks open mostly lower as Treasury yields continue riseStocks opened mostly lower Monday, with the rate-sensitive tech and communication services sectors under pressure as Treasury yields continued to rise. The Dow Jones Industrial Average was up 89 points, or 0.3%, at 34,887, while the S&P 500 fell 0.2% to 4,447. The Nasdaq Composite shed 0.6% to 14,955. Treasury yields extended a rise that followed last week's Federal Reserve policy meeting, with the rate on the 10-year note briefly topping 1.5%. The 10-year yield remains up 3.3 basis points at 1.493%. Yields and debt prices move in opposite directions.
4:47 a.m. Sept. 27, 2021 - By Greg Robb
Fed's Rosengren, under scrutiny for 2020 trading activity, to retire on Sept. 30Boston Fed President Eric Rosengren announced Monday he will retire on Sept 30. In a statement, Rosengren said he moved up his long-planned retirement by nine months because of health concerns. Rosengren would have had to retire next June under Fed rules. Rosengren has been criticized for actively trading in real-estate investment trusts in 2020 while the Fed was taking extraordinary steps to keep financial markets stable during the pandemic. Reformers, like the group Better Markets, had called for Rosengren to resign.
5:00 a.m. Sept. 25, 2021 - By MarketWatch
The most accurate stock-market predictor was released this week. The next 10 years don’t look good.A Federal Reserve report showed Americans have a high allocation to equities, which is a contrarian indicator suggesting weak returns are ahead.
1:00 p.m. Sept. 24, 2021 - By MarketWatch
China’s crypto ban has almost achieved a ‘meme-like status,’ but here are the lingering impactsMost analysts expect the sell-offs from 'China FUD' to be short-term, but China's most recent crypto crackdown could further changes the industry's global distribution.
10:55 a.m. Sept. 24, 2021 - By Tomi Kilgore
Utilities sector ETF falls toward record losing streak as Treasury yields jumpThe SPDR Utilities Select Sector ETF fell 0.2% in afternoon trading, putting them on track for a record losing streak and a two-month low, as a recent spike in longer-term Treasury yields made the higher-yielding sector tracker less attractive. The SPDR utilities ETF (XLU) is headed for the lowest close since July 22 and a 12th-straight decline, which would surpass the previous record for consecutive declines of 11, which ended Oct. 7, 2016. The XLU's recent selloff comes the yield on the 10-year Treasury note has run up 12.5 basis points in two days toward a 12-week high, after the Federal Reserve said the . Utilities stocks are viewed by many investors as a bond proxy, given their relative stability and relatively high yield -- the XLU's dividend yield of 3.03% compares with the implied yield for the S&P 500 of 1.36%. As bond yields rise, and bond prices fall, utilities stocks tend to fall. During the XLU's previous record losing streak, the 10-year Treasury yield had reached a 4-month high, on its way toward a more than 2-year high about two months later.
1:00 p.m. Sept. 23, 2021 - By MarketWatch
Dow jumps 600 points as stocks recover losses for week after Fed and Evergrande worries fadeU.S. stocks traded higher Thursday, extending gains a day after the Federal Reserve offered no surprises as it signaled it could announce a plan to begin scaling back asset purchases as early as November.
9:47 a.m. Sept. 23, 2021 - By Myra P. Saefong
Gold futures mark lowest finish in over 6 weeksGold futures moved to log their lowest finish in more than six weeks. The loss is "related to a combination of factors centered around investor confidence improving and fear easing," said Colin Cieszynski, chief market strategist at SIA Wealth Management. So far, China property giant Evergrande's problems have been contained, the Federal Reserve is moving toward tapering and at the Bank of England's monetary policy committee vote, there were two "hawkish dissenters" calling for reducing stimulus as well, he said. "A more hawkish trend for central banks improves the value of paper money relative to hard currency like gold." December gold fell $29, or 1.6%, to settle at $1,749.80 an ounce, the lowest most-active contract finish since Aug. 10, FactSet data show.
8:00 a.m. Sept. 23, 2021 - By MarketWatch
Dow jumps 500 points in post-Federal Reserve relief rallyU.S. stocks trade higher Thursday, extending gains a day after the Federal Reserve offered no surprises as it signaled it could announce a plan to begin scaling back asset purchases as early as November.
1:00 p.m. Sept. 22, 2021 - By MarketWatch
Why the debt limit fight makes Washington a stock-market ‘wild card’The potential for another white-knuckle flirtation with a U.S. default via a debt-ceiling showdown is helping to raise policy uncertainty. The good news, is that rising uncertainty has traditionally been a buying opportunity, says a top Wall Street technician.
12:10 p.m. Sept. 22, 2021 - By Mark Decambre
Dow, S&P 500 post best daily gain in 2 months even as Fed says tapering of asset purchases coming soonU.S. stock indexes closed higher Wednesday, with the S&P 500 and the Dow industrials notching their best daily gains in about two months, as Federal Reserve Chairman Jerome Powell signaled the central bank may announce a pullback of its bond purchases in November and could start to raise interest rates in 2022, with both moves largely expected by market participants. Subsiding fears around embattled Chinese property development company Evergrande, which rattled investors on Monday, also helped set a more bullish tone on Wall Street. But investors are also watching developments in the U.S. Congress on raising the federal debt ceiling. The Dow Jones Industrial Average rose by about 338 points, or 1%, to reach 34,258, representing the best point and percentage gain for the blue-chip index since July 20; while the S&P 500 index climbed 1% to 4,395, marking the best day since July 23. The Nasdaq Composite Index , meanwhile, also rose 1% to 14,896 for its best day since Aug. 27, FactSet data show. In corporate news, shares of Stitch Fix Inc. rallied nearly 16% on Wednesday after reporting quarterly results.
10:44 a.m. Sept. 22, 2021 - By MarketWatch
Fed doubles daily counterparty limit for overnight reverse reposThe New York Federal Reserve Bank on Wednesday said the Federal Open Market Committee directed its Open Market Trading Desk to conduct overnight reverse repurchase agreements, or ON RRP, with a per-counterparty limit of $160 billion a day, effective Thursday. That's double the current limit of $80 billion and was raised to help "ensure that the ON RRP facility continues to support effective policy implementation," the New York Fed said, in a statement.
10:08 a.m. Sept. 22, 2021 - By Mark Decambre
Dow rises over 400 points, adding to rally as Federal Reserve says reducing asset purchases 'may soon be warranted'The Dow industrials and the broader market held onto early sharp gains on Wednesday after the Federal Reserve kept rates unchanged, as expected, and indicated that tapering of asset purchases "may soon be warranted," without providing specific details on timing and pace. The Dow Jones Industrial Average was trading 449 points higher, or 1.3%, at 34,359, the S&P 500 index traded 1.2% up at 4,405, while the Nasdaq Composit Index advanced 1% at 14,895. The Fed decision will be followed by a news conference with Chairman Jerome Powell at 2:30 p.m. Eastern Time. The Fed has been buying $80 billion worth of Treasurys and $40 billion worth of mortgage-backed securities each month since last summer to keep long-term interest rates low and spur demand. Since the summer, the Fed has been talking about slowing down the purchases. The central bank has been guarded, worried there could be a repeat of the "taper tantrum" that roiled global financial markets in 2013. The formal announcement could come at the November 2-3 meeting or December 14-15, economists said.
10:08 a.m. Sept. 22, 2021 - By Myra P. Saefong
Gold settles slightly higher, extends gains after Fed policy statementGold prices settled with a , then moved up further after that they're almost ready to taper their bond-buying and expect to raise interest rates by late 2022. December gold was at $1,785.80 an ounce in electronic trading, following a settlement at $1,778.80, up 60 cents, or 0.03%, for the session.
8:00 a.m. Sept. 22, 2021 - By MarketWatch
Global tally of COVID-19 cases nears 230 million, as Biden convenes virtual pandemic summit and doubles U.S. purchase of Pfizer vaccineThe global tally of confirmed cases of the coronavirus-borne illness COVID-19 was heading close to 230 million on Wednesday, as President Joe Biden prepared to host a virtual summit on the pandemic with world leaders gathered in New York for the United Nations General Assembly.
5:33 a.m. Sept. 22, 2021 - By William Watts
Stocks open higher ahead of Fed decisionU.S. stocks opened with gains Wednesday, as investors awaited the conclusion of a meeting of Federal Reserve policy makers. The Dow Jones Industrial Average rose 225 points, or 0.7%, to 34,144, while the S&P 500 advanced 0.5% to 4,374 and the Nasdaq Composite gained 0.2% to trade at 14,773. The Fed will release a policy statement at 2 p.m. Eastern, followed by Chairman Jerome Powell's news conference at 2:30 p.m. Investors will be looking for indications to the timing of the eventual tapering of the Fed's monthly asset purchases, while also paying close attention to updated forecasts on the path of interest rates.
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