U.S. President Donald Trump can blame more than just the Fed for the recent market sell-off. It was the perfect storm that gave U.S. stocks their worst day in eight months, sending European shares to the lowest since December 2016 and driving more than 1,000 Chinese companies to fall by the daily limit. After holding […]
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The Stock Market’s Nightmare May Be Far from Over…
After a nail-biting week with the Dow Jones Industrial Average sinking nearly 1,400 points over two sessions, the jury is still out on whether the selloff signals a fundamental shift in the stock market or a brief episodic correction. But one thing is certain: Investors should brace for more market drama in the coming days […]
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U.S. Stocks Close Lower As Dow Drops Nearly 1,400 Points in 2 Days…
U.S. stocks extended losses to finish lower Thursday, with the Dow Jones Industrial Average losing nearly 1,400 points over two days as investors continued to fret over rising bond yields and the prospect of higher interest rates. The Dow Jones Industrial Average DJIA, -2.13% tumbled 545.91 points, or 2.1%, to 25,052.83, bringing its two-day decline […]
Atlanta Fed Raises GDP View to 4.2 Percent on Strong Economic Data…
The U.S. economy is expanding at a 4.2 percent annualized rate in the third quarter, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday, following the release of the latest data on producer prices and wholesale trade. That was a tad faster than the 4.1 percent pace calculated on Oct. 5 by the Atlanta […]
Newsweek’s Ex-Parent Company Charged with Defrauding Lenders…
Newsweek’s former parent company was charged Wednesday by Manhattan prosecutors with carrying out a complex scheme to defraud lenders out of millions of dollars as part of an effort to keep the struggling media organization afloat. The indictment follows a more than yearlong fraud probe by the Manhattan District Attorney’s Office that has also been […]
5 Questions Worried Americans Will Ask After Dow Slumps Over 800 Points…
The Dow Jones Industrial Average DJIA, -3.15% S&P 500 index SPX, -3.29% and Nasdaq Composite Index COMP, -4.08% have all been experiencing volatility in recent months, weighed by rising bond yields and a trade war with China. The Dow fell more than 800 points and the S&P 500 had its worst day since February. What […]
Trump Says Fed ‘Has Gone Crazy’ Following Stock Market Selloff…
President Donald Trump again criticized the Federal Reserve for raising interest rates, calling it a “mistake” hours after the worst U.S. stock market sell-off since February. “The Fed has gone crazy,” he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. “So you can say that well that’s a lot of […]
U.S. Trade Deficit with China Hits Record…
The August trade deficit – a closed watched number in a time of trade wars – came in at $53.2BN, fractionally better than the $53.6BN expected, but 6.4% worse than last month’s revised print of $50.0BN ($46.8BN excluding petroleum), and just shy of a new all time high. The deficit deteriorated as a result of […]
Mercedes, Nissan to Ramp Up U.S. Investment After New NAFTA Deal…
Mercedes-Benz and Nissan plan to invest more in the U.S. after the Trump administration won a new trade agreement with Canada and Mexico that requires more of each vehicle to be built in North America, by higher-paid workers, the Financial Times reported. Under the terms of the deal to update the North American Free Trade […]
Leveling the Playing Field for American Workers by Wilbur Ross…
Manufacturing is booming again in America. Production lines are rolling, smelters are aglow, and Made in America products are spreading around the globe. On this Manufacturing Day, Americans around the country can celebrate the growing manufacturing revival due to the tireless efforts of President Donald J. Trump and those in his Administration. We are focused […]
FDA Conducts Surprise Inspection of E-Cigarette Maker Juul as Part of Crackdown…
The Food and Drug Administration (FDA) said Tuesday that it had conducted a surprise inspection of e-cigarette maker Juul’s headquarters and collected more than a thousand pages of documents amid its crackdown on e-cigarettes. “As part of FDA’s ongoing efforts to prevent youth use of tobacco products, particularly e-cigarettes, last week the agency conducted an […]
The Real Reason Why Amazon Is Hiking Minimum Wages…
Amazon hiking its minimum wage to $15 per hour – a “feel good” story that was praised by everybody and that even brought enemies like Donald Trump and Bernie Sanders together – appears to be nothing more than another self-serving ploy by the world’s largest online retailer to not only bolster its staff for the […]
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Steelworkers Union: USMCA Labor Protections Much Stronger than NAFTA or TPP…
The new United States Mexico Canada Agreement, which will replace the North America Free Trade Agreement, is an improvement on its predecessor and on the Trans-Pacific Partnership, the failed attempt at a multilateral trade agreement rejected by President Donald Trump shortly after he took office. “In the area of workers’ rights, the draft text we […]
Sanders Introduces Bill to Break Up Big Banks…
Sen. Bernie Sanders (I-Vt.) introduced a bill Wednesday that would break up some of the largest U.S. banks, a long-standing goal of financial sector skeptics. The bill would force the federal government to dismantle any bank with total exposure greater than 3 percent of U.S. GDP, which is roughly equal to $584 billion. Banks above […]
ADP September Payrolls Grew by 230,000 in September…
Hold on to your MAGA caps there’s a winner wonderland ahead. According to the latest ADP private payroll release today, private sector payrolls grew by a stunning 230,000 jobs in September. [They were anticipating 185k] Massive jobs gains amid small, medium and large sized companies (report here). This comes on the heels of the latest […]
U.S. Wage Growth Hits 17-Month High…
National wage growth is at the highest it’s been in nearly 17 months — and, according to a new study released by Glassdoor, it’s not expected to slow down anytime soon. “We expect wages to continue to rise as demand remains for workers throughout a number of industries,” Glassdoor economist Daniel Zhao said in a […]
“We Listened to Our Critics” – Amazon Hikes U.S. Minimum Wage to $15/Hour…
If Bernie Sanders was trying to get under Amazon CEO Jeff Bezos’ skin, it appears he has succeeded. With Sanders’ “Stop BEZOS” act threatening to tax companies like Amazon to compensate for the government benefits that their employees collect, the company has instead opted to raise wages for more than 100,000 employees, the Wall Street […]
MASSIVE WIN – NAFTA Loophole Closed – Canada and Mexico Agree to U.S. Approval Authority of *ANY* Future Trade Agreements with Third Parties…
The U.S. now has veto authority over any trade deal made by Canada and/or Mexico with third parties. This is what Ambassador Lighthizer described as the “Third pillar”. Last year, despite the inevitability of it, we didn’t think Canada and Mexico would agree to it. The NAFTA loophole was/is a zero-sum issue: Either Can/Mex agree […]
Vulture Funds Stand to Make Millions in Wake of Hurricane Maria…
Vulture funds scooped up hundreds of millions of dollars worth of Puerto Rican debt after Hurricane Maria hit — underwritten by Wall Street and purchased at a massive discount, according to new numbers compiled by the nonprofit LittleSis and provided to The Intercept. Now it’s time for the payoff. A deal agreed to last week […]
80 Years Later, End of the Road for Volkswagen’s Iconoic Beetle…
German automaker Volkswagen (VW) announced it will stop making its iconic Beetle car which first rolled off the production lines in 1938. The carmaker says it will focus on more popular areas such as SUVs and electric vehicles. The company’s American unit said it would halt production at its plant in Mexico after making two […]
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