The S&P 500 closed 12% lower on Monday, while the Dow fell 13% (or 2,999 points). Driving the news: The sell-off accelerated during President Trump’s afternoon press conference as concerns about the coronavirus outbreak’s economic impact continued to grip markets. Here’s how swift and sharp the stock market’s decline has been: The S&P 500 hit […]
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Dow Pops 1,985 Points…
U.S. equity markets soared in the final hour of trading as President Trump declared a national emergency over the coronavirus and enlisted the nation’s biggest companies in the fight. The Dow Jones Industrial Average surged by over 1,985 points or 9.3 percent. The S&P 500 and Nasdaq Composite also rallied over 9 percent Google, Walmart, […]
Federal Reserve Announces Unprecedented $1.5 Trillion in Loans to Wall Street Today and Tomorrow…
Making the most unprecedented announcement in the history of Wall Street, the Federal Reserve Bank of New York announced today that it will be offering $500 billion in 3-month repo loans to its primary dealers (Wall Street trading firms) today at 1:30 p.m. That $500 billion comes on top of the $198.10 billion the New […]
Global Markets Plunge in New York, Paris and London Over COVID-19 Fears…
Global stock exchanges suffered historic crashes as coronavirus panic gripped the financial world. The French CAC40 plunged 12.28% on Thursday, the biggest fall in its history. The UK’s FTSE, meanwhile, finished with a 9.81% drop, its worst day since October 1987. The Dow Jones also had its worst day since 1987, plunging more than 10%. […]
Saudi’s Ramp Up Oil Production to Record Levels…
Saudi Arabia will once more be the world’s biggest producer of crude oil under plans announced Wednesday to further increase the Kingdom’s output to a new record level. Prince Abdul Aziz bin Salman, the Saudi energy minister, told Saudi Aramco to prepare to increase its maximum sustainable capacity — the limit to the crude it […]
The Reason Why Russia Refused to Cut Oil Production…
OPEC asked Russia to cut an additional 300,000 bpd in oil production at last week’s meeting in Vienna, but according to Russia’s Deputy Energy Minister, this would’ve been ‘technically challenging.’ OPEC asked Russia to add another 300,000 bpd to its production cut quota art the Vienna meeting last week, but it would have been technically […]
Dow Closes in Bear Market Amid Volatile Session…
All three of the major averages tumbled into a bear market Wednesday, down 20 percent from their February peaks, after the World Health Organization declared the new coronavirus outbreak a pandemic and Congress wrangled over an economic stimulus plan. The Dow, which fell by as many as 1,689.84 points, was the only index to close […]
Dow Adds 1,167 Points as Trump Talks Economic Initiatives…
U.S. equity markets ebbed and flowed on Tuesday before breaking away with the Dow Jones Industrial Average adding over 1,167 points clawing back from a deficit. The Dow’s point gain was the third-best on record. The S&P 500 and Nasdaq Composite also rallied tacking on nearly 5 percent. Investors were encouraged after President Trump backed […]
There Was a Bloodbath in Wall Street Banks and Insurers Yesterday…
President Donald Trump is bringing a pea shooter to a gunfight. If you look carefully at the charts on this page from yesterday’s trading bloodbath, it’s clear that there is a deep financial crisis playing out. The idea that this can be remedied with a payroll tax cut is the stuff of tooth fairies. And […]
Saudi Aramco to Increase Oil Output 12.3M Barrels Per Day Starting April…
Saudi Aramco said Tuesday that the company would increase its crude output to 12.3 million barrels per day in April. The new production level will be ”an increase of 300,000 barrels per day over the company’s maximum sustained capacity of 12 MMBD,” Aramco said in a statement to the Saudi stock exchange. The Company has […]
Can Saudi Arabia Survive the Oil Price War It Started?…
As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East. Saudi Arabia is facing multiple existential threats as a renewed oil price slump threatens to not only hit the country’s revenues and economic diversification programs but also the already fragile position […]
DOW PLUNGES OVER 2,000 POINTS…
U.S. equity markets tumbled Monday after an oil price war broke out between Saudi Arabia and Russia and amid new cases of coronavirus, especially in America. The Dow Jones Industrial Average closed over 2,000 points lower, coming back from a point drop of more than 2,150 points, or 8.2 percent, at session lows while the […]
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Stunning Job Gains in February +273,000, with Revised Gains of +85,000 Dec/Jan…
Jumpin’ ju-ju bones. The Bureau of Labor Statistics highlights an excellent jobs report for February with 273,000 new jobs added; and an upward revision of 85,000 job gains in December and January. Total new jobs with revisions 358,000; that’s exceptional. Main Street USA is very strong, exceptionally strong; and the fundamentals of the U.S. economy […]
Demand for Fed’s Repo Loans Surges Past $100 Billion a Day as 10-Year Treasury Hits Lowest Rate in 149 Years…
Federal Reserve Chairman Jerome Powell certainly has an odd notion of what constitutes an “orderly” market. At his press conference on Tuesday, following the announcement that the Fed was cutting its Fed Funds rate by a half point without waiting for its regularly scheduled meeting when rate cuts are normally deliberated, Powell said that “financial […]
Dow Falls 250 Points, Oil Sinks to 3-Year Low…
U.S. equity markets fell Friday despite the strong February jobs report, which was overshadowed by continued fears surrounding the coronavirus. The Dow Jones Industrial Average closed down more than 254 points, well off its worst levels of the session. The index had fallen by as many as 895 points. Meanwhile, the S&P 500 and Nasdaq […]
Two Charts Explain Why Wall Street Banks Are Under So Much Selling Pressure…
Yesterday, the Dow Jones Industrial Average of 30 large cap companies closed with a loss of 969.5 points or 3.58 percent. That was bad enough but the losses among the biggest Wall Street banks outpaced the Dow losses by a significant margin. Typically, JPMorgan Chase is one of the better performers among the Wall Street […]
Flights Into U.S. to Drop to 12-Year Low Because of Coronavirus Outbreak…
International inbound travel to the United States is projected to drop 6% over the next three months because the coronavirus outbreak continues to roil the global economy, according to research conducted by the U.S. Travel Association, a nonprofit organization that represents the travel industry. The decline would be the largest since the 2008 financial crisis. […]
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Two Chinese Nationals Indicted in Cryptocurrency Laundering Scheme Linked to North Korea…
The United States on Monday charged two Chinese nationals with laundering more than $100 million in stolen cryptocurrency from a 2018 cyberattack linked to North Korea’s illicit nuclear missile and weapons development program. The new indictment, accompanied by sanctions and a civil forfeiture complaint seizing 113 cryptocurrency accounts filed in federal court in Washington, marks […]
Fed Rate Cut to Boost Homebuyers’ Spending Power…
The Federal Reserve cut interest rates on Tuesday in response to the spreading coronavirus, and that could bring benefits to one sector of the U.S. economy just in time for spring: real estate. Mortgage rates were already low – and the addition of a rate cut could provide an even more attractive opportunity for prospective […]
Federal Reserve Chair Jerome Powell Statement and Press Conference Following 50 Point Fed Drop…
Earlier this morning the Federal Reserve (Fed) announced a .50 drop in their lending rate in response to the potential for economic impacts from the coronavirus. Following the rate cut Federal Reserve Chair Jerome Powell delivered a statement and held a press conference…
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