Category: Market News
The Biden administration made a firm push for Congress to provide additional funding to fight COVID-19 on Tuesday after $15.6 billion was dropped from a spending bill, arguing that it needs to make sure there are enough doses on hand to provide fourth jabs for all Americans if such boosters are needed – or to […]
Prices for the U.S. oil benchmark entered a bear market Tuesday after finishing more than 20% below their settlement of $123.70 a barrel on March 8, which was the highest finish since August 2008. Oil prices continued their selloff amid renewed COVID-related shutdowns in China, while peace talks continued between Russia and Ukraine, said Marshall […]
Published: March 15, 2022 at 2:52 p.m. ET President Joe Biden on Tuesday afternoon signed into law a massive new bill that will fund the federal government for the remainder of the fiscal year and prevent a government shutdown, as well as further aid Ukraine. Earlier Tuesday, Biden administration officials continued their push for Congress […]
Published: March 15, 2022 at 3:23 p.m. ET President Joe Biden’s pick for Federal Reserve vice chair for supervision, Sarah Bloom Raskin, has withdrawn from being his nominee, according to a source familiar with the matter. Analysts had said on Monday that Biden probably would need to come up with a new Fed pick after […]
There’s the potential for a bigger market-moving development from the Federal Reserve than its widely expected quarter percentage point interest rate hike on Wednesday: fresh information about policy makers’ plans for reducing their almost $9 trillion balance sheet. B. of A. strategists Mark Cabana and Katie Craig, along with portfolio manager Thomas Graff of Brown […]
Stocks ended sharply higher Tuesday as oil prices continued to pull back from 14-year highs. The Dow Jones Industrial Average DJIA, +1.82% jumped around 599 points, or 1.8%, to close near 33,544, according to prelminary figures, while the S&P 500 SPX, +2.14% advanced around 89 points, or 2.1%, finishing near 4,262. the Nasdaq Composite COMP, […]
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 3.75 million barrels for the week ended March 11, according to sources. The API also reportedly showed a weekly inventory decline of 3.8 million barrels for gasoline, while distillate stockpiles edged up by 888,000 barrels. Crude stocks at the Cushing, Okla., delivery […]
A part of the Treasury yield curve has been inverting since Friday during the run-up to this week’s Federal Reserve’s policy decision, and traders are chalking up the development to a simple technicality. The 7-year Treasury yield TMUBMUSD07Y, 2.160% has traded above the 10-year yield TMUBMUSD10Y, 2.150% largely because of a move known as “convexity […]
The energy sector was taking a broad beating Tuesday, as crude oil prices continued their recent plunge below $100 a barrel. The SPDR Energy Select Sector ETF XLE, -3.23% slumped 3.3% in afternoon trading, and was the only SPDR ETF tracking the 11 S&P 500 SPX, +1.46% sectors to be declining, while the S&P 500 […]
Wells Fargo & Co. WFC, -0.41% CEO Charles W. Scharf earned total 2021 compensation of $24.5 million, which includes $2.5 million in base salary, a $5.37 million cash bonus, $10.81 million in performance shares awards (PSAs) and $5.82 million in restricted share rights (RSR), according to the bank’s proxy statement filed on Monday. In 2020, […]