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Gold prices ended a dime lower on Tuesday, as gains in U.S. equities and the dollar dulled some of the metal’s investment appeal. April gold fell 10 cents to settle at $1,255.60 an ounce after finishing at its highest level in a month on Monday.
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From:: Stock Market News
The Securities and Exchange Commission on Tuesday rejected a proposal that would’ve allowed for the creation of the SolidX Bitcoin Trust, a bitcoin-focused exchange-traded fund that would’ve traded on the New York Stock Exchange. The agency cited concerns about possible market manipulation and regulation that echoed its March 10 rejection of the Winklevoss Bitcoin Trust, which would’ve traded on the BATS exchange. It’s widely believed by bitcoin watchers that the creation of a bitcoin ETF would provoke an influx of new capital into the digital-currency ecosystem, likely triggering a significant increase in the bitcoin price. The agency is still considering a third ETF proposal from Grayscale Partners, whose Grayscale Bitcoin Trust is one of the few bitcoin-focused investment products available to institutional and retail investors. The price of a single bitcoin ticked lower after the ruling, retreating to $1,054 in recent trade from $1,064 earlier in the day.
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From:: Stock Market News
The latest S&P CoreLogic Case-Shiller Indices showed that home prices hit a 31-month high in January, but will those record prices be a speed bump or a brick wall for home buying moving forward? Opinions appear to be a bit mixed in that regard, with some analysts viewing January’s data as a significant drawback for certain segments of the home-buying market, while others say the rising prices aren’t a concern, yet. …read more
From:: Real Estate Wire
White House press secretary Sean Spicer said Tuesday he hopes former acting attorney general Sally Yates testifies to Congress as part of a probe into possible links between President Donald Trump’s campaign and Russian officials. He called a Washington Post story that said the Justice Department tried to block Yates from testifying on Russia “100% false.” Also read: Here’s why the White House may have wanted to block Sally Yates from testifying.
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From:: Stock Market News
Moody’s Investors Service said Tuesday a proposal from hedge fund billionaire David Einhorn’s Greenlight Capital that General Motors Co. adopt a dual-class stock structure is a credit negative for the car maker and its subsidiaries. “If adopted, the proposal would represent a significant departure from the company’s current financial strategy,” the rating agency wrote in a statement. “This well-defined and publicly-communicated strategy was an important element in the recent upgrade of GM’s ratings.” Earlier, GM rejected the proposal, which in effect, would eliminate the dividend on the existing common stock. Moody’s said the move would reduce GM’s financial flexibility and raise credit risk. “The creation of a perpetual, cumulative dividend in excess of $2.2 billion would saddle GM with a sizable and largely inflexible cash outflow burden,” the agency wrote. GM’s most active bonds, the 4.350% notes due January of 2027, were trading at 101 cents on the dollar, according to MarketAxess. GM shares were up 2.8% but have gained just 2.5% in the year so far, while the S&P 500 has gained 5%.
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From:: Stock Market News
Despite the recovering economy and a substantially improved job market, pockets of persistently high unemployment remain in lower-income and minority communities, Fed Chairwoman Janet Yellen said Tuesday. Fed interest-rate policy is not the best tool to combat this problem, Yellen said in a speech to the National Community Reinvestment Coalition meeting. Instead, there is a need for “effective workforce development options for these communities,” she said. These programs should include vocational training and apprenticeships as not every student can afford a two-or-four year college degree, Yellen said. The Fed chief did not discuss the economic outlook or monetary policy in her prepared remarks.
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From:: Stock Market News
The Scottish parliament has voted in favor of holding a second referendum on independence, media reports said Tuesday. The vote has granted Scotland’s first minister, Nicola Sturgeon, the authority to negotiate with Westminster on holding another vote. Scottish voters rejected independence in a 2014 referendum, but voted to remain in the European Union during last year’s Brexit referendum. The news comes a day after Sturgeon met with British Prime Minister Theresa May, who has said she will attempt to block a second Scottish referendum taking place during the Brexit negotiations. But Sturgeon said her timetable would not interfere with that process but rather give Scotland the change to choose its future once the terms of the UK’s exit are clear and before it’s “too late to choose our own course.”
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From:: Stock Market News
Industry professionals gathered to talk about the state of Hispanic homeownership in the U.S. at the National Association of Hispanic Real Estate Professionals’ 2017 policy conference. As it turns out, Hispanics are currently the driving force in today’s homeownership rate. …read more
From:: Real Estate Wire
Home prices continued to rise in January, reaching a record-high for the fifth month in a row, according to the new S&P CoreLogic Case-Shiller Indices, a measure of U.S. home prices. January’s increase places the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index at a 31-month high. …read more
From:: Real Estate Wire
Regeneron Pharmaceuticals Inc. and Sanofi SA said Tuesday the U.S. Food and Drug Administration has approved Dupixent Injection, the only biologic medicine approved for treating adults with moderate-to-severe atopic dermatitis that does not respond to topical prescription treatments. Atopic dermatitis is the most common form of eczema and estimates suggest as many as 300,000 sufferers are in need of new treatment options, the companies said in a joint statement. Regeneron shares were halted for the news. Sanofi shares closed up 0.6% in Paris.
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From:: Stock Market News