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Gold futures settled with a loss on Tuesday, pulling back after gains over the past two trading sessions lifted prices to their highest level in nearly 10 weeks. Analysts were upbeat over the outlook for gold prices, however, amid uncertainty surrounding U.S. President Donald Trump’s policies on the economy and global trade. February gold fell $4.80, or 0.4%, to settle at $1,210.80 an ounce.

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From:: Stock Market News

The Securities and Exchange Commission said on Tuesday that Morgan Stanley Smith Barney and Citigroup Global Markets will pay more than $2.96 million each to settle charges that they made false and misleading statements to investors about a foreign exchange trading program product. Registered representatives at both firms sold a foreign exchange trading program known as “CitiFX Alpha” to Morgan Stanley customers from August 2010 to July 2011, according to the SEC. Citigroup held a 49% ownership interest in Morgan Stanley Smith Barney at the time. The SEC complaint says the sales personnel used the program’s past performance and risk metrics in investor presentations. They also failed to adequately disclose that investors could be required to borrow more than advertised to participate and that markups would be charged on each trade. Investors suffered significant losses as a result of the undisclosed leverage and hidden markups, says the SEC. Morgan Stanley and Citigroup did not admit or deny the findings but each agreed to pay a penalty of $2.25 million, to give back profits of $624 thousand and pay interest of $89 thousand.

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From:: Stock Market News

The World Bank forecasts an average crude price of $55 a barrel for 2017, according to a quarterly report issued Tuesday. The figure is unchanged from the October forecast, but shows an increase of 29% from the 2016 oil price, which was an average of Brent , West Texas Intermediate and Dubai crudes. “The market is expected to tighten in 2017, particularly in the second half of the year,” the report said. It sees prices rising to an average $60 a barrel in 2018, “assuming a balanced market and no additional OPEC supply restraint.” Gold prices , meanwhile, are expected to decline 8% this year to an average $1,150 an ounce on weak investment demand, according to the World Bank report.

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From:: Stock Market News

President Donald Trump said Tuesday he’ll reveal his nominee for Supreme Court sometime next week. Speaking at the White House, Trump said he has “a number of outstanding candidates” to fill the vacancy left by the late Justice Antonin Scalia. Trump floated several possibilities to replace Scalia even before defeating Hillary Clinton in November, and again after the election. Former President Barack Obama had nominated U.S. Circuit Judge Merrick Garland for the position, but his nomination expired on Jan. 3.

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From:: Stock Market News

Airbnb is near a deal to buy payment app Tilt, according to a report Tuesday from The Information, which cited two people familiar with the matter. The acquisition price would be between $10 million and $20 million, The Information said. Tilt’s app allows friends to split the cost of purchases.

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From:: Stock Market News