Foreclosures | Mortgages | Financing
The new president of New Penn Financial LLC was promoted from within the company. The move comes in the midst of the home lender being acquired.
On Tuesday, the Plymouth Meeting, Pennsylvania-based company issued a statement indicating that Kevin Harrigan was promoted to president.
Harrigan, who originally joined New Penn in 2013, was promoted from the position of chief operating officer — a role he took on in May 2017.
From:: Financing
President Donald Trump plans to release his proposal to rebuild the nation’s infrastructure on Monday, Bloomberg News reported Tuesday. A White House official told Bloomberg the plan will outline Trump’s strategy to generate new investment, streamline project review and permitting processes, and provide funding for rural projects. It’s designed to generate at least $1.5 trillion to upgrade U.S. roads, bridges and other public works.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Rep. Jeb Hensarling, the Republican from Texas and chairman of the House Financial Services Committee, said Tuesday the decline in stocks in recent days was an “ironic, but totally predicable” response from Wall Street to the prospect of losing “artificially low interest rates.” Low rates only benefitted “some on Wall Street but they haven’t been particularly helpful to Main Street,” Hensarling said. The chairman said the economy was “strong and getting stronger” under President Trump’s economic policies. “We’ve always known the Fed would face significant challenges in unwinding its balance sheet when the economy took off,” Hensarling said. “If you’re listening – good luck [Fed] Chairman Powell – you volunteered for the job,” Hensarling added.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Treasury Secretary Steven Mnuchin said Tuesday that the administration is monitoring the stock markets but added they are functioning “very well.” In testimony to the House Financial Services Committee, Munchin noted stocks are “up significantly, over 30% since President Trump was elected.” Stocks have seesawed between gains and losses on Tuesday after sharp declines in trading over the past two days. Mnuchin said the recently passed tax reform plan will be “very positive” for longer-term growth. “We’re already beginning to see that in terms of corporate investments back into the United States and the impact on corporate earnings,” he added.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Fidelity Investments experienced a temporary outage on its website on Tuesday morning. In a note posted on its homepage, Fidelity said it was working to fix the problem. It appears the outage was affecting only the homepage, as customers were still able to log into their accounts. Fidelity joins a number of other discount brokerages, mutual-fund firms and digital advisers that suffered outages during Monday’s market rout. U.S. Equity markets switched between gains and losses on Tuesday, with the Dow swinging from a 500-point loss to a 360-point gain in early trade. Dow was last trading 169 points lower at 24,164.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
WASHINGTON (MarketWatch) – The number of job openings in the United States fell slightly in December to a seven month low of 5.81 million, the government said Tuesday. Openings have fallen from a recent record high high in part because companies filled some 1.3 million positions in the second half of 2017. Companies hire 5.49 million people in December while 5.24 million Americans lost their jobs. About 3.3 million people quit their jobs. The percentage of people in the workforce who walked away from their old jobs, known as the quit rate, rose a notch to 2.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Health care stocks moved upward in Tuesday morning trade as the market began to reverse its previous weakness, though some pharmaceutical stocks continued to drag. The Health Care Select Sector SPDR rose 0.8%, the SPDR S&P Pharmaceuticals ETF rose 1.6% and the SPDR S&P Biotech ETF rose 1.3%, compared with a 0.5% rise in the S&P 500 and a 0.4% drop in the Dow Jones Industrial Average . Shares of Mylan NV rose 2.6%, Shire PLC rose 2.1%, Johnson & Johnson rose 1.5%, Eli Lilly & Co. rose 1.7%, Danaher Corp. rose 1.4% and UnitedHealth Group rose 0.8%. Some biopharmaceutical stocks continued their weakness on Tuesday, however, including Sanofi , which declined 0.9%, Bristol-Myers Squibb , which declined 1.4%, Medtronic , which declined 0.9%, and Neurocrine Biosciences , which declined 1.7%. Despite having dropped 4.4% on Monday, matching widespread market weakness, the health Care Select Sector SPDR has gained 1.5% year-to-date, compared with a 0.2% decline in the S&P 500 and a 1.5% decline in the Dow Jones Industrial Average.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Coach parent company Tapestry Inc. shares rose 5.2% in early Tuesday trading, leading a retail rebound after Tuesday’s record-setting decline in the Dow Industrials. Urban Outfitters Inc. shares are up 4%, J.C. Penney Co. Inc. shares are up 3.6%, Abercrombie & Fitch Co. stock is up 1.3% and Nordstrom Inc. is up 2.3% shortly after the opening bell. Guess Inc. , which saw a sharp decline in shares late last week after model Kate Upton leveled allegations of misconduct against the company’s co- founder, saw it shares rise 2.2% early. And Fossil Group Inc. shares surged 3.7% Tuesday. American Eagle Outfitters Inc. , Macy’s Inc. , Michael Kors Holdings Ltd. and Kohl’s Corp. are each up more than 1%. In sporting goods, Foot Locker Inc. and Dicks Sporting Goods Inc. are each up. The S&P 500 index is up 0.6% in Tuesday trading, the Dow Jones Industrial Average and the SPDR S&P Retail ETF is up 0.7% for the day so far.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
U.S. stocks opened lower on Tuesday, suggesting the recent spate of selling was not yet over as investors continued to fret over what impact inflation might have on equities going forward. The Dow Jones Industrial Average fell 250 points, or 1%, to 24,100. The blue-chip average is coming off its biggest one-day percentage drop since August 2011, as well as the largest point drop in its history. The S&P 500 lost 33 points, or 1.3%, to 2,615. The Nasdaq Composite Index lost 73 points to 6,893, a decline of 1% that pushed it into negative territory for the year. The S&P is also coming off its biggest percentage decline since August 2011, and Monday’s selling pushed both the Dow and the S&P into negative territory for the year. Tuesday is on track to be the fourth straight negative session for the S&P and the Nasdaq, as well as the third straight down day for the Dow. The weakness was sparked by a stronger-than-expected jobs report last week, which suggested the Federal Reserve could be more aggressive than previously expected in raising interest rates, which added a new element of uncertainty into the market’s inflation outlook. The selling on Tuesday was broad based, with all of the 11 S&P 500 sectors lower on the day, although technology was among the biggest decliners, off 1.7%. In company news, General Motors rose 2.5% after it reported fourth-quarter earnings that topped expectations.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Credit Suisse says that a popular exchange-traded note that was designed to bet against rising volatility will be liquidated on Feb. 21 after the VelocityShares Daily Inverse VIX Short Term ETN lost more than 80% of its value in after-hours trade, triggering a technical liquidation, or “acceleration” event. “On the acceleration date, investors will receive a cash payment per ETN in an amount equal to the closing indicative value of XIV on the accelerated valuation date. The last day of trading for XIV is expected to be February 20, 2018. As of the date hereof, Credit Suisse will no longer issue new units of XIV ETNs,” the bank wrote in a statement. The tumble for the so-called inverse VIX product which is pegged to moves in the CBOE Volatility Index , which jumped 115%, reflecting its sharpest daily surge in history, to 37.32 on Monday, crushing bets that a sustained period of calm would persist. The VIX was trading around 50 early Tuesday. The move for the VIX, known as Wall Street’s fear gauge, also comes after the stock market suffered one of its worst declines in recent memory, with the Dow Jones Industrial Average registering its most severe point drop in history.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News