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U.S. stocks tumble in worst selloff since Brexit

U.S. stocks sold off on Friday in its worst trading session since Brexit as hawkish comments from Boston Fed President Eric Rosengren suggested that the Federal Reserve could resume raising interest rates soon, turning off the flow of easy money into the market. The S&P 500 sank to its lowest close in two months, falling 53 points, or 2.5%, to 2,127 for a weekly loss of 2.4%. The Dow Jones Industrial Average shed nearly 400 points, or 2.2%, to end at 18,085, falling 2.2% for the week, while the Nasdaq Composite Index skidded 134 points, or 2.5%, to close at 5,125, bringing its weekly loss to 2.4%.

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.

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Former TV host Montel Williams to launch medical marijuana company

Montel Williams, the former host of long-running talk show “The Montel Williams Show,” said on Friday he’s launching a medical cannabis company. The company, Lenitiv Scientific, will deal in innovative, high quality medical cannabis products for patients, through brand name LenitivLabs. line of medical cannabis products, according to a news release. Williams has been an outspoken advocate for medical cannabis and law reform for the last 17 years. He’s also been active with the nonprofit MS Foundation since being diagnosed with Multiple Sclerosis in 1999, the symptoms of which he manages with cannabis products. “My physicians recommended cannabis as part of my treatment 17 years ago and I’ve used it ever since,” Williams said in a statement. “With the issue of full legalization dominating the conversation, it’s critical not to forget patients who have specific needs with respect to cannabis, including strains that might be less profitable in the marketplace.” Lenitiv Scientific also plans to work with regulators and educate the community on proper cannabis dosage and delivery methods as well as fund clinical studies for medical cannabis.

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.

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For Sale: Over $1 Billion in GSE Mortgages

More than $1 billion in government-sponsored enterprise mortgages that are not performing are being offered for sale to the highest bidder.

The offering includes $1.1 billion in whole non-performing residential loans that are owned by the Federal Home Loan Mortgage Corp.

Five pools being offered for sale include four standard pool offerings and one extended pool offering that is targeted at smaller investors.

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From:: Financing

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Oil futures fall for the session, but gain for the week

Oil futures fell Friday, giving up much of what they gained a day earlier. Analysts warned that U.S. supplies are likely to rebound from a surprise drop as the Gulf of Mexico returns to normal operations in the wake of storm that disrupted output and transportation activities in the region last week. Oil prices, however, still gained 3.2% for the week as some traders held out hope that producers will agree to curb production at a meeting later this month. October WTI crude fell $1.74, or 3.7%, to settle at $45.88 a barrel on the New York Mercantile Exchange, after jumping 4.7% on Thursday.

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.

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Best Banks On Social Media

A trio of community banks have recently been recognized for their ability to be innovative in their utilization of social media platforms.

Among the three financial institutions is Bank of Ann Arbor, which is behind the Sonic Lunch event each Thursday from June to August.

The free concert series features national touring bands performing in Downtown Ann Arbor, Michigan, drawing an estimated 25,000 people.

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Gold settles at a 1-week low, but still holds onto a gain for the week

Gold futures settled Friday at their lowest level in a week, but still managed to score a modest gain from the end of last week. Traders looked to comments from various Federal Reserve officials for clues on the central bank’s plans for interest rates. December gold fell $7.10, or 0.5%, to settle at $1,334.50 an ounce. That was the lowest settlement since last Friday but for the week, prices still gained 0.6%, according to FactSet data.

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.

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From:: Stock Market News

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Gold settles at a 1-week low, but still holds onto a gain for the week

Gold futures settled Friday at their lowest level in a week, but still managed to score a modest gain from the end of last week. Traders looked to comments from various Federal Reserve officials for clues on the central bank’s plans for interest rates. December gold fell $7.10, or 0.5%, to settle at $1,334.50 an ounce. That was the lowest settlement since last Friday but for the week, prices still gained 0.6%, according to FactSet data.

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.

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From:: Stock Market News