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The price of one bitcoin rose to its highest level in 2015 on Friday, peaking at $333.40 on the CoinDesk Bitcoin Price Index. It last traded at that level in late December. The digital currency has traded between $200 and $275 for most of the year, according to the CoinDesk index, which incorporates prices from six of the largest bitcoin exchanges. After hitting an all-time high above $1,000 in late 2013, the price of a bitcoin has languished after Mt. Gox, a large bitcoin exchange based in Tokyo, lost a cache of customer bitcoins worth hundreds of millions of dollars.

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From:: Stock Market News

Holiday retail sales growth is expected to slow from last year’s levels despite consumers’ improved financial health, according to Morgan Stanley . The bank estimates 1.2% comparable-store sales growth for softlines – retailers selling items like clothing and accessories – compared with 2.8% last year because of a warm winter and a challenging comparison with last year’s numbers. Morgan Stanley estimates 3% comparable-store sales growth at hardline and broadline retailers, which includes categories such as appliances and electronics. “While 3% comps are healthy on the surface, they are being held back by spending on big ticket durable goods as well as communication services,” Morgan Stanley wrote in a report. The bank also said competition across online and off-line channels will distribute growth unevenly. Nike Inc. , Lululemon Athletica Inc. and Best Buy Co. Inc. are in a good position for the season, according to the report, while DSW Inc. and Steve Madden Ltd may see difficulties.

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From:: Stock Market News

The Chinese yuan recorded its largest one-day gain against the dollar in 10 years on Friday on rumors the government will soon take another step toward opening its capital account. Reports circulated that the Chinese government will soon launch a trial program that would allow individuals to directly buy overseas assets, according to currency strategists at Brown Brothers Harriman. According to the reports, the program would be launched in the Shanghai free trade zone. The currency, also known as the renminbi, has barely moved against the dollar since Aug. 11, when the government shocked the market by devaluing it. Chinese policy makers maintain a tight grip on the yuan, only allowing it to move up to 2% in either direction around a midpoint set daily by the central bank. The yuan fell 0.6% to 6.3174 to the dollar just before the close of onshore trading. It traded at 6.36 to the dollar late Thursday local time.

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From:: Stock Market News

WASHINGTON (MarketWatch) — Consumer sentiment rose in October, though not as much as a preliminary figure suggested, according to the latest University of Michigan report. The index increased to 90.0 in October from 87.2 in September, though that was below initial 92.1 reading. Economists polled by MarketWatch had expected the index to finish the month at 92.5.

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From:: Stock Market News

WASHINGTON (MarketWatch) — The Chicago business barometer, also called the Chicago PMI, surged back into positive territory in October, rising to a level of 56.2 from 48.7 in September. That’s the highest level since January, and came after big gains in production and new orders, MNI Indicators said.

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From:: Stock Market News

U.S. stocks opened slightly higher on Friday, but steady gains over the week meant the indexes are on track for a fifth straight weekly gain. The main indexes are also eyeing the strongest monthly gains in four years. The S&P 500 opened 2 points, or 0.1%, higher at 2,092. The Dow Jones Industrial Average advanced 23 points, or 0.1%, to 17,776. The Nasdaq Composite began the day up 8 points, or 0.2%, at 5,082.

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From:: Stock Market News

Herbalife Ltd. issued a scathing statement on hedge fund manager and shareholder activist Bill Ackman Friday. Ackman, who has amassed a large short position in Herbalife and repeatedly charged it with being a Ponzi scheme, is hosting an investor call to discuss his stake in troubled drug maker Valeant Pharmaceuticals International Inc. . “I hope Bill Ackman has done more research on Valeant than he did on Herbalife, Target, Borders and JC Penney,” said Alan Hoffman, executive vice president, global corporate affairs, at Herbalife.

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From:: Stock Market News

Honeywell International Inc. said on Friday it was raising its annual dividend by 15% to $2.38 a share. The increase will be effective in the fourth quarter, with the quarterly dividend rising to 59.5 cents a share, payable Dec. 10 to shareholders of record on Nov. 19. “Even in a slow-growth global economic environment, Honeywell remains committed to growing our dividend faster than earnings for shareholders,” said Chief Executive Dave Cote. The industrial conglomerate’s stock, which was still inactive in premarket trade, has gained 3% year to date, while the S&P 500 has tacked on 1.5%. At Thursday’s closing price of $102.94, the new dividend would represent an annual dividend yield of 2.3%, compared with the S&P 500 dividend yield of 2.1%.

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From:: Stock Market News

Chevron Corp.’s stock rose 1.2% in premarket trade Friday, after the oil giant beat profit and sales expectations, and said it would cut spending and up to 7,000 jobs in the coming years. Earnings for the quarter ended Sept. 30 fell to $2.04 billion, or $1.09 a share, from $5.59 billion, or $2.95 a share, in the same period a year ago, but were well above the FactSet EPS consensus of 76 cents. Revenue dropped to $32.77 billion from $51.82 billion, reflecting declines in market prices for crude oil and natural gas, but was well above the FactSet consensus of $27.7 billion. The company said it expects 2016 capital expenditures to be about 25% lower than 2015 levels, and expects to cut 6,000 to 7,000 jobs as it further reduces spending in 2017 and 2018. “While downstream earnings remained strong, lower overall earnings reflected weaker market prices for both crude oil and natural gas, which depressed upstream profitability,” said Chief Executive John Watson. “We are focused on improving results by changing outcomes within our control.” The stock had dropped 20% year to date through Thursday, while the S&P 500 has gained 1.5%.

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From:: Stock Market News

WASHINGTON (MarketWatch) – The cost of employing the average U.S. worker sped up in the ​third quarter after a record-low increase in the spring, according to an closely followed gauge. The employment cost index advanced a seasonally adjusted 0.6% from July to September after a 0.2% gain in the second quarter. Economists surveyed by MarketWatch had expected a 0.7% gain. Despite the third-quarter pickup there’s little evidence of a broad acceleration in the cost of labor. Over the past 12 months, employment costs have risen an unadjusted 2%, the same as in the second quarter but down sharply from a postrecession high of 2.6% in the first quarter. The ECI reflects how much companies, governments and nonprofit institutions pay their employees in wages and benefits. Wages – some 70% of employment costs – rose 0.6% in the third quarter. Benefits increased 0.5%.

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From:: Stock Market News