Category: Stock Market News

Gold prices jumped Tuesday after Federal Reserve Chairwoman Janet Yellen stressed that the central bank will take a cautious approach to future rate hikes given the uncertain economic outlook. In a speech at The Economic Club of New York, Yellen also revealed that the Fed will rely on bond purchases if the economy stumbles, which the markets interpreted as dovish. June gold rose $15.40, or 1.2%, to $1,237.40 an ounce versus the $1,228.20 it was trading at before Yellen’s comments. Gold had been in positive territory all session after the Case-Shiller report indicated that consumer prices are firmer. Gold is often used as an inflation hedge.

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Oil futures pared some of their losses on Tuesday after U.S. Federal Reserve Chairwoman Janet Yellen said caution on interest-rate hikes is justified. The U.S. dollar weakened in the wake of her comments, offering some support for dollar-denominated oil prices. May WTI crude traded at $38.41 a barrel on the New York Mercantile Exchange, down 98 cents, or 2.5%. It was trading around $38.19 before Yellen’s speech.

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The dollar weakened against its main rivals Thursday after Federal Reserve Chairwoman Janet Yellen reiterated that global developments have increased the risks for the U.S. economy. Yellen said caution about the pace of raising interest rates was justified — a message that investors interpreted as dovish. The dollar sold off, with the euro climbing to $1.1252 after the remarks, from around $1.1205 shortly before. The dollar fell to 113.07 yen, from 113.30 yen shortly before. The pound rose to $1.4357, from $1.4287 shortly before.

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The dollar weakened against its main rivals Thursday after Federal Reserve Chairwoman Janet Yellen reiterated that global developments have increased the risks for the U.S. economy. Yellen said caution about the pace of raising interest rates was justified — a message that investors interpreted as dovish. The dollar sold off, with the euro climbing to $1.1252 after the remarks, from around $1.1205 shortly before. The dollar fell to 113.07 yen, from 113.30 yen shortly before. The pound rose to $1.4357, from $1.4287 shortly before.

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Discount retailer The TJX Companies Inc. said Tuesday it is raising its quarterly dividend by 24% to 26 cents a share. The new dividend will be payable June 2 to shareholders of record as of May 12. The company said it is also planning to buy back $1.5 billion to $2.0 billion of its own stock in fiscal 2017. Shares were slightly higher in midmorning trade, and are up 12% in the last 12 months, while the S&P 500 has lost 1.3%.

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Supermarket chain Supervalu inc. said Tuesday it will switch to selling 100% cage-free eggs at its grocery stores by 2025, or sooner. The company said cage-free eggs currently account for nearly 12% of its total grocery retail egg sales. The transition will take time because of the low availability of cage-free eggs, it said in a statement. In August, Supervalu’s Wild Harvest committed to selling 100% cage-free eggs by the end of 2015, a goal that it has achieved. The company said it would provide annual reports on its progress. Shares were trading down 2%, and are down about 52% in the last 12 months, while the S&P 500 has lost 1.4%.

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U.S. stocks opened lower on Tuesday, as a slump in oil prices hit energy and materials companies. A better-than-expected reading on U.S. home prices lifted home builders, such as Lennar Corp. . The S&P 500 opened 5 points, or 0.2%, lower at 2,031. The Dow Jones Industrial Average fell 58 points, or 031%, to 17,477. Meanwhile, the Nasdaq Composite began the day down 12 points, or 0.2%, at 4,754.

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Keryx Biopharmaceuticals shares were up 21% in pre-market trade after the company announced its kidney disease medication met phase 3 endpoints early Tuesday. The ferric citrate medication is intended to treat iron deficiency anemia in adults with chronic kidney disease, which about 1.6 million Americans are affected by, the company said. The phase 3 results of the 24-week, 234-patient trial were statistically significant and met primary and pre-specified secondary endpoints, the company said.

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SunEdison Inc.’s stock plunged 40% in premarket trade Tuesday toward a record low, after its yieldco TerraForm Global Inc. said in a filing that there is “a substantial risk” that SunEdison will file for bankruptcy soon. The stock, which was the most active ahead of the open with 3.8 million shares traded, is set to trade below $1 for the first time since the renewable energy company went public in July 1995. “SunEdison has not performed as obligated” with respect to financial reporting, and has also not been able to contribute to projects in Uruguay and India, TerraForm said in a filing Tuesday. “In addition, due to SunEdison’s liquidity difficulties, there is a substantial risk that SunEdison will soon seek bankruptcy protection.” Separately, the Securities and Exchange Commission is investigating SunEdison’s disclosures about how much cash it had on hand. Shares of TerraForm, which was spun off from SunEdison in July 2015, tumbled 20% premarket. SunEdison’s stock has plummeted 75% year to date through Monday, while the S&P 500 has slipped 0.3%.

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The hijacking of an EgyptAir flight Tuesday has ended, and the hijacker has been arrested, officials from the airline and Cyprus said Tuesday. Flight MS181 carrying 64 people from Alexandria, Egypt, was forced by the armed hijacker to land at Larnaca Airport in Cyprus early Tuesday morning. “Its over. The hijacker arrested,” Cyprus’s Ministry of Foreign Affairs wrote on its Twitter page. EgyptAir on its Twitter page “declared the release of all of the hostages,” as well as the hijacker’s arrest. There have been no reports of deaths or injuries.

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