Tag: stock market

Richard Clarida, an economist at Pimco, is now the front-runner to become the Federal Reserve vice chairman, Reuters and CNBC reported Thursday. Clarida is seen as a pragmatist, not automatically in the hawk or dove camps. Clarida, 60, worked at the Treasury Department under President George W. Bush. Prior to that, he was chair of the Economics Department at Columbia University. There are four vacancies on the seven-member Fed board of governors. Stanley Fischer, the previous No. 2 at the Fed, left last October. Clarida would be President Donald Trump’s third pick for the Fed. The prior two- Fed Chairman Jerome Powell and Randall Quarles, the head of banking supervision – both worked at Treasury for President George H.W. Bush.

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From:: Stock Market News

U.S. stocks fell sharply on Thursday, with both the Dow and the S&P 500 on track for their third straight session with a 1% drop. That’s the longest such streak for the two since January 2016, according to the WSJ Market Data Group. Furthermore, if the Dow closes at its current level, that will mark the fourth time this year that it has fallen at least 2% in a single session. That’s the greatest concentration of such drops through March 1 since 2009, when equities were nearing the bottom of the financial crisis. The Dow fell 2% on Thursday while the S&P was down 1.7% and the Nasdaq dropped 1.6%, falling below its 50-day moving average. The day’s selling came after President Donald Trump said he would be instituting trade tariffs on steel and aluminum, raising the specter of protectionist trade policies, something that has been cited as a key risk for investors.

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From:: Stock Market News

Shares of Newell Brands Inc. showed a rare splash of green in a sea of red Thursday, after billionaire investor Carl Icahn said he has a stake in the company but has not yet decided which side to take in a pending proxy fight. Newell, which owns brands including Rubbermaid, Papermate and Elmer’s, is shaping up for a proxy fight with activist investor Starboard Value LP, which is seeking to replace the entire board and its chief executive. Icahn said on CNBC that he views the stock as undervalued, and has even mulled nominating his own board candidates, but decided not to. Newell management has said its board is currently comprised of “nine highly qualified and experienced directors, eight of whom are independent and all of whom areseasoned leaders.” The board is working to cut costs and reduce debt, while streamlining the company into nine operating units. Shares were up 3.5%, while the major indexes were sharply lower after President Donald Trump said he would impose tariffs on steel and aluminum imports, raising concerns of protectionists trade policies that could hit U.S. corporations and consumers. The Dow Jones Industrial Average was down more than 500 points, or 2%, and the S&P 500 was down 1.7%.

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From:: Stock Market News

The Nasdaq Composite Index fell sharply on Thursday, and was on track to close below a closely watched technical level for the first time in more than two weeks. The index fell 1.5% to 7,164, breaking under its 50-day moving average of 7,173.77. The tech-heavy index hasn’t closed under its 50-day, often viewed as a gauge of short-term momentum in an asset, since Feb. 13. Both the Dow Jones Industrial Average and the S&P 500 fell and closed below their own 50-day moving averages in Wednesday’s session. The Dow fell 2% on Thursday while the S&P was down 1.6%. Weakness in the technology sector, which was down 2.1%, drove the selling in the Nasdaq on Thursday. Among its most notable components, Google parents Alphabet Inc. fell 3.1% and Apple Inc. was down 2%. The day’s selling came after President Donald Trump said he would be instituting trade tariffs on steel and aluminum raised the specter of protectionist trade policies, something that has been cited as a key risk for investors.

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

Oil prices settled lower Thursday, with U.S. benchmark crude at its lowest level in just over two weeks, a day after the U.S. government reported weekly increases in U.S. crude and gasoline stockpiles and record weekly domestic production. April WTI crude fell 65 cents, or 1.1%, to settle at $60.99 a barrel on the New York Mercantile Exchange, the lowest finish since Feb. 14.

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From:: Stock Market News

U.S. stocks fell broadly on Thursday, with each of the 11 primary S&P 500 sectors losing ground on the day and seven of them dropping at least 1%. The losses were led by the industrial sector, which tumbled 2.3% in what was set to be both its third straight daily decline and its biggest one-day percentage decline since Feb. 8. The losses came after President Donald Trump said he would be instituting trade tariffs on steel and aluminum raised the specter of protectionist trade policies, something that has been cited as a key risk for investors. Among other sectors, health-care stocks lost 2.1% while financials sank 2%. The information technology group was down 2.1%. Seeing comparatively little weakness was the utilities industry, which was down 0.4% on the day. The Dow Jones Industrial Average lost 2.1% while the S&P 500 shed 1.7% and the Nasdaq Composite index was off 1.6%.

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

The Dow Jones Industrial Average traded near session lows Thursday afternoon as the stock market digested a second round of testimony from newly minted Federal Reserve Chairman Jerome Powell and the threat of tariffs on steel and aluminum imports. The Dow was off 485 points, or about 2%, at 24,542, with sharp declines in shares of United Technologies Corp. and Boeing Co. contributing the most the blue-chip gauge’s slump. Blue chips had been down by as much as 587 points at its lows of the day. The S&P 500 index was down 1.6% at 2,670, falling beneath a psychologically significant level at 2,678. Meanwhile, the Nasdaq Composite Index declined 1.6% at 7,155. Stocks have been volatile but took a leg lower amid reports that President Donald Trump would impose tariffs on steel and aluminum imports. “We’re going to build our steel industry back and we’re going to build or aluminum industry back,” Trump said during a news conference on Thursday. “We’re going to be instituting tariffs next week,” the president said. Trump’s comments, from a White House gathering with leaders in the steel and aluminum business, raise the specter of protectionist trade policies that could unsettle investors–at least in the short term. Meanwhile, earlier Thursday, Powell attempted to moderate comments he made on Tuesday in congressional testimony by emphasizing that the economy wasn’t overheating.

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

The Cboe Volatility Index spiked on Thursday, jumping more than 20% to hit a two-week high as stocks sold off in the wake of an announcement that President Donald Trump would be instituting trade tariffs on steel and aluminum. The VIX jumped 25% to 24.76, its highest level since Feb. 14 and its biggest one-day percentage jump since Feb. 5. With the day’s move, the VIX has jumped back above the closely watched level of 20, which is considered its long-term average. Thursday is poised to be the third straight positive session for the VIX; it has jumped more than 55% over that period. The VIX moved higher as selling accelerated in Wall Street stocks; major indexes tumbled more than 1% after Trump’s comments about tariffs raised the specter of protectionist trade policies, something that has been cited as a key risk for investors. After trading at atypically low levels throughout 2017, the VIX has seen numerous spikes thus far in 2018; thus far this year it has climbed about 130%. The Dow Jones Industrial Average fell 2% on Thursday while the S&P 500 was down 1.7% and the Nasdaq Composite Index tumbled 1.7%.

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

The Dow Jones Industrial Average fell to session lows Thursday afternoon as the stock market digested a second round of testimony from newly minted Federal Reserve Chairman Jerome Powell and the threat of tariffs on steel and aluminum imports. The Dow was off 552 points, or 2.2%, at its lows, but was most recently down 511 points, or 2%, at 24,551, with sharp declines in shares of United Technologies Corp. and Boeing Co. contributing the sharpest downward pressure on the blue-chip benchmark. The S&P 500 index was down 1.6% at 2,670, slipping beneath a psychologically significant level at 2,678. Meanwhile, the Nasdaq Composite Index declined 1.7% at 7,147. Stocks have been volatile but took a leg lower amid reports that President Donald Trump would impose tariffs on steel and aluminum imports. “We’re going to build our steel industry back and we’re going to build or aluminum industry back,” Trump said during a news conference on Thursday. “We’re going to be instituting tariffs next week,” the president said. Trump’s comments, from a White House gathering with leaders in the steel and aluminum business, raise the specter of protectionist trade policies that could unsettle investors–at least in the short term. Meanwhile, earlier Thursday, Powell attempted to moderate comments he made on Tuesday in congressional testimony by emphasizing that the economy wasn’t overheating.

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

The Dow Jones Industrial Average fell to session lows Thursday afternoon as the stock market digested a second round of testimony from newly minted Federal Reserve Chairman Jerome Powell and the threat of tariffs on steel and aluminum imports. The Dow was off 400 points, or 1.6%, at 24,625, with sharp declines in shares of United Technologies Corp. and Boeing Co. contributing the sharpest downward pressure on the blue-chip benchmark. The S&P 500 index was down 1.4% at 2,677, slipping beneath a psychologically significant level at 2,678. Meanwhile, the Nasdaq Composite Index declined 1.4% at 7,172. Stocks have been volatile but took a leg lower amid reports that President Donald Trump would impose tariffs on steel and aluminum imports. “We’re going to build our steel industry back and we’re going to build or aluminum industry back,” Trump said during a news conference on Thursday. “We’re going to be instituting tariffs next week,” the president said. Trump’s comments, from a White House gathering with leaders in the steel and aluminum business, raise the specter of protectionist trade policies that could unsettle investors–at least in the short term. Meanwhile, earlier Thursday, Powell attempted to moderate comments he made on Tuesday in congressional testimony by emphasizing that the economy wasn’t overheating.

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