Tag: stock market

The director of the Office of Government Ethics is recommending to the White House that Kellyanne Conway, a senior adviser to President Donald Trump, be investigated and perhaps disciplined for hawking Ivanka Trump’s clothing line on television. Last week, White House spokesman Sean Spicer said Conway had been “counseled” for her comments. But in a letter to the deputy counsel to the president, OGE Director Walter Shaub said the agency “has not yet received notification of any disciplinary or other corrective action against Ms. Conway.”

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From:: Stock Market News

Oil prices settled higher Tuesday, recouping a portion of the losses they suffered a day earlier as traders weighed estimates on global production, ahead of weekly data on U.S. petroleum supplies. The American Petroleum Institute will issue inventory figures late Tuesday, with official data from the Energy Information Administration due out early Wednesday. Analysts polled by S&P Global Platts forecast an increase of 3.25 million barrels for crude inventories. March West Texas Intermediate crude rose 27 cents, or 0.5%, to settle at $53.20 a barrel on the New York Mercantile Exchange.

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Gold futures eked out a small loss Tuesday to stretch declines to a fourth session in a row as the U.S. dollar strengthened on the back of upbeat comments from Federal Reserve Chairwoman Janet Yellen on the nation’s economy. Yellen’s “positive comments about the strengthening of the labor market and note that inflation is moving toward the Fed’s target of 2% have essentially put the possibility of a March rate hike on the table,” said Brien Lundin, editor of Gold Newsletter. April gold fell 40 cents to settle at $1,225.40 an ounce.

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WASHINGTON (MarketWatch) — President Donald Trump asked his now-former national security adviser Michael Flynn to resign, White House press secretary Sean Spicer said Tuesday. Spicer said it was “a matter of trust” that led Trump to ask for Flynn to resign.

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Tesla Inc. shares were set to extend their winning streak to a fifth day, up more than 1% and only a couple of dollars away from their Sept. 4, 2014, record closing of $286.04 and intraday record of $291.42. The stock traded as high as $287.39 on Tuesday, its best intraday since Sept. 3, 2014, when it traded as high as $288. Tesla’s momentum comes a week before the company is scheduled to report fourth-quarter results, and ahead of likely updates on key initiatives such as Model 3 production schedule. Tesla shares on Monday closed at their best in nearly 19 months.

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Shares of Apple Inc. rallied 1.2% in afternoon trade Tuesday to reach an all-time intraday record, extending the run of gains following strong quarterly results and amid growing optimism over new iPhone releases. The stock recently traded as high as $134.88, surpassing the previous all-time intraday high of $134.54 reached on April 28, 2015. The stock had closed at a record on Monday, passing the previous record set two-years earlier, following an upbeat report from Goldman Sachs. The stock has rallied 11% since Apple reported after the Jan. 31 close fiscal first-quarter earnings and revenue that beat expectations. The buzz on Tuesday is that Apple’s appearance on the list of Wireless Power Consortium members boosts hopes that the 10th anniversary release of the new iPhone 8 later this year will include wireless charging. The stock has soared 43% over the past 12 months, while the Dow Jones Industrial Average has climbed 28%.

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The Securities and Exchange Commission settled charges with Morgan Stanley Smith Barney on Tuesday, fining the firm $8 million for selling unsuitable ETF products to customers and not obtaining proof the clients understood the risks involved with purchasing inverse ETFs. Morgan Stanley admitted its wrongdoing. Those clients did not sign disclosure notices that explained that single inverse ETFs were typically unsuitable for investors planning to hold them longer than one trading session unless used as part of a trading or hedging strategy. Many of the clients who purchased single inverse ETFs to be held long-term in retirement and other accounts experienced losses. Morgan Stanley also failed to conduct risk reviews to evaluate the suitability of inverse ETFs for each advisory client and did not ensure that certain financial advisers completed training on the product and its risks.

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WASHINGTON (MarketWatch) – Russia has deployed a cruise missile that American officials say violates a 1987 arms-control treaty, potentially complicating relations with a Trump White House that had planned to seek more common ground, according to the New York Times. The Obama administration objected to the missile and had asked Russia to make it compliant with 1987 ban on intermediate ground-launched weapons. Yet Russia apparently has gone ahead and deployed a number of these new missiles that U.S. officials call a SSC-8. The Pentagon is considering options to counter the missile and shield NATO allies within its range, the Times said.

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WASHINGTON (MarketWatch) — The White House will reopen for public tours, first lady Melania Trump said Tuesday. It will reopen on March 7. Members of Congress — who can arrange visits for their constituents — have voiced displeasure over the unavailability of such tours.

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Exchange-traded funds that track the financial sector jumped on Tuesday, after Federal Reserve Chairwoman Janet Yellen offered an upbeat outlook for the U.S. economy and suggested that interest rates could be raised at “upcoming meetings.” Some took the comments as implying that the Federal Open Market Committee could raise key interest rates as early as the Fed’s next policy meeting in March. Higher rates are seen as a tailwind for the sector, in large part because of bank net interest margin, or the difference between the interest they earn on the loans they make and the interest they pay out. Low rates can depress net interest margins, which can lead to lower earnings. The Financial Select Sector SPDR ETF rose 0.8% and was by far the biggest gainer among S&P 500 sectors. The SPDR S&P Bank ETF added 1.2% while the SPDR S&P Regional Banking ETF advanced 1.3%.

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