Tag: stock market

Gold futures settled with a loss on Friday, but still scored a gain of about 1.9% for the week. “Gold appears to be trading in lock step with U.S. dollar trends over the past few weeks, with this week’s strength reflecting softness in the dollar,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “Our view on President-elect [Donald] Trump’s policies is that we should see a stronger U.S. dollar, which should continue to pressure gold prices this year.” February gold fell $3.60, or 0.3%, for the session to settle at $1,196.20 an ounce.

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From:: Stock Market News

Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil fell by 7 to 522 rigs this week. The decline follows ten consecutive weeks of increases. The total active U.S. rig count, which includes oil and natural-gas rigs, also fell 6 to 659, according to Baker Hughes. February West Texas Intermediate crude was trading down 46 cents, or 0.9%, for the session at $52.55 a barrel on the New York Mercantile Exchange, unchanged from the levels it traded at before the data.

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The Treasury Department said Friday it is asking primary dealers about market conditions for mortgage-backed securities and TIPS, or inflation-protected securities. In its latest primary dealer agenda, the Treasury said it was asking dealers about the near and medium term outlook for the MBS market in light of recent changes in long-term Treasury and mortgage rates. It also asked dealers about current supply and demand in the TIPS market in light of the recent rise in real rates.

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J.P. Morgan & Co. CEO Jamie Dimon said he isn’t concerned that President-elect Donald Trump’s trade policies will hurt the economy by pushing for tariffs and adopting a protectionist stance. During a call with reporters on Friday following the bank’s quarterly results, Dimon said despite Trump’s rhetoric and frequent use of Twitter, which indicate the real-estate mogul would retool trade agreements with Mexico and hold a hard line with countries like China, he expects the coming president’s administration to “do the right thing.” “Putting aside the one-liners and election rhetoric, I am comforted by the fact that he’s putting real players on the playing field,” Dimon said. Trump, for example, has repeatedly accused China of manipulating its currency and has threatened to place tariffs on its goods. Critics fear that such a tacked would backfire as China would likely retaliate with tariffs of its own. The U.S. is the biggest market for China, accepting about a fifth of its exports. Shares of J.P. Morgan were up nearly 2% on Friday, following its better-than-expected results, which were giving a lift to financials and the Dow Jones Industrial Average . “Give him some time,” Dimon said of Trump. The J.P. Morgan boss is a part of Trump’s economic brain trust, the Strategic and Policy Forum, which consists of 16 business leaders, headed by Stephen Schwarzman, the billionaire co-founder of private-equity firm Blackstone Group .

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The Securities and Exchange Commission said on Friday that Citadel Securities LLC will pay $22.6 million to settle charges that its team that processes retail customer orders from other brokerage firms misled those customers about the way it priced trades. According to the SEC, Citadel Execution Services used two algorithms that did not take the other side of the retail orders, called internalization, at the best price observed nor did it seek the best price in the marketplace. That’s despite telling broker-dealer clients that it either took the other side of the trade and provided the best price that it observed on various market data feeds or sought to obtain that price in the marketplace. Citadel Securities executes approximately 35% of the average daily volume of retail equity shares traded in the U.S. markets, according to the SEC’s order. Citadel Securities has since discontinued use of the two algorithms which violated the law from late 2007 through January 2010. Citadel did not admit or deny the findings, but agreed to be censured and pay a penalty of $16 million, return $5.2 million in gains and pay interest of more than $1.4 million.

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From:: Stock Market News

The Securities and Exchange Commission said on Friday that Citadel Securities LLC will pay $22.6 million to settle charges that its team that processes retail customer orders from other brokerage firms misled those customers about the way it priced trades. According to the SEC, Citadel Execution Services used two algorithms that did not take the other side of the retail orders, called internalization, at the best price observed nor did it seek the best price in the marketplace. That’s despite telling broker-dealer clients that it either took the other side of the trade and provided the best price that it observed on various market data feeds or sought to obtain that price in the marketplace. Citadel Securities executes approximately 35% of the average daily volume of retail equity shares traded in the U.S. markets, according to the SEC’s order. Citadel Securities has since discontinued use of the two algorithms which violated the law from late 2007 through January 2010. Citadel did not admit or deny the findings, but agreed to be censured and pay a penalty of $16 million, return $5.2 million in gains and pay interest of more than $1.4 million.

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

J.P. Morgan & Co. CEO Jamie Dimon said he isn’t concerned that President-elect Donald Trump’s trade policies will hurt the economy by pushing for tariffs and adopting a protectionist stance. During a call with reporters on Friday following the bank’s quarterly results, Dimon said despite Trump’s rhetoric and frequent use of Twitter, which indicate the real-estate mogul would retool trade agreements with Mexico and hold a hard line with countries like China, he expects the coming president’s administration to “do the right thing.” “Putting aside the one-liners and election rhetoric, I am comforted by the fact that he’s putting real players on the playing field,” Dimon said. Trump, for example, has repeatedly accused China of manipulating its currency and has threatened to place tariffs on its goods. Critics fear that such a tacked would backfire as China would likely retaliate with tariffs of its own. The U.S. is the biggest market for China, accepting about a fifth of its exports. Shares of J.P. Morgan were up nearly 2% on Friday, following its better-than-expected results, which were giving a lift to financials and the Dow Jones Industrial Average . “Give him some time,” Dimon said of Trump. The J.P. Morgan boss is a part of Trump’s economic brain trust, the Strategic and Policy Forum, which consists of 16 business leaders, headed by Stephen Schwarzman, the billionaire co-founder of private-equity firm Blackstone Group .

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Retail sales for November and December increased 4% year-over-year to $658.3 billion, according to the latest numbers from the National Retail Federation. The final tally includes $122.9 billion from non-store sales, which includes e-commerce. Non-store sales were up 12.6% from 2015. The overall total exceeds the NRF’s forecast of $655.8 billion, which would have been an increase of 3.6%. The organization forecast a 7% to 10% increase in online sales to $117.0 billion. A number of department store retailers like Macy’s Inc. and Kohl’s Corp. have issued profit warnings for the holiday season. Sales at department stores were down 7% adjusted year-over-year while clothing and accessories stores increased 2.5%, furniture and home furnishings stores saw a 4.8% increase, and food and beverage stores saw sales increase 3.6%.

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U.S. stocks opened slightly higher Friday as investors were relieved by bank earnings results and economic data. J.P. Morgan Chase & Co and Bank of America Corp earnings beat expectations, though Wells Fargo & Co earnings and revenues were lower than expected. Retail sales in the fourth quarter rose by 0.6%, while producer prices inched up by 0.3%. The main indexes were set to book weekly losses, however. The S&P 500 opened up 3.8 points, or 0.2%, at 2,274, hovering near all-time highs. The Nasdaq Composite began the session up 10 points, or 0.2% higher at 5,557. The Dow Jones Industrial Average added 37 points or 0.2%, to 19,927.

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Kellogg Co. said Friday that Fareed Khan will join the company as chief financial officer, succeeding Ron Dissinger, who will stay with the company in 2017 to help with the transition. Dissinger announced his retirement in May 2016. Khan joins from U.S. Foods Holding Corp. where he was CFO from 2013 and aided with the company’s IPO. Kellogg shares are unchanged in premarket trading, and up 1.4% for the past year. The S&P 500 index is up 20.1% for the last 12 months.

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