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Showing posts from May, 2021

U.S. Market at Close Report: S&P 500 Wrap up 4th Straight Positive Month sitting Less Than 1% From Record High.

cnbc.com Yun Li 3 minutes The S&P 500 climbed slightly on Friday to close its fourth straight positive month amid growing optimism over the U.S. economic recovery. The broad equity benchmark ended the session up 0.1% to 4,204.11, sitting just 0.8% from its record high. The Dow Jones Industrial Average gained 64.81 points to 34,529.45. The tech-heavy Nasdaq Composite inched up 0.1% to 13,748.74. The blue-chip Dow and the S&P 500 advanced 0.9% and 1.2% this week, respectively, both breaking a two- week losing streak. The Nasdaq rose 2.1% to post its best weekly performance since April 9. For the month of May, the 30-stock Dow and the S&P 500 gained 1.9% and 0.6%, respectively, posting their fourth up month in a row. The tech-heavy Nasdaq, however, suffered a 1.5% loss this month for its first negative month in seven. Small-cap Russell 2000, which is more leveraged to the economic reopening, eked out a slight gain th

Biggest Moves Midday: AMC, Uta Beauty, Best Buy, HP & More

  cnbc.com Tanaya Macheel 3-4 minutes Check out the companies making headlines in midday trading. AMC Entertainment — Shares of AMC Entertainment are in a middle of a roller-coaster session Friday as they turned 5% lower after rallying as much as 38% . By midday, over 360 million shares have already been traded, more than tripling its 30-day average. Shares have already rallied 120% this week amid heightened speculative trading activity, bringing its monstrous 2021 rally to 1,200%. HP — Shares of the hardware tech company dropped more than 8% despite HP beating expectations on the top and bottom lines for the first quarter. Management warned during an investor call that issues in the semiconductor supply chain could limit the company's ability to meet demand for some products through at least the end of the year. Big Lots  (BIG) – Shares of the discount retailer dropped 6.78% despite reporting a better-than-expected

Bitcoin Price: Bitcoin fall below 36, 000 while Cryptocurrencies slip once again

  cnbc.com Sam Shead 3 minutes The price of bitcoin took another hit on Friday as other cryptocurrencies including ether and doge also saw their values fall. Bitcoin traded at $35,292 at around 8 a.m. ET, more than 9% lower in the previous 24 hours, according to data from Coin Metrics. The price of bitcoin climbed back above the $36,000 level later Friday morning. It traded at $36,754.01 by 10:20 a.m. ET. Elsewhere, ethereum's price fell 7.7% to $2,560.78 a coin, while dogecoin's price fell 5% to 31 cents. Bitcoin, the world's most popular cryptocurrency has been trying to recover after a week of turmoil that saw its price tumble 30% to around $30,000 last week. It briefly climbed back above $40,000 on Wednesday before losing some of those gains. Cryptocurrencies continue to divide opinion. In a 41-page note last week, Goldman analysts shared their views on whether the likes of bitcoin and ethereum should be considered an asset class or n

Europe Markets at Close Report: European Markets Close Higher Boosting U.S. Data Recovery Hopes

cnbc.com Elliot Smith 3-4 minutes European markets closed higher on Friday, hitting record highs as global stocks take heart from strong economic data out of the U.S. The pan-European Stoxx 600 ended up 0.57%, passing Thursday's intraday record high. Financial services stocks added 1.3% to lead gains as almost all sectors and major bourses entered positive territory. Global equities are heading for a seventh consecutive day of gains after first-time jobless claims in the U.S. fell to a new pandemic low of 406,000 , according to Labor Department data on Thursday, delivering a positive indication of the health of the recovery in the world's largest economy. Asian stocks also climbed in Friday's trade, led by a gain of more than 2% for Japan's Nikkei 225 , while U.S. stocks rose amid growing optimism over the U.S. economic recovery. Investors are also monitoring negotiations in Washington over an infra

Americans Had a Spending Party After Getting Their Stimulus Checks.

marketwatch.com Jeffry Bartash 3 minutes The numbers: After a stimulus-fueled binge, Americans pruned their spending in April and kept a sizable amount of savings on hand to carry them through the end of the pandemic. Consumer spending rose 0.5% last month, the government said Friday . And incomes sank 13.1% in the absence of any further federal support. The slowdown in spending was widely expected. Economists polled by Dow Jones and the Wall Street Journal has forecast a mild 0.6% increase. Spending had skyrocketed 4.7% in March — the third biggest increase on record — after the government sent $1,400 checks to most individuals. That spawn a onetime 21% spike in personal income. Big picture: Don’t sweat the big dropoff in spending in April. It’s happened each month after three doses of federal stimulus for American families. The more critical number is much Americans have saved. The U.S. savings

News | Syria | Presidential Elections: Syria's Assad Wins 4th Term of Presidential Elections With 95% of VotesThe Election Was Called fraudulent by Opponents and the West.

 reuters.com Syria’s Assad wins 4th term with 95% of vote, in election the West calls fraudulent Reuters 4 minutes Syrian President Bashar al-Assad won a fourth term in office with 95.1% of the votes in an election that will extend his rule over a country ruined by war but which opponents and the West say was marked by fraud. Assad’s government says the election on Wednesday shows Syria is functioning normally despite the decade-old conflict , which has killed hundreds of thousands of people and driven 11 million people - about half the population - from their homes. Head of parliament Hammouda Sabbagh announced the results at a news conference on Thursday, saying voter turnout was around 78%, with more than 14 million Syrians taking part. The election went ahead despite a U.N.-led peace process that had called for voting under international supervision that would help pave the way for a new constitution and a p
  washingtonpost.com The Cybersecurity 202: DHS nominees say they'll prioritize cybersecurity Aaron Schaffer 8-10 minutes Top nominees for President Biden’s Department of Homeland Security vowed to prioritize protecting critical infrastructure after SolarWinds and Colonial Pipeline cyberattacks. The confirmation  hearing  for Biden’s picks for the department’s deputy secretary, general counsel and undersecretary for strategy, policy and plans — John Tien, Jonathan Meyer and Robert Silvers, respectively — came just weeks after a ransomware attack aimed at a major U.S. pipeline. The emphasis on cybersecurity was a marked difference for senators, which asked those nominees’ predecessors cybersecurity-related questions only in passing during their confirmation hearings for the Trump administration. By contrast, cyber issues were mentioned dozens of times at Thursday’s hearing, with a handful of lawmakers asking cybersecu

Brent nudges towards $70 on rosy U.S. data, oil demand outlook

Reuters.com 2-3 minutes Aerial view of a drilling rig operated by operated by China Petrochemical Corporation (Sinopec Group) sitting in Shengli Chengdao offshore oilfield on Dec. 2, 2020 in Dongying, Shandong Province of China. Xu Jianjun | Visual China Group | Getty Images Oil prices pushed higher on Friday, supported by firm U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about the impact of any return of Iranian supplies. Brent crude futures for July gained 16 cents, 0.2%, to $69.62 a barrel by 0050 GMT while U.S. West Texas Intermediate crude for July was at $67.17 a barrel, up 32 cents, or 0.5%. "Oil headed higher on robust U.S. economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate removal of sanctions and that the oil market will not get quickly flooded with excess supplies," OANDA

Gold subdued as dollar, yields tick up ahead of U.S. inflation data

reuters.com 2-3 minutes Gold prices edged lower on Friday, as an uptick in the dollar and U.S. Treasury yields weighed on the safe-haven metal, while investors awaited crucial U.S. inflation data due later in the day to gauge inflationary pressure. Spot gold was down 0.2% at $1,893.07 per ounce by 0308 GMT. Bullion has risen 0.7% so far this week, and was on track for its fourth straight weekly gain. U.S. gold futures eased 0.1% to $1,896.20. "Gold has been a little bit on the defensive side. Technically it was very overbought, and on the fundamental side, the dollar had a big move up yesterday and that started to impact gold," ED&F Man Capital Markets analyst Edward Meir said. "Gold is likely to consolidate around this $1,900 mark for a little while longer. Maybe with the next set of numbers that are more inflationary we could start another move up." The dollar index was up 0.1% against rivals, while the U.S. 10-year Treasury yield rose to 1.617%