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January 3, 2013
14:21 EDTMinutes show most Fed members support waiting until 2015 to raise funds rate
Thirteen of the Federal Open Market Committee's members believed that the federal funds rate shouldn't be raised until 2015, while one member felt that the rate shouldn't be increased until 2016, minutes of the committee's December meeting showed. Five members felt that the rate should be increased in 2013 or 2014. The 13 members who thought that the rate should be raised in 2015 anticipated that the rate would be 1.25% or lower at the end of that year. Meanwhile, about half of the participants who supported extending the Fed's asset buying program into 2013 felt that the central bank should stop buying securities around mid-2013, while the other half thought the program should be extended beyond that point, the minutes show. Some participants expressed concerns that continuing very accommodative monetary policy could lead to imbalances in the financial system. Regarding the economic outlook, members expressed some optimism about the future. Economic growth should accelerate in 2013, while economic growth in 2014 and 2015 was projected to be above longer run trend levels. However, members believed that the uncertainty facing the economy was also above normal levels.
News For NOSYMBOL From The Last 14 Days
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May 8, 2015
09:10 EDTFor the U.S. jobs data impact on other April reports
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09:00 EDTU.S. equity update: stocks vaulted higher
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08:55 EDTFX Action: USD-CAD initially traded lower
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08:45 EDTFX Action: The dollar fell briefly
FX Action: The dollar fell briefly after the in-line NFP outcome, as downwardly revised previous months weighed. EUR-USD popped to 1.1290 from 1.1230, before easing back into 1.1210, as USD-JPY fell from 120.20 into 119.60, prior to racing back up to 120.10. Equity futures more than doubled pre-data gains, and indicate a sharply higher Wall Street open, as Treasury yields slid lower.
08:40 EDTU.S. nonfarm payrolls rose 223k in April, with the unemployment rate at 5.4%
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08:33 EDTStock futures hold steady following April jobs data
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08:30 EDTU.S. April nonfarm payrolls rise 223,000, Unemployment rate drops to 5.4%
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08:30 EDTU.S. equities are moderately firmer
U.S. equities are moderately firmer heading into the payrolls report, which is seen rebounding from its winter nap, with the stakes high for the Fed and volatility expected in its wake. Stocks gathered some upside momentum overseas, with Asia higher led by a 2.28% rebound in the Shanghai Comp perversely as the deterioration in China trade lifted hopes for more PBoC proaction. In Europe the Euro Stoxx 50 is up 0.5%, while the UK FTSE surged 2% in the wake of the Conservative election sweep, despite promises for a referendum on EU membership. Closer to home on Wall Street the Dow is 33-points higher, S&P gained 3-points and NASDAQ is up 6-points ahead of the opening bell. Oil prices are back to their sinking ways again as the oversupply story resumes. In M&A news, sank 4% after reports that Microsoft is not in the market for the company after all, though Yelp is reportedly still seeking a buyer and Wal-Mart is reportedly buying up retail space from Target in Canada. Meanwhile, McDonald's global sales continued to slump.
08:00 EDTEnergy Action: NYMEX crude stayed under the key $60 mark
Energy Action: NYMEX crude stayed under the key $60 mark overnight, ranging between $58.31, and $59.41. Oversupply remains the major story, as OPEC keeps the spigots open, and as U.S. production remains near record highs. This may well result in recent oil price gains coming undone in the coming days. The upcoming U.S. jobs report will be watched however, where a better outcome would be supportive of crude prices. RBOB gasoline futures traded to lows under $1.98/gallon, down sharply from Wednesday's multi-month high over $2.09. Natural gas futures meanwhile, trade at $2.73/M BTU, and near lows of the week.
07:50 EDTTreasury Market Outlook: Treasuries are little changed
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07:45 EDTNY Fed dove Dudley is due to speak
NY Fed dove Dudley is due to speak at the 17th Annual Bronx Bankers Breakfast from 9:45 ET, where they will no doubt give him a cheer. There is not much information on the topic and there will be no Q&A, leaving an element of surprise.
06:53 EDTFutures higher ahead of jobs data
Stock futures are higher, extending their gains from yesterday. Investors will be watching the nonfarm payrolls report which is due out at 8:30 am. Analysts are predicting that 228K nonfarm jobs and 225K private jobs were added last month. The unemployment rate is expected to fall to 5.4% from 5.5%.
06:12 EDTOn The Fly: Morning Wrap-Up for May 8
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06:07 EDTMay front month equity options last day to trade is May 15, 2015
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06:06 EDTCitigroup to hold a conference
China A-Share Corporate Day 2015 is being held in Hong Kong on May 8.
06:00 EDTMay front month equity options last day to trade is May 15, 2015
04:45 EDTFX Action: USD-JPY has nudged back above 120.00
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02:45 EDTFX Update: EUR-USD is lower
FX Update: EUR-USD is lower in the wake of the encouraging U.S. jobless claims data on Thursday, which sparked dollar short covering ahead of the April payrolls report. The low so far has been 1.1191, down almost two big figures from Thursday's peak. Wednesday's low at 1.1174 provides the next downside marker. Analysts scope for a further retrenchment. Analysts forecast April U.S. employment at +220k (median 225k) increase for the month, an improvement over the 126k March headline but still lower than the 264k headline in February. The unemployment rate should tick down to 5.4% from 5.5% in March. The data should help underpin the dollar's yield advantage over the euro following recent narrowing. Elsewhere, USD-JPY higher today, back toward 120.00. Sterling surged to a 10-week high at 1.552 on the surprising development of the Conservatives set to win the UK election with 325 seats, according to the latest BBC forecast, which is one short of an outright majority but easily sufficient to form a workable single-party government.
01:49 EDTWeek of 5/20 Fed Balance Sheet to be released at 16:30
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01:49 EDTWeek of 5/11 Money Supply to be released at 16:30
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