NEW YORK, Feb 6 (Reuters) - U.S. stocks posted sharp gains in another wild trading session on Tuesday, as indexes rebounded from the biggest one-day drops for the S&P 500 and the Dow in more than six years that had stalled the market's record run on Monday.The Dow Jones Industrial Average rose 569.32 points, or 2.34 percent, to 24,915.07, the S&P 500 gained 46.31 points, or 1.75 percent, t...Read More
Feb 7 (Reuters) - Commonwealth Bank of Australia, the country's biggest mortgage lender, posted a decline in first-half cash-profit from continued operations on Wednesday, hurt by regulatory and compliance costs.The bank's profit for the six months ended Dec. 31 slipped 2 percent to A$4.74 billion ($3.74 billion).The bank's net interest margin, the difference between interest costs and interest ea...Read More
WASHINGTON, Feb 6 (Reuters) - The White House is "very comfortable" with where the economy is, despite recent stock market volatility, a White House spokeswoman said on Tuesday."Look, the economy is incredibly strong right now. The president's focus continues to be on the long-term economic fundamentals which ... are very strong in this country. ... There's nothing that's taken plac...Read More
originally on marketslant.comVolatility Bad?There will be many stories in days to come on how Volatility was the culprit. That will be a lie. Volatility ETFs will be liquidated. Custodians of "Short Volatility ETFs" like XIV ( VIX backwards, isn't that cute?!) may default. Volatility is NOT the problem. The people managing risk were the culprits. And those same people are NOT long Gold...Read More
(Updates to late afternoon U.S. trading, adds oil settlements)* Wall St indexes still experiencing big swings* Nikkei ends down 4.7 pct, European shares down 2.5 pct* Oil and industrial metals fall By Caroline ValetkevitchNEW YORK, Feb 6 (Reuters) - U.S. stocks reversed course again to trade more than 1 percent higher by late afternoon Tuesday, a day after the Dow and S&P 500 indexes saw the...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday said he would welcome a federal government shutdown if Congress is not able to agree to changes in immigration law that he said would prevent criminals from entering the country.“If we don’t change the legislation, if we don’t get rid of these loopholes where killers are allowed to come into our country and continue to...Read More
Barrick Gold, the world's top miner of the metal, said on Tuesday it is writing down its investment in its Pascua-Lama project in South America to the tune of $429 million in the fourth quarter.The Toronto-based company is reclassifying the gold reserves at the project straddling the border between Chile and Argentina following a January decision by Chile's environmental authority (SMA) or...Read More
* Dollar index pares gains throughout session* Greenback brushes off worsening U.S. trade gap* Yen, Swiss franc pare losses as Wall Street comes off lows (Updates prices, market activity, adds commentary; changes byline)By Stephanie KellyNEW YORK, Feb 6 (Reuters) - The U.S. dollar index reversed course on Tuesday, erasing most of the gains it made earlier in the session as Wall Street came off its...Read More
It's been a bloodbath on Wall Street in recent sessions, with the Dow fresh off its worst one-day point loss ever and the S&P 500 Index (SPX) notching its first back-to-back drops of 1% or more since early 2015. And while history suggests quick bounces for both indexes -- and says this pair of Apple suppliers are two of the best stocks to own after a sell-off --there are several names that may not...Read More
* Gold falls 1 percent* Palladium prices hit lowest since Dec. 8* U.S. dollar turns flat (Recasts throughout; updates prices, headline; adds comment, NEW YORK to dateline)By Renita D. Young and Eric OnstadNEW YORK/LONDON, Feb 6 (Reuters) - Gold prices fell 1 percent to a 2-1/2-week low on Tuesday, as investors focused on expectations for higher U.S. interest rates, even as U.S. stock markets swung...Read More
LA PAZ, Feb 6 (Reuters) - Bolivia's consumer price index rose 0.3 percent in January as heavy rains and flooding prompted a spike in food prices, the official National Statistics Institute said on Tuesday.Economy Minister Mario Guill?(C)n told reporters that 2018 inflation would total 4.5 percent, higher than the 2.71 percent figure in 2017. The government said it would take action to stabilize th...Read More
Cyril Ramaphosa isn't even president yet and mining companies are already changing their tune on South Africa.A former mine union leader and now one of the wealthiest black South Africans, the new leader of the ruling African National Congress is seen as more willing to negotiate investor-friendly policy, according to executives attending the African Mining Indaba conference in Cape Town this week...Read More
U.S. stocks are on a wild ride following a historic sell-off, with the Dow trading on both sides of the aisle so far today. Among the stocks moving higher today are optical components concerns Oclaro Inc (NASDAQ:OCLR) and Fabrinet (NYSE:FN), while Medicaid solutions provider Molina Healthcare, Inc. (NYSE:MOH) is struggling. Here's a closer look at what's moving shares of OCLR, FN, and MOH toda...Read More
• Resurgent USD offset risk-off environment. • Long-unwinding adds to the selling pressure. Gold came under some intense selling pressure during the early NA session and tumbled to session lows, eroding a major part of previous session's up-move. Despite a selloff in global equity markets, which tends to underpin demand for traditional safe-haven...Read More
(Updates to early afternoon U.S. trading, adds volatility index)* Wall St indexes experiencing big swings* Nikkei ends down 4.7 pct* Oil and industrial metals fall By Caroline ValetkevitchNEW YORK, Feb 6 (Reuters) - U.S. stocks were down moderately in early afternoon trading on Tuesday but were swinging wildly between positive and negative territory, a day after the Dow and S&P 500 indexes s...Read More
The CBOE Volatility Index (VIX) surged 115.6% on Monday -- its largest one-day pop on record -- as panic selling hit the U.S. stock market. And as inverse volatility notes plummeted while the Dow racked up its biggest two-day point drop to date, VIX options were in high demand, with volume hitting a record high on Friday and logging its second most-active trading day on Monday. Plus, according to...Read More
(Adds auction results, quote; Updates prices)* Prices volatile on concern about bond, stocks selloff* Soft demand for $26 bln three-year note auction* Mid-March T-bill yields rise on debt ceiling concern By Karen BrettellNEW YORK, Feb 6 (Reuters) - U.S. Treasury debt prices gained on the day on Tuesday as volatile equity markets led some investors to seek out lower risk bonds, though many investo...Read More
(Kitco News) - Gold andsilver markets were ending the U.S. day session moderately lower, with goldhitting a three-week low and silver futures closing at a six-week low close. Abig recovery in the U.S. stock market Tuesday, after Monday’s major beat-down,worked to push the metals markets down. Losses in the gold and silver marketswere limited, however, when the U.S. dollar index could not hol...Read More
(Adds Icahn quotes on leveraged ETFs, XIV)NEW YORK, Feb 6 (Reuters) - Billionaire activist investor Carl Icahn warned on Tuesday that investors have exposure to "way too many derivatives" and called the stock market's nosedive just "rumblings of an earthquake.""The market is really not a place for the average person to be playing around with derivatives," Icahn said...Read More
Richard Cowan, David MorganWASHINGTON (Reuters) - The Republican-led U.S. House of Representatives was set to vote on Tuesday on a short-term budget measure that would avert a rerun of last month’s three-day partial government shutdown, as lawmakers continued to grapple with divisive immigration measures.The stop-gap measure drafted by House Republicans would extend temporary funding for muc...Read More