SAN FRANCISCO (Reuters) - As Wall Street steadied on Friday after its worst two-day slide in eight months, the U.S. stock market remained fragile, with nearly three quarters of the S&P 500's .SPX components in correction territory, or worse.Following Wednesday and Thursday's 5-percent rout on the S&P 500, the leading benchmark index is down nearly 7 percent from its record high close on...Read More
(Reuters) - The U.S. National Security Agency’s top oversight official, Robert Storch, is working to repair the spy agency’s reputation with whistleblowers in an effort to encourage staff to report wrongdoing internally, rather than go public.“It’s really important we encourage whistleblowers to come forward and that they feel comfortable doing so and if there are allegatio...Read More
The drop in AAII bulls could be a buy signal for the stock marketAs the U.S. stock market began its recent reversal, Wall Street bulls hit the exits at a rapid-fire rate. In fact, the National Association of Active Investment Managers (NAAIM) exposure index dropped by nearly 32 points, or 37%, last week -- the biggest point drop since August 2013, and the biggest percentage drop since February 201...Read More
SANTIAGO, Oct 12 (Reuters) - Chile's environmental court on Friday ordered Canada's Barrick Gold Corp to definitively close the Chilean side of its stalled Pascua-Lama mining project, a final procedural step that draws a line under a long-running saga.The court, sitting in the northern Chilean city of Antofagasta, approved by two votes to one the closure of the polemical project that straddles the...Read More
Gold prices ended lower on Friday, pulling back from their highest level in more than two months as U.S. and global stocks moved up in the wake of a two-day downturn that drove investors to the perceived safety of the precious metal. December gold GCZ8, -0.49% declined by $5.60, or nearly 0.5%, to settle at $1,222 an ounce, a day after its highest finish since Aug. 1, for a most-active contract,...Read More
Gold prices ended lower on Friday, pulling back from their highest level in more than two months as U.S. and global stocks moved up in the wake of a two-day downturn that drove investors to the perceived safety of the precious metal. December gold GCZ8, -0.49% declined by $5.60, or nearly 0.5%, to settle at $1,222 an ounce, a day after its highest finish since Aug. 1, for a most-active contract,...Read More
(Kitco News) - Gold is going up from here, according to one strategist. It might not be in a straight line, but brighter days are ahead for the yellow metal, with the worst behind it.“Gold will benefit going into the end of the year as well as beyond,” RBC Capital Markets commodity strategist Christopher Louney told Kitco News on Thursday. “There’s plenty of room for gold t...Read More
AAPL logged a two-day decline of 5.5% on Wednesday and ThursdayThe tech sector got hit particularly hard during the heavy selling on Wall Street this week. This recent pullback has likely created several bullish trading opportunities, too, with Apple Inc. (NASDAQ:AAPL) falling 5.5% from its Oct. 9 close of $226.87 to its Oct. 11 settlement at $214.45. The FAANG stock is bouncing back fast, though...Read More
DUBAI/LONDON (Reuters) - U.S. Treasury Secretary Steven Mnuchin and Wall Street banks will show up at an elite Saudi investment conference this month despite a growing exodus of top media companies and business leaders after the disappearance of a Saudi journalist.Mnuchin’s plan to attend the high-profile Future Investment Initiative conference in Riyadh follows U.S. President Donald Trump&r...Read More
This week's downturn could yield rallies from several stocksStocks earlier this week were clobbered, turning in their worst day in months. However, many individual stocks have flashed bullish signals in the wake of the bloodbath. If past is precedent, two healthcare names could climb into November: drugmaker Incyte Corporation (NASDAQ:INCY) and medical device maker ABIOMED, Inc. (NASDAQ:ABMD). Bot...Read More
(Kitco News) - With this week’s gold rally finally shaking up the precious metals space, analysts are now wondering if this re-awakened ‘haven’ interest is sustainable and how high gold prices can go next week.“The rally fits with a long-held view that the market is under-appreciating risks, with a higher tolerance for uncertainty. But I think with the sell-off in equity ma...Read More
MUMBAI/BENGALURU, Oct 12 (Reuters) - Physical gold demand in India was subdued this week as a rally in domestic prices curbed retail purchases going into a key festival season, while buying remained lacklustre in other major Asian hubs.In the Indian market, gold futures this week touched their highest since July 2016 at 32,014 rupees per 10 grams."Usually retail buying rises during Navratri (Dusse...Read More
Consumer sentiment in October falls just short of expectations.The University of Michigan's survey finds American confidence in U.S. economic policy is at a 15-year high.The survey considers 500 consumers' outlook on economic prospects.Michael Sheetz| @thesheetztweetz Published 11 Hours AgoUpdated10 Hours AgoCNBC.com show chapters Consumer sentiment index at 99.0 versus 100 estimate ...Read More
Oct 12 (Reuters) - Canadian gold miner Detour Gold Corp said on Friday that its settlement offer regarding management changes, which included a plan to appoint a new chief executive officer, was rejected by hedge fund Paulson & Co.The settlement would have resulted in almost half of its board being refreshed in six weeks, with interim CEO Michael Kenyon stepping down before the next annual gen...Read More
BRUSSELS (Reuters) - Italy is resisting a European Union push to impose sanctions on states who carry out cyberattacks, a move that appears in line with Rome’s calls to de-escalate tensions with Russia but that could alienate Italy from its EU allies.Diplomats said the sanctions plan is meant to strengthen EU defenses and deterrence against cyberattacks, in particular from Russia, which has...Read More
NEW YORK (Reuters) - The U.S. banking industry is enjoying the benefits of a growing economy and lower taxes, and three of the largest lenders reported double-digit profit growth on Friday.The results reflected an array of positive business factors for banks. Their net interest margins - the difference between what they pay on deposits and what they charge on loans - have widened. Other key busine...Read More
NEW YORK (Reuters) - Months after he lost millions when an esoteric corner of financial markets cratered in February, former Target Corp store manager Seth Golden is betting against volatility again.Golden, who says wagers on market calm earned him millions in the past six years, is among the investors who have kept trading complex financial products linked to the Cboe Volatility Index .VIX - Wall...Read More
The SPX strung together its worst losing streak since November 2016Wall Street took a big hit this week as concern over rising interest rates -- a subject President Donald Trump was quick to weigh in on -- sent traders heading toward the exit en masse. The major benchmarks plunged below key technical levels, with the Dow tallying a two-day loss of 1,377 points between Wednesday and Thursday, the S...Read More
(Reuters) - Facebook Inc (FB.O) said on Friday it had confirmed that the attackers in the mass security breach it announced late last month accessed the accounts of about 30 million people in total and stole name and contact details for 29 million.Facebook Inc said in late September that hackers stole digital login codes allowing them to take over nearly 50 million user accounts in its worst secur...Read More
NEW YORK (Reuters) - The mash-up of old and new media may not be a winning combination for the new S&P communication services sector .SPLRCL as its highest fliers face regulatory threats and challenges to user growth.The reconstituted sector, which debuted at the end of September, includes telecom, internet, media and entertainment companies such as AT&T Inc (T.N), Walt Disney Co (DIS.N) a...Read More