The Dow was down more than 300 points at its intraday low, as the resignation of Gary Cohn -- President Donald Trump's top economic advisor opposed to proposed steel and aluminum tariffs -- fueled concerns about a global trade war. In addition, stock traders digested a stronger-than-expected ADP jobs report for February -- a precursor to Friday's government payrolls report -- and a surging trade d...Read More
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Wednesday that many online trading platforms for cryptocurrencies should be registered with the regulator and subject to additional rules, in a further sign regulators are cracking down on the digital currency sector.In a statement, the SEC said these “potentially unlawful” platforms may be giving investors an u...Read More
(Reuters) - The S&P 500 pared losses late on Wednesday after the White House said Canada and Mexico, and possibly other countries, may be exempted from planned U.S. import tariffs on steel and aluminum on the basis of national security.At 3:29 p.m. ET, the Dow Jones Industrial Average .DJI fell 95.98 points, or 0.39 percent, to 24,788.14, the S&P 500 .SPX lost 3.9 points, or 0.14 perce...Read More
NEW YORK (Reuters) - While February’s stock market sell-off and renewed volatility battered macro hedge funds, some escaped unscathed: Quest Partners’ flagship fund returned 18.9 percent in the year through mid-February for clients that include the pension fund for the New York police and fire departments.“The majority of our clients are trying to add to their positions with us,&...Read More
(Kitco News) - Kitco aficionados, it isnow time to have your say in where you think gold prices are heading in theshort-term.Will gold prices go higher, lower or remain unchanged nextweek? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12PM EDT) along with the results fromour market professional survey.Readers can also se...Read More
Makini Brice, Philip BlenkinsopWASHINGTON/LUXEMBOURG (Reuters) - A defiant U.S. President Donald Trump looked set to authorize steep tariffs on imported steel and aluminium this week as he stepped up pressure on China to develop a plan to reduce its trade imbalance with the United States by $1 billion.A day after the resignation of economic adviser Gary Cohn, who along with lawmakers and the busin...Read More
NEW YORK (Reuters) - In the three weeks since America’s deadliest high school took the lives of 17 students and teachers, companies such as Delta Air Lines Inc (DAL.N) and Dick’s Sporting Goods Inc (DKS.N) have cut ties with gun-rights groups or restricted sales of weapons.National outrage over the Feb. 14 massacre in Parkland, Florida, and protests by social media-savvy student activi...Read More
By Amedee MwarabuKINSHASA, March 7 (Reuters) - Democratic Republic of Congo President Joseph Kabila will soon sign into law a new mining code that is vigorously opposed by industry, according to the government and mining companies.The announcement followed a nearly six-hour meeting on Wednesday between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a...Read More
Below please find the latest commentary from Peter Schiff, CEO of Euro Pacific Capital . Please feel free to excerpt or repost with proper attribution and all links included. Click here to signup for both of Peter Schiff's Free Newsletters.The commentary below is from Peter Schiff, CEO of Euro Pacific Capital and author of the The Real Crash: America's Coming Bankruptcy. Please feel free to exce...Read More
The U.S. stock market remains under pressure as trade war fears abound. Among the individual stocks making notable moves are healthy living enthusiast Medifast Inc (NYSE:MED), workforce management solutions provider ShiftPixy Inc (NASDAQ:PIXY), and biotech stock PTC Therapeutics, Inc. (NASDAQ:PTCT). Here's what's moving shares of MED, PIXY, and PTCT. MED Stock Brings YoY Lead North of 100%Med...Read More
SACRAMENTO (Reuters) - California Governor Jerry Brown on Wednesday accused President Donald Trump’s administration of declaring war on the most populous U.S. state after the Justice Department sued to stop policies that protect illegal immigrants against deportation.The Democratic governor made the charge shortly after Attorney General Jeff Sessions, in a speech in the state capital, intens...Read More
Gold finished firmly lower Wednesday, giving back roughly half of what it gained a day earlier, pressured by upbeat February data on U.S. private sector jobs as the dollar tried to rebound from a decline in the previous session. Prices for the metal declined further in electronic trading after the release of the Fed Beige Book, which offered a snapshot of domestic economic activity. Among the find...Read More
WASHINGTON (Reuters) - An economist who believes that Chinese goods are literally poisoning Americans, advocates ending Washington’s “One China” policy and says trade deals have weakened the United States economically with the connivance of U.S. business has emerged as the big winner from renewed turmoil in the White House.While Peter Navarro says he is not in the running to repl...Read More
LONDON (Reuters) - The five banks that settle every transaction in London’s $6.8 trillion a year gold market are changing the rules of their clearing house to make it easier for newcomers to join.The reform is part of a broad overhaul of institutions that underpin the world’s largest bullion trading center to make them more transparent after accusations of price manipulation by banks a...Read More
NEW YORK (Reuters) - Bitcoin fell to a 1-1/2 week low on Wednesday after the U.S. Securities and Exchange Commission warned of “potentially unlawful” systems that trade crypto-currencies, which investors may use with an unearned sense of safety.At 1:07 p.m. (1807 GMT), the world's biggest and best-known digital currency BTC=BTSPwas last down 7.53 percent at $9,924.03 on the Luxembourg...Read More
Exxon Mobil (NYSE:XOM) stock is down 3.1% to trade at $73.81, the worst Dow stock today, after the oil conglomerate failed to outline a share buyback plan at today's analyst day. Instead CEO Darren Woods announced a spending plan that projects the company's earnings to more than double by 2025 if crude prices hold at current levels. Still, options traders are targeting puts. More than 28,000 put...Read More
WASHINGTON (Reuters) - Gary Cohn, the top economic adviser to U.S. President Donald Trump and a voice for Wall Street in the White House, said on Tuesday he would resign, a move that came after he lost a fight over Trump’s plans for hefty steel and aluminum import tariffs.The departure of Cohn, director of the National Economic Council, was expected to be finalized in a few weeks and will bl...Read More
Marvell Technology Group Ltd. (NASDAQ:MRVL) is slated to unveil its fourth-quarter earnings report tomorrow after the stock market closes. MRVL has gained 10% year-to-date, and a sharp bounce off its 100-day moving average has the shares trading near their late-November 11-year high of $24.22, last seen up 1% at $23.82. History suggests MRVL could continue this positive price action tomorrow, con...Read More
NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) on Wednesday outlined an ambitious capital spending plan it said would more than double annual earnings by 2025, hoping to allay investor fears that the world’s largest publicly traded oil producer has seen its best days.Despite the ambitious plan to woo Wall Street, Exxon shares slid 3.1 percent to their lowest level in more than two years.Once...Read More
OTTAWA (Reuters) - Canada is sticking to its keep-calm strategy as U.S. President Donald Trump ramps up trade war rhetoric, convinced that no move is the best move for the country with the most to lose, but critics say it risks being a soft target if its strategy fails.While the European Union immediately drew up a list of U.S. products from bourbon to blue jeans to hit if Trump follows through on...Read More