NEW YORK— Stocks rallied Friday, but only after yo-yoing several times, as Wall Street struggled with what to make of the latest reading on the U.S. jobs market and what it means for interest rates and the odds of a recession. The S&P 500 climbed 1.4 percent after seeing an even bigger rally from the…
Wall Street Opens Higher After October Jobs Report
Wall Street’s main indexes opened higher on Friday after data showed U.S. jobs grew more than expected in October but an uptick in the unemployment rate supported hopes that the Federal Reserve could deliver smaller rate hikes in the future. The Dow Jones Industrial Average rose 263.76 points, or 0.82 percent, at the open to…
Dollar Softens, Euro and Pound Regained Some Ground
SINGAPORE/LONDON—The euro and pound regained some ground on Friday but were still set for their biggest weekly losses since September. The euro was last up 0.52 percent at $0.9801, while sterling was up 0.4 percent at $1.1228, also having pared gains from the Asian session. Nonetheless, the European common currency was still set for a…
Oil Climbs 3 Percent as Dollar Slips and EU Ban Looms
November 4, 2022
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Business & Marketseconomic policieseconomyenergygolablGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDONO—Oil rose by more than 3 percent on Friday as the dollar eased, with an EU ban on Russian oil looming large. Though fears of global recession capped gains, Brent crude futures were up $3.29, or 3.48 percent, at $97.96 a barrel by 1203 GMT, set for a weekly gain of more than 2 percent….
Stocks and Oil Rally Ahead of Key US Jobs Data
November 4, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks rose on Friday for the first time in three days ahead of key U.S. jobs data. The MSCI index of global shares rose 0.3 percent on the day, breaking two straight days of losses, but still headed for a near-3 percent weekly loss, after more big rate hikes from the Federal Reserve and…
Stocks End Lower as the Fed Continues to Fight Inflation
Stocks racked up more losses on Wall Street and Treasury yields again rose to multiyear highs Thursday as investors looked ahead to a closely watched job market report from the government that could influence the Federal Reserve’s next move in its fight to bring down inflation. Technology stocks led the market pullback, which came a…
Chinese Stocks Tumble to Multi-Year Lows Due to CCP Congress
After the end of the 20th National Congress of the Communist Party of China (20th NC of CCP) last week, the collective slump in Chinese concept stocks has brought huge returns to investors who shorted the stocks. Traders made a profit of up to 4.4 billion US dollars in short-selling transactions on Oct. 24 and…
‘Massive Scars’: Germany’s Uniper Posts Record 40 Billion Euro Net Loss
November 3, 2022
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Business & MarketsCompanieseconomyenergyEuropeGermanyGold and CommoditiesMarketsresultsstocksUniperWorld
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FRANKFURT/DUESSELDORF—Soon-to-be-nationalized gas importer Uniper reported a record 40 billion euro ($39.3 billion) net loss in the first nine months of this year, the biggest in German corporate history, after Russia stopped its supplies. The loss further highlights how Russia’s decision to sever a decade-long supply relationship with Europe, most notably Germany, is impacting the continent’s…
Wall Street Opens Lower on Rate Hike Worries
Wall Street’s main indexes opened lower on Thursday as yields climbed against the backdrop of worries that the U.S. Federal Reserve’s rate-hike cycle is far from over, despite hints of smaller rate increases in the future. The Dow Jones Industrial Average fell 162.71 points, or 0.51 percent, at the open to 31,985.05. The S&P 500…
Dollar Rallies After Hawkish Fed; Pound Slides as BoE Warns of ‘Very Challenging’ Outlook
LONDON—The dollar strengthened on Thursday, after the Federal Reserve signalled U.S. interest rates will likely peak at a higher rate than markets had expected, while the pound fell after the Bank of England raised rates but warned of a “very challenging outlook.” The BoE lifted UK interest rates to 3 percent from 2.25 percent in…
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