NEW YORK—Wall Street’s building frenzy around artificial intelligence helped yank the stock market higher Thursday, even as worries worsen about political rancor in Washington. The S&P 500 rallied 0.9 percent after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the tech world’s rush into AI. It helped the Nasdaq composite…
Stock Market Today: AI Frenzy Pulls Wall Street Higher Despite DC Debt Woes
Tight Labor Market and Stubborn Inflation Plague US Economy, Says Fed Governor
May 25, 2023
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Business & MarketsChristopher Wallercredit conditionseconomic policieseconomyFederal ReserveinflationMarketsPolicies & ImpactsrecessionUS
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A top Federal Reserve official stated his support for more interest rate hikes as a tight labor market, persistent inflation, and uncertain credit conditions continue to threaten the U.S economy. Federal Reserve Governor Christopher Waller told the University of California Santa Barbara County Economic Summit on May 25 that the Fed should not stop raising…
Cleaning Up after Dogs and Root Canals: What Australians Would Rather Deal With Than Their Taxes
A new survey of over 1,000 Australians has highlighted the stress and barriers they face during tax time, with almost one in three finding the end of the financial year and tax submission time to be stressful, and a fifth preferring to pick up their pooches poop than complete their tax return. When asked to…
Root Canals and Cleaning Dog-Doo: What Australians Would Rather Do Than Their Taxes
A new survey of over 1,000 Australians has highlighted the stress and barriers they face during tax time, with almost one in three finding the end of the financial year and tax submission time to be stressful, and a fifth preferring to pick up their pooches poop than complete their tax return. When asked to…
How Major US Stock Indexes Fared May 25
Wall Street’s building mania around artificial intelligence helped lift the market, even as worries worsen about political rancor in Washington. The S&P 500 rose 0.9 percent Thursday after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the rush into AI. Because of its immense size, Nvidia is one of the…
Rest of Australia to Help Pay for Victorian Government’s Debt Disaster
Australians outside of Victoria will be footing some of the state’s ballooning debt with Premier Daniel Andrews advising property investors and business owners to use his new taxes in their tax deduction claims to the federal government. “Any land tax is fully tax-deductible depending on the way in which they have their affairs arranged,” he…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 25)
May 25, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for July delivery fell $2.51 to $71.83 a barrel Thursday. Brent crude for July delivery fell $2.10 to $76.26 a barrel. Wholesale gasoline for June delivery fell 5 cents to $2.67 a gallon. June heating oil fell 6 cents to $2.35 a gallon. June natural gas fell 9 cents to $2.31…
Democrat Pressure Mounts on Biden as He Negotiates ‘In Good Faith’ With McCarthy
May 25, 2023
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bidenBusiness & Marketscongressdebt ceilingeconomic policiesExecutive BranchHakeem JeffriesPoliticsUS
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President Joe Biden has come under pressure as Democrats in Congress are dissatisfied with how the debt ceiling talks with House Speaker Kevin McCarthy (R-Calif.) have progressed and may vote against a deal that they believe compromises too much. House Minority Leader Hakeem Jeffries (D-N.Y.) issued a warning on May 25 to Biden and McCarthy…
US First Quarter GDP, Core Inflation Revised Higher
The U.S. economy expanded slightly faster in the first quarter than previously projected, the Bureau of Economic Analysis (BEA) reported. According to the second estimate published on May 25, the gross domestic product (GDP) climbed at an annualized rate of 1.3 percent in the first three months of 2023, up from the advance estimate of…
News Outlets Falsely Claim Biden Inauguration Poem Banned From Florida School
Multiple news outlets falsely reported that a poem read at President Joe Biden’s inauguration was banned from a school in Florida. The Associated Press, the Guardian, and USA Today were among the outlets making the false claims. “Amanda Gorman’s poem for Biden’s inauguration banned by Florida school,” the Associated Press reported. “Amanda Gorman ‘gutted’ after…
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