NEW YORK—Stocks slumped Tuesday after shares of beleaguered banks tumbled again and worries worsened about the economy. Rising fear sent yields sinking in the bond market, while Wall Street waited for the Federal Reserve’s latest move on interest rates and Washington edges closer to what would be a catastrophic default on U.S. government debt. The…
Closing Prices for Crude Oil, Gold and Other Commodities (May 2)
May 2, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for June delivery fell $4 to $71.66 a barrel Tuesday. Brent crude for July delivery fell $3.99 to $75.32 a barrel. Wholesale gasoline for June delivery fell 11 cents $2.44 a gallon. June heating oil fell 9 cents $2.29 a gallon. June natural gas fell 11 cents to $2.21 per 1,000…
Democratic Lawmakers Urge Fed Chair Not to Raise Interest Rates
In a letter to Federal Reserve chair Jerome Powell, a group of lawmakers urged the central bank to stop raising interest rates to avoid additional damage to the U.S. economy. Ten senators and representatives, led by Sen. Elizabeth Warren (D-Mass.) and Rep. Pramila Jayapal (D-Wash.), expressed concern about the Fed’s current monetary-policy initiatives and how…
ANALYSIS: How the Current Banking Crisis Is Different From the Financial Crisis of 2008
May 2, 2023
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bank crisisBusiness & MarketsCompanieseconomic policieseconomyFederal ReserveFirst Republic BankInvestmentpersonal financerecessionSignature BankSilicon Valley Bank CollapseUS
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News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
ANALYSIS: How the Current Banking Crisis Differs From the Financial Crisis of 2008
May 2, 2023
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bank crisisBusiness & MarketsCompanieseconomic policieseconomyFederal ReserveFirst Republic BankInvestmentpersonal financerecessionSignature BankSilicon Valley Bank CollapseUS
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News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
ANALYSIS: Comparing Today’s Banking Crisis to the 2008 Meltdown
May 2, 2023
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bank crisisBusiness & MarketsCompanieseconomic policieseconomyFederal ReserveFirst Republic BankInvestmentpersonal financerecessionSignature BankSilicon Valley Bank CollapseUS
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News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
Tucker Carlson’s Next Move After Departure From Fox News Is Revealed
Former Fox News host Tucker Carlson is expected to appear at an Alabama fundraiser this week, coming more than a week after his departure from Fox News, according to the organization of the event. Carlson will speak at the annual fundraiser for Rainbow Omega at 7 p.m. on Thursday, according to the Oxford Performing Arts Center website….
Nearly Three-Quarters of Millennials Live Paycheck to Paycheck: Report
A new survey found the majority of Americans live paycheck to paycheck, and the problem is worse for millennials, with nearly three-quarters, or 73 percent, living paycheck to paycheck. Personal finance site PYMNTS and LendingClub, an online lender, released an April report, titled “New Reality Check: The Paycheck-to-Paycheck Report,” to learn how the rising cost…
Monetary Shocks Could Trigger ‘Negative Impacts’ on US Economy in 2023, 2024: Research
A new working paper stated that the U.S. economy could witness “substantial negative impacts” on real GDP, unemployment, and inflation in 2023 and 2024 based on previous monetary shocks since 1946. The National Bureau of Economic Research (NBER) recently published a paper co-authored by the University of California, Berkeley’s Christina and David Romer, titled “Does…
Regional Bank Stocks Plunge as Gloom from First Republic Failure Sinks Markets
May 2, 2023
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Business & MarketseconomyFirst Republic BankMarketsPacWestRegional & State Newsregional banksstocksUSUS News
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A day after U.S. financial regulators ordered First Republic Bank closed and JPMorgan Chase agreed to take it over in a rescue move, other regional bank stocks have plunged. In early trading on Tuesday, regional bank stock indexes fell sharply amid persistent jitters following Monday’s regulatory decision to seize First Republic and then facilitate its…
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