U.S. stocks gained more than 1 percent on Thursday as investors appeared relieved about the Federal Reserve’s stance on tapering stimulus and raising interest rates. Upbeat outlooks from Accenture and Salesforce helped to bolster the market, while the U.S. Food and Drug Administration late Wednesday authorized a booster dose of the Pfizer-BioNTech COVID-19 vaccine for…
Indexes Close up More Than 1 Percent as Investors Assess Fed News
September 24, 2021
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BlackBerry Beats Quarterly Revenue Expectations on Cybersecurity Boost
Canada’s BlackBerry Ltd. beat Wall Street estimates for second-quarter revenue on Wednesday amid strong demand for its cybersecurity and Internet of Things software products. Firms such as BlackBerry are benefiting from an uptick in demand for cybersecurity and IoT products as more businesses and government organizations shift their operations to the cloud in order to…
Short Bets on Asian Currencies Creep up on Fed Taper Outlook: Reuters Poll
Bearish bets on most Asian currencies rose marginally in the run-up to a U.S. Federal Reserve meeting where it hinted at possible rate hikes next year, while bullish bets on the yuan reversed, according to a Reuters poll on Thursday. In its policy meeting on Wednesday, the Fed left key rates unchanged and didn’t announce…
Swiss Central Bank Tracking Evergrande Woes, Swiss Banks Play Down Exposure
September 23, 2021
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ZURICH—The Swiss National Bank is closely monitoring the situation at China’s Evergrande Group, SNB Chairman Thomas Jordan said on Thursday, amid concerns its debt problems could pose risks to China’s financial system. “It is wrong to be alarmist, but it is also wrong to dismiss it as a local small problem,” Jordan told journalists on…
US Household Wealth Rose to Record $141.7 Trillion in Q2, Fed Says
U.S. household wealth jumped to a new high of $141.7 trillion at the end of June, a report from the Federal Reserve showed on Thursday, boosted by stock market gains and a pandemic-induced real-estate boom. Soaring equity markets fueled the increase in overall wealth, adding $3.5 trillion to household assets in the second quarter—a period…
US Senate Confirms Batchelder for Treasury Tax Post
September 23, 2021
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WASHINGTON—The U.S. Senate on Wednesday confirmed Lily Batchelder to serve as assistant secretary for tax policy at the Treasury Department, where she will play a big role in implementing tax changes sought by President Joe Biden and congressional Democrats. Batchelder won confirmation in a 64–34 vote, with 15 Republicans voting in support of the New…
Climate Activism No Pretext for Assault on Capitalism: UK’s Johnson
British Prime Minister Boris Johnson told the United Nations on Wednesday that he did not agree with environmental activists who use climate change as a pretext to attack capitalism. Addressing the U.N. General Assembly, Johnson said: “I don’t see the green movement as a pretext for a wholesale assault on capitalism. Far from it.” Extinction…
Jobless Claims Rise Above Expectations to Highest Level in a Month
The number of U.S. workers who filed for unemployment rose above expectations last week to the highest level in a month, new government figures show. First-time filings for unemployment insurance—a proxy for layoffs—came in at 351,000 for the week ending on Sept. 18, an increase of 16,000 from the previous week’s revised level of 335,000,…
Jobless Claims Rise Above Expectation to Highest Level in a Month
The number of American workers who filed for unemployment rose above expectations last week and hit the highest level in a month, new government figures show. First-time filings for unemployment insurance—a proxy for layoffs—came in at 351,000 for the week ending Sept. 18, a rise of 16,000 from the previous week’s revised level of 335,000,…
ARK’s Cathie Wood Says Wall Street Not in a Bubble
September 23, 2021
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Star stock picker Cathie Wood, head of ARK Invest, on Wednesday said she believed the U.S. stock market is not overvalued, and she talked up Tesla, her largest holding. “We are not in a bubble, that I know,” Wood said, speaking virtually at a Morningstar investment conference. “But I do believe the market is beginning…
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