Wall Street’s main indexes opened higher on Tuesday after consumer prices in the world’s largest economy grew in line with expectations, bolstering bets of a small interest rate hike by the Federal Reserve at its next meeting. The Dow Jones Industrial Average rose 236.15 points, or 0.74 percent, at the open to 32,055.29. The S&P…
Wall Street Opens Higher as Inflation Data Boosts Smaller Rate-Hike Bets
‘It Is a Bailout’: Former FDIC Chair Says of Special Treatment of Silicon Valley, Signature Bank
Former Federal Deposit Insurance Corporation (FDIC) chair Sheila Bair has said that Silicon Valley Bank (SVB) received a “bailout” out from the federal government following its collapse last week. Bair made the comments during an appearance on FOX Business Network’s “The Claman Countdown” on Mar. 13, shortly after the Federal Reserve, the Treasury Department, and the FDIC announced additional…
Dollar Rebounds After Tumbling on SVB Collapse, With CPI Data Incoming
LONDON/SINGAPORE—The dollar rose in somewhat calmer trading on Tuesday, after tumbling on Monday following the collapse of Silicon Valley Bank (SVB), as investors waited for the release of U.S. consumer inflation data later in the day. Tuesday’s consumer price index (CPI) figures have the potential to drive further volatility in global markets, coming a day…
Oil Prices Continue Slump in Fallout From SVB Shutdown
LONDON—Oil prices dropped more than $2 a barrel on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. Brent crude futures fell $1.64, or 2 percent, to $79.13 a barrel by 1001 GMT. U.S. West Texas Intermediate crude futures (WTI)…
Shares Tumble as Stress Creeps Into Markets
March 14, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global shares slid on Tuesday as a brewing U.S. banking crisis prompted investors to downgrade their expectations for interest rate hikes, even ahead of key inflation data later in the day. As recently as a week ago, investors were just recovering from a reality-check that prompted many to assume that rates around the world were…
Australian Tech Firms Face Difficulties Following Silicon Valley Bank’s Demise
The sudden collapse of Silicon Valley Bank (SVB) in the United States has spelt trouble for a number of Australian technology companies. While no significant losses were reported as the U.S. Federal Reserve stepped in to stabilise the banking system, the collapse caused some disruptions in business activities as many firms were temporarily unable to…
Russia: 60-day Extension of Wartime Grain Deal Acceptable
GENEVA—A Russian delegation at talks with senior U.N. officials said Monday that Moscow is ready to accept an extension to a grain export deal that has helped bring down global food prices amid the war in Ukraine—but only for 60 days as the Kremlin holds out for changes to how the arrangement is working. The…
Oil Prices Fall 2 Percent in Choppy Trade as Banking Fears Rattle Markets
NEW YORK—Oil prices fell over 2 percent in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis. Brent crude futures settled down $2.01, or 2.4 percent, to $80.77. The global benchmark earlier fell to a session low of $78.34, its lowest price…
Bank Stocks Tumble; Others Rise on Hopes for Easier Rates
NEW YORK—Bank stocks tumbled Monday on worries about what’s next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are shaking Wall Street and the economy. The…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 13)
March 13, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for April delivery fell $1.88 to $74.80 a barrel Monday. Brent crude for May delivery fell $2.01 to $80.77 a barrel. Wholesale gasoline for April delivery fell 6 cents to $2.59 a gallon. April heating oil fell 1 cent to $2.76 a gallon. April natural gas rose 18 cents to $2.61…
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