Wall Street closed out a solid November with a broad market rally Wednesday after the head of the Federal Reserve said the central bank could soon begin easing up on its aggressive interest rate increases aimed at taming inflation. Fed Chair Jerome Powell, speaking at the Brookings Institution, reaffirmed that the central bank could begin…
Closing Prices for Crude Oil, Gold and Other Commodities (Nov. 30)
November 30, 2022
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for January delivery rose $2.35 to $80.55 a barrel Wednesday. Brent crude for January delivery rose $2.40 to $85.43 a barrel. Wholesale gasoline for December delivery rose 9 cents to $2.42 a gallon. December heating oil rose 6 cents to $3.36 a gallon. January natural gas fell 31 cents to $6.93…
Mortgage Demand Drops as Potential Buyers Ignore Falling Rates and Stay on Sidelines
November 30, 2022
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30-year mortgageBusiness & Marketseconomic policieseconomyinflationInvestmentMarketspersonal financereal estaterefinanceUSUS Real Estate
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U.S. mortgage applications tumbled as potential buyers across the country ignored falling borrowing rates and stayed on the sideline due to still-high home prices. Applications for mortgage loans decreased 0.8 percent from a week earlier, according to data from the Mortgage Bankers Association (MBA) for the week ended Nov. 25, 2022, with an adjustment for the…
America’s EV Boom Continues With Hyundai and SK On Battery Deal
November 30, 2022
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Business & MarketsCompanieselectric vehicleelectric vehicle batteriesenergyHyundaiInflation Reduction ActJoe BidenKiaMarketsSK GroupSK InnovationTech
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A South Korean battery maker will supply electric vehicle (EV) batteries to Hyundai Motor Group’s manufacturing plants in the United States, as government incentives and the auto industry’s move to electrify its car fleets continue to fuel EV-related investment. SK On, part of Seoul-based SK Group, and Hyundai announced the partnership on Nov. 30, saying…
Bankman-Fried Discusses Democrat Donations, Relationship With Ukraine, and More
FTX founder Sam Bankman-Fried granted a rare interview with independent crypto journalist Tiffany Fong. In the conversation, the elusive founder addressed a number of controversies that have surrounded him over the past few weeks, including commingling client funds, relations with Ukraine, donations to the Democratic party, and more. “I’m not a journalist by profession,” Fong…
Sweden’s H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits
November 30, 2022
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Business & MarketsCompaniescutseconomic policieseconomyEuropeh&minflationjobMarketsrecessionRetailerSwedishWorld
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COPENHAGEN—Swedish fashion giant H&M on Wednesday became the first big European retailer to start laying off staff in response to the cost of living crisis despite a still tight labor market, as it tries to save 2 billion Swedish crowns ($190 million) a year. The move by the world’s No.2 fashion retailer to reduce mainly…
What Will Happen to the Global Economy in 2023?
As the world faces a string of financial challenges, the outlook for the global economy in 2023 is growingly increasingly rife with uncertainties. Higher interest rates, out-of-control inflation, ongoing supply-chain issues stemming from the COVID-19 pandemic, an energy crisis, Russia’s invasion of Ukraine, and other geopolitical events have been key themes this year, and will likely…
Wall Street Opens Flat Ahead of Powell Speech
U.S. stock indexes opened flat on Wednesday ahead of comments from Federal Reserve Chair Jerome Powell that will be closely watched for signs of a slowdown in the pace of interest rate hikes by the central bank. The S&P 500 opened lower by 0.45 points, or 0.01 percent, at 3,957.18, while the Nasdaq Composite gained…
White House Now Looking to Refill SPR at $70 per Barrel
November 30, 2022
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Business & MarketseconomyenergyMarketsoil pricesSPR restockingStrategic ReserveUSUS Strategic Petroleum Reserve
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The Biden administration has changed its stance on refilling the Strategic Petroleum Reserve (SPR) after significantly depleting it earlier in its attempt to control oil prices. During an interview with Bloomberg, energy security advisor Amos Hochstein said that the White House will consider replenishing the SPR once oil prices are “consistently” at the level of…
The Bull Case Has Two Problems
Commentary Since the beginning of October, the market has performed better as a “Fed Pivot” bull case pushed investors into the market. We previously laid out the case for a strong “short squeeze” around the lows of September, stating: “Currently, everybody is bearish. Not just in terms of ‘investor sentiment’ but also in ‘positioning.’ As shown, professional investors (as represented by…
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