Stocks closed broadly higher on Wall Street Wednesday, after the minutes from the Federal Reserve’s most recent policy meeting showed central bank officials agreed that smaller rate hikes would likely be appropriate “soon.” The S&P 500 rose 0.6 percent, while the Dow Jones Industrial Average gained 0.3 percent. The Nasdaq composite closed 1 percent higher. Long-term…
Business Equipment Orders Rebound, Suggesting Investment Plans Holding Up Despite Economic Uncertainty
November 23, 2022
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U.S. business equipment orders rebounded in October, suggesting that investment plans are holding up despite economic uncertainty. Capital spending plans by American manufacturers have stood firm despite higher interest rates and a cool down in demand, as resilient domestic consumer spending continues to sustain production. The manufacturing sector, which currently accounts for 11.3 percent of the…
Bankman-Fried Pushed for Crypto Regulation in Weeks Leading Up to FTX Bankruptcy
November 23, 2022
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Bankman-FriedBusiness & MarketscftcCompaniescryptocurrencyeconomic policieseconomyFTXMarketsPolicies & ImpactsSECTechUSUS News
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One month prior to the catastrophic collapse, prominent crypto investors accused FTX founder Sam Bankman-Fried of “quietly lobbying” regulators. For well over a year, the former billionaire offered various suggestions, in interviews and in policy papers, as to how D.C. officials might police the nascent industry. Legislative influence runs in the family. His father, Joseph…
Closing Prices for Crude Oil, Gold and Other Commodities (Nov. 23)
November 23, 2022
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Benchmark U.S. crude oil for January delivery rose $3.01 to $77.94 a barrel Wednesday. Brent crude for January delivery fell $2.95 to $85.41 a barrel. Wholesale gasoline for December delivery fell 7 cents to $2.47 a gallon. December heating oil fell 11 cents to $3.36 a gallon. December natural gas rose 53 cents to $7.31…
Zoom Shares Down 90 Percent From Peak as Pandemic Boom Fades
Shares of Zoom Video Communications Inc. have tumbled about 90 percent from their pandemic peak in October 2020 as the former investor darling struggles to adjust to a post-COVID-19 world. The stock was down nearly 10 percent on Tuesday after the company cut its annual sales forecast and posted its slowest quarterly growth, prompting at…
HP to Cut About 12 Percent Jobs by End of Fiscal 2025
HP Inc. said on Tuesday it expects to cut up to 6,000 jobs by the end of fiscal 2025, or about 12 percent of its global workforce, at a time when sales of personal computers and laptops are sliding as shoppers tighten budgets. The PC maker also forecast a lower-than-expected profit for the first quarter…
Wall Street Opens Lower Ahead of Fed Minutes, Apple Falls
November 23, 2022
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Wall Street’s main indexes opened lower on Wednesday, as Apple shares fell, while investors awaited the minutes of the Federal Reserve’s November meeting for a clearer picture of its monetary tightening policy. The Dow Jones Industrial Average fell 6.5 points, or 0.02 percent, at the open to 34091.57. The S&P 500 fell 3.3 points, or…
FTX Poured Millions Into Political Campaigns Before Bankruptcy
November 23, 2022
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Former FTX executives contributed significantly to this year’s midterm elections in an effort to gain influence in Washington. After the collapse of the cryptocurrency exchange, the big beneficiaries of FTX’s donations have attracted attention. According to the Center for Responsive Politics, FTX founder Sam Bankman-Fried and two other executives poured more than $70 million into…
Dollar on Edge Ahead of Fed Minutes, Kiwi Gains
LONDON—The U.S. dollar held firm on Wednesday ahead of the release of closely-watched minutes from the Federal Reserve’s latest policy meeting, while the New Zealand dollar strengthened on the back of a record rate rise to curb rampant inflation. The U.S. dollar index, which measures the currency against a basket of six counterparts, was broadly…
Oil Prices Fall Over $1 a Barrel on Russian Oil Price Cap Talks
November 23, 2022
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LONDON—Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2, or 2.26 percent, to $86.36 a barrel at 1153 GMT, while U.S. West Texas Intermediate (WTI)…
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