Wall Street’s main indexes opened higher on Friday, buoyed by progress in negotiations over raising the U.S. debt ceiling, though data pointing to slightly hotter-than-expected inflation capped gains. The Dow Jones Industrial Average rose 30.85 points, or 0.09 percent, at the open to 32,795.50. The S&P 500 opened higher by 4.88 points, or 0.12 percent,…
Dollar Set for 3rd Week of Gains as US Debt Talks Loom Large
LONDON—The dollar eased on Friday but stayed on track for a third straight weekly gain, as markets raised bets on higher-for-longer interest rates to curb sticky inflation and nervously awaited resolution of last-ditch talks on the U.S. debt ceiling. Apparent progress on Thursday in the talks between President Joe Biden and top congressional Republican Kevin…
Oil Broadly Steady Amid OPEC+ Supply Cut Uncertainty, Demand Worries
LONDON—Oil prices were stable on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worries of weaker-than-expected demand growth. Brent crude was up 40 cents at $76.66 a barrel at 0959 GMT, while U.S. West Texas Intermediate rose…
Investors Hold Their Breath as US Debt Talks Edge Towards Deal
May 26, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global stock markets were muted on Friday, with investors holding their breath as the White House and U.S. lawmakers edged towards a deal on funding government spending to avoid an economy-shattering default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on an agreement that would raise the government’s $31.4 trillion…
Florida Citrus Industry Posts Worst Year Since 1930s After Hurricane Damage and Crop Disease
May 26, 2023
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Business & Marketscitrus cropeconomic policieseconomyFloridaMarketsorangesRegional & State NewsState NewsUS
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Florida’s citrus industry posted its worse harvest since 1937, which should give orange fans some pause at the supermarket. Damage from the 2022 hurricane season, combined with the impact of citrus greening disease, is ravaging the Sunshine State’s orange crop. This will likely cause citrus prices to skyrocket nationwide, as Florida farmers recorded its smallest…
Chip Giant Nvidia Nears Trillion-Dollar Status on AI Bet
Nvidia Corp. surged 24 percent on Thursday in one of the largest one-day gains in value for a U.S. stock, after its stellar revenue forecast showed that Wall Street has yet to price in the game-changing potential of AI. The surge more than doubled the stock’s value for this year and increased the chip designer’s…
Stock Market Today: AI Frenzy Pulls Wall Street Higher Despite DC Debt Woes
NEW YORK—Wall Street’s building frenzy around artificial intelligence helped yank the stock market higher Thursday, even as worries worsen about political rancor in Washington. The S&P 500 rallied 0.9 percent after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the tech world’s rush into AI. It helped the Nasdaq composite…
Tight Labor Market and Stubborn Inflation Plague US Economy, Says Fed Governor
May 25, 2023
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Business & MarketsChristopher Wallercredit conditionseconomic policieseconomyFederal ReserveinflationMarketsPolicies & ImpactsrecessionUS
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A top Federal Reserve official stated his support for more interest rate hikes as a tight labor market, persistent inflation, and uncertain credit conditions continue to threaten the U.S economy. Federal Reserve Governor Christopher Waller told the University of California Santa Barbara County Economic Summit on May 25 that the Fed should not stop raising…
How Major US Stock Indexes Fared May 25
Wall Street’s building mania around artificial intelligence helped lift the market, even as worries worsen about political rancor in Washington. The S&P 500 rose 0.9 percent Thursday after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the rush into AI. Because of its immense size, Nvidia is one of the…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 25)
May 25, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for July delivery fell $2.51 to $71.83 a barrel Thursday. Brent crude for July delivery fell $2.10 to $76.26 a barrel. Wholesale gasoline for June delivery fell 5 cents to $2.67 a gallon. June heating oil fell 6 cents to $2.35 a gallon. June natural gas fell 9 cents to $2.31…
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