Stocks drifted to a mixed close as Wall Street waited to see whether a pivotal meeting later in the day will help the U.S. government avoid a potentially disastrous default on its debt. The S&P 500 closed little changed Monday. The Dow slipped 0.4 percent and the Nasdaq rose 0.5 percent. Big Tech was continuing…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 22)
May 22, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for June delivery rose 44 cents to $71.99 a barrel Monday. Brent crude for July delivery rose 41 cents to $75.99 a barrel. Wholesale gasoline for June delivery rose 7 cents to $2.65 a gallon. June heating oil rose 1 cent to $2.37 a gallon. June natural gas fell 19 cents…
Fed’s Kashkari Open to Holding Rates Steady at Next Policy Meeting in June
May 22, 2023
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Business & Marketseconomic policieseconomyFederal Open Market Committee (FOMC)inflationinterest ratesMarketsNeel KashkarirecessionU.S. InflationUS
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Minneapolis Fed President Neel Kashkari, a member of the central bank’s rate-setting monetary policy committee, is open to pausing interest rates at the next policy meeting in June. He told the Wall Street Journal on May 21 that members of the Federal Open Market Committee (FOMC) need more time to assess the results of previous rate increases…
Can You Get a Gold Loan? Here’s What You Should Know
If you own physical gold, you have several options for putting it to work toward your financial goals. A gold loan can provide short-term funds if you don’t qualify for unsecured financing or need money quickly for an emergency car repair, medical treatment, or other unexpected expenses. Despite their convenience, gold loans don’t suit every…
Wall Street Opens Flat Amid Debt Limit Talks; Micron Slides
Wall Street’s main indexes opened flat on Monday as markets awaited updates on lawmakers’ talks about raising the U.S. debt ceiling, while shares of Micron fell following China’s ban on its memory chips. The Dow Jones Industrial Average fell 18.09 points, or 0.05 percent, at the open to 33,408.54. The S&P 500 opened lower by…
Dollar Calm as Debt Ceiling Talks to Resume
LONDON—The dollar was steady against the euro and yen on Monday, as U.S. debt ceiling negotiations were set to resume and after Federal Reserve Chair Jerome Powell indicated he favours a meeting-by-meeting approach when it comes to future policy moves. The greenback was down 0.1 percent at 137.85 yen to start the week, having snapped…
Oil Steady as US Default Risk Offsets Demand Outlook
LONDON—Oil prices were steady on Monday as caution relating to U.S. debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures rose 13 cents, or 0.2 percent, to $75.71 a barrel by 0850 GMT, while U.S. West Texas Intermediate…
Stock Market Today: Global Shares Mostly Rise Despite Worries About US Debt Talks
May 22, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsstocks
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TOKYO—Global shares mostly drifted higher Monday as investors fretted over whether the United States government will be able to reach a deal to avoid a federal default. France’s CAC 40 inched down less than 0.1 percent in early trading to 7,489.72, while Germany’s DAX slipped 0.1 percent to 16,261.45. Britain’s FTSE 100 gained 0.3 percent…
China on Brink of ‘Confidence Trap,’ Warn Citigroup Analysts
May 20, 2023
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Business & MarketsChina Business & EconomyChina NewsChinese economyChinese RegimeInvestmentlow consumer confidenceMarkets
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The Chinese economy is on the brink of being caught in a “confidence trap” as its post-pandemic recovery begins to slow. Low confidence combined with a slowdown makes it difficult for the Chinese Communist Party (CCP) to stimulate the economy using standard methods, such as interest rate cuts and infrastructure spending, warned Citigroup economists. China…
Value Investing Is Back
By Kim Clark From Kiplinger’s Personal Finance It looks like value stocks are making a comeback after being clobbered by growth stocks for about a decade. Value and growth stocks move in cycles. The 1980s were led by value stocks; the 1990s by growth. Value beat growth for seven consecutive years starting in 2000; then…
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