NEW YORK—Stocks on Wall Street sank Tuesday after Home Depot warned of flagging sales, the latest discouraging signal for an economy under pressure. The S&P 500 fell 26.38 points, or 0.6 percent, to 4,109.90. The Dow Jones Industrial Average dropped 336.46, or 1 percent, to 33,012.14, and the Nasdaq composite slipped 22.16, or 0.2 percent,…
Stock Market Today: Wall Street Weakens as Energy Stocks, Home Depot Weigh
Samsung Presses Ahead With Central Bank Digital Currency Technology
May 16, 2023
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Asia & PacificBank of KoreaBusiness & Marketscentral bank digital currencycryptocurrencyeconomic policieseconomyMarketsSamsungSouth KoreaUSWorld
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Samsung said it would press ahead with central bank digital currency (CBDC) technology in South Korea. The South Korean tech giant is planning on launching a CBDC currency in collaboration with the Bank of Korea (BOK). CBDCs are central bank-issued and controlled digital currencies that can be exchanged using blockchain or distributed ledger technology. Central…
Bankrupt Crypto Lending Platform Opts for Liquidation
May 16, 2023
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BlockFiBusiness & MarketsCompaniescrypto bankruptcycrypto lending platformcryptocurrencyeconomyMarketsTechTech NewsUSUS News
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Bankrupt crypto lender BlockFi has decided to liquidate its cryptocurrency lending platform in a bid to repay its more than 100,000 creditors. In a company filing on May 12, BlockFi claimed that liquidation would be the best option for creditors. According to the company, the amount of funds clients can recover from the liquidation largely…
Energy Department to Buy 3 Million Oil Barrels to Replenish Strategic Reserves
May 16, 2023
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Business & MarketsDepartment of EnergyeconomyenergyExecutive BranchGold and CommoditiesMarketsPoliticsUSUS NewsUS Strategic Petroleum Reserve
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The U.S. Department of Energy (DOE) has announced that it intends to buy oil to replenish the country’s Strategic Petroleum Reserve (SPR), which has been depleted to multi-decade-low levels. According to the DOE’s Request for Proposal (pdf) issued on May 15, the department is seeking to purchase up to three million barrels of sour crude…
High Car Prices Result in Americans Holding Onto Aging Vehicles
Higher car prices are forcing Americans to hold onto their vehicles longer than they want to, according to a new survey, The price of new and used cars remains high, with many car owners planning to delay selling their vehicles, along with rising borrowing rates and high inflation cutting into many Americans’ expenses. The average…
Stock Market Today: Wall Street Rises Ahead of Updates on US Shoppers
NEW YORK—Wall Street ticked higher Monday ahead of reports that will show how much a slowing economy is hurting what’s prevented a recession so far: solid spending by U.S. households. The S&P 500 rose 12.20, or 0.3 percent, to 4,136.28, the latest tick higher in what’s been a listless weekslong run for the market. The…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 15)
May 15, 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 $1.07 to $71.11 a barrel Monday. Brent crude for July delivery rose $1.06 to $75.23 a barrel. Wholesale gasoline for June delivery rose 4 cents $2.47 a gallon. June heating oil rose 7 cents to $2.38 a gallon. June natural gas rose 11 cents to $2.38 per…
Oil Prices Rise as Concerns About US Economy Persist
May 15, 2023
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Business & Marketseconomic recessioneconomyenergyGold and CommoditiesMarketsoil pricesoil productionPolicies & ImpactsUS
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Oil prices rose during early Monday trading after a long streak of weekly declines, with the overall market sentiment expected to remain lukewarm due to worries about the state of the American economy. Brent crude oil prices were trading at $75.42 per barrel on Monday, as of 10:44 a.m. EST, up from its opening of…
Is Silver Still Undervalued Today?
Is silver undervalued? It’s a common question for new and seasoned investors alike. Like gold, silver is a safe-haven class investment. Unlike gold, silver’s value depends on a complex web of market factors. This can make it difficult to determine when it is a good time to buy silver. Is Silver Undervalued? The short answer…
Biggest Fear Among US Business Leaders Is ‘Catastrophic’ Debt Default: White House Economic Adviser
May 15, 2023
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Business & MarketsCompaniesdebt defaulteconomyExecutive BranchinflationMarketsPoliticsrecessionUSUS News
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A key aide to President Joe Biden said Sunday that American business leaders’ chief concern is not inflation or recession but the looming threat of a “catastrophic” government debt default. Lael Brainard, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that the country’s top business leaders have told her…
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