Tag: Markets

IN-DEPTH: Key Risks Facing Banks and What Americans Can Do About Them

April 19, 2023
bank risksBusiness & MarketseconomyinflationInvestmentMarketspersonal financerecessionSilicon Valley BankUSUS News
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While the threat of financial contagion has abated following the bank turmoil sparked by the collapse of Silicon Valley Bank (SVB), experts warn that there are still risks facing U.S. banks that Americans should be mindful of. The collapse of SVB sent shockwaves through the U.S. banking sector, sparking a crisis of confidence and an…

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Morgan Stanley Beats Estimates With Wealth Business Growth, but Shares Fall

April 19, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsMorgan StanleyresultsstocksUSUS News
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Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading. The bank earned $1.70 per share, beating analysts’ average estimate of $1.62 per share, according to Refinitiv data. But its shares fell 1 percent to $88.92 in early trading on Wednesday as investment banking…

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Wall Street Opens Lower on Mixed Earnings, Rising Yields

April 19, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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U.S. stocks fell at the open on Wednesday as Treasury yields rose on expectations that the Federal Reserve could keep interest rates higher for longer, while mixed earnings from regional banks and weakness in Tesla further dented sentiment. The Dow Jones Industrial Average fell 86.80 points, or 0.26 percent, at the open to 33,889.83. The…

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Goldman Sachs Eyes Potential ‘Cannibalization’ From Apple’s New Savings Account

April 19, 2023
appleBusiness & MarketsCompaniesGoldman SachsInvestmentMarketspersonal financeUS
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Goldman Sachs CEO David Solomon said he’s not concerned about Apple’s new savings account overshadowing his bank’s own Marcus savings accounts, though he’s watching closely for “cannibalization.” Solomon made the remarks in a recent earnings call, during which he was asked about Apple’s newly-announced savings account, which offers an annual percentage yield (APY) of 4.15 percent…

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Oil Slides as Interest Rate Expectations Eclipse Chinese Data

April 19, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices dropped sharply on Wednesday, sliding by 2 percent as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories. Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell by $1.64 to…

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Stocks Ease, Dollar Perks Up as Focus Returns to Fed and Inflation

April 19, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks eased on Wednesday, while the dollar pulled further above last week’s one-year lows, as investor focus honed in on what the Federal Reserve may have to do to tame inflation, rather than on the recent problems in the U.S. banking sector. The MSCI All-World index fell 0.2 percent, thanks to a broad-based decline…

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Closing Prices for Crude Oil, Gold and Other Commodities (Apr. 18)

April 18, 2023
Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for May delivery rose 3 cents to $80.86 a barrel Tuesday. Brent crude for June delivery rose 1 cents to $84.77 a barrel. Wholesale gasoline for May delivery fell 2 cents $2.75 a gallon. May heating oil fell 1 cent to $2.60 a gallon. May natural gas rose 9 cents to…

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Stock Market Today: S&P 500 Posts Slight Gain, Dow Flat

April 18, 2023
Business & MarketsMarketsstockstocksWall Street
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NEW YORK—Wall Street closed Tuesday almost exactly where it began after a mixed set of profit reports led to a quiet, meandering day of trading. The S&P 500 edged up by 3.55 points, or 0.1 percent, to 4,154.87 after drifting between small gains and losses throughout the day. The Dow Jones Industrial Average slipped 10.55,…

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China’s Central Bank Increases Gold Holdings to Prepare for US Sanctions: Analysts

April 18, 2023
Business & MarketsChinaChina Business & Economychina sanctionsDe-DollarizationGold and Commoditiesgold reservesMarketsUS-China relations
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For the past five months, China’s central bank has been increasing its gold reserves while simultaneously decreasing its holdings of U.S. bonds. Industry experts believe that this move is in anticipation of future sanctions that China may face. According to data recently released by China’s State Administration of Foreign Exchange and reported by financial news…

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Bank of America First-Quarter Earnings Beat Expectations

April 18, 2023
Bank of AmericaBusiness & MarketsCompaniesEarnings Reporteconomic policieseconomyfirst quarterinflationInvestmentMarketsrecessionUS
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Bank of America’s first-quarter earnings and revenue beat expectations due to higher interest rates. The banking giant reported its best quarter in a decade, according to its latest quarterly earnings report from April 18. BofA said its net interest income (NII) saw its largest boost, surging 25 percent, to $14.4 billion from the year-ago quarter due…

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