Wall Street concerns about “unforeseen consequences” from another Federal Reserve interest rate hike were keeping a lid on Tuesday’s stock market rebound, according to veteran trader Art Cashin. Against the back drop of higher rates, investors are “very nervous” about global economic growth slowing and uncertainty around the U.S. trade war with China, said the
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Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China’s “reform and opening up,” striking a relatively defiant tone to international calls for major changes in his country’s economy. His remarks are being watched to see whether Xi’s idea of progress aligns with the West’s increasingly vocal
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Wall Street firms’ equity strategists see stocks posting gains for at least one more year as earnings grind higher and the U.S. economy approaches its longest expansion since before the U.S. Civil War. Many strategists, including Bank of America’s Savita Subramanian and Goldman Sachs’s David Kostin noted that investors may become more worried about the
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Robinhood’s attempt to launch a disruptive, first-of-its-kind product offers some lessons for fintech companies trying to break the mold in a highly regulated industry. On Thursday, the popular stock-trading start-up rolled out what executives said was the biggest announcement in the company’s history: Checking and savings products with a 3 percent interest rate, and zero
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Millionaire investors say the biggest risk to their personal wealth next year is dysfunction in Washington. According to CNBC’s latest Millionaire Survey, conducted by Spectrem Group, millionaires say they generally are bullish about the economy, markets and their own fortunes next year. But they also contend that political dysfunction and government debt are looming problems
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Best Buy shares dropped on Monday after Bank of America Merrill Lynch downgraded the stock to underperform (the firm’s equivalent of a sell rating), citing slowing sales of electronics, including the iPhone. The firm cited “deceleration in industry growth trends and continued caution on key product categories such as TVs, Apple products and gaming,” stated
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Ron Paul is warning this year’s corrections could be a precursor to an epic market collapse that may come sooner than investors think. According to the former Republican presidential candidate, Wall Street is becoming more vulnerable to near-depression conditions within the next 12 months. “Once this volatility shows that we’re not going to resume the
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Renault’s top executive has written a letter to Nissan urging a shareholder meeting, The Wall Street Journal reported on Sunday, citing the arrest of Carlos Ghosn in Tokyo last month as a “significant risk” to the car makers’ partnership. Ghosn was apprehended in November on suspicions of underreporting income and misusing company funds. The Journal
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The latest wave of heavy selling in financial markets is a clear sign of things to come, according to a new report from the world’s oldest international financial organization. The Bank of International Settlements (BIS), an umbrella group for the world’s central banks, warned on Sunday that a normalization of monetary policy is likely to
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Wall Street angst over a possible recession may be increasing, but one bull refuses to waver. Federated Investors’ Steve Chiavarone believes there’s nothing on the horizon that suggests the 2018 market corrections will become a massive downturn next year. Rather, he sees stocks hitting fresh record highs — citing labor market trends, inflation levels, the
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Financial technology startup Robinhood is re-launching a new savings account plan that came under withering scrutiny from regulators, and drew accusations about potentially misleading investors. In a blog post released Friday, Robinhood’s founders acknowledged that its new plan, which aimed to offer no-fee checking and savings accounts with no minimums, ATM fees, penalty charges or
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