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“Dow ends week on losing note despite strong US jobs report” Wall Street’s main index ended the week on a losing note as concerns about inflation and rising interest rates outweighed the strong jobs report released earlier on Friday by the federal government. The Dow Jones Industrial Average plummeted 348.58 points, or 1%, to 32,899.70,…
“Dow soars 500 points as stock market recovers from slump” Wall Street continued its recovery from a seven-week losing streak on Thursday as investors seized on apparent signs that the worst of sky-high inflation may be over. The Dow Jones Industrial Average rose 516.91 points, or 1.6%, to 32,637.19 and the Nasdaq rose 2.9%. The…
“How Mets owner Steve Cohen ‘plays defense’ during market slump” Mets owner Steve Cohen has adopted a defensive stock-picking strategy that’s plowing into safe havens including oil and casino properties as he looks to hedge against the slumping market, according to a report. The 65-year-old hedge-fund magnate, who has an estimated net worth of $11.9…
“Reality bites traders, memers and crypt-iots” Melvin Capital is maybe the first — but certainly won’t be the last — hedge fund hammered out of business as markets wean themselves off the heroin of cheap money that has propelled stocks and just about everything else for the past two-plus years. Hedge-fund investors, even those who…
“Dow up, but stocks on track for 6th straight losing week” Wall Street found some relief on Friday as major stock indexes bounced from a brutal week of selling — but markets still ended lower for the sixth consecutive week. Rattled by a surprisingly stiff monthly inflation number and a cataclysmic selloff in cryptocurrencies this…
“Dow, Nasdaq slide on fears of prolonged inflation” Stocks ended a whipsaw session lower as worries that inflation, while it might have peaked, will remain at elevated levels and could provoke increasingly aggressive policy tightening from the Federal Reserve. The Dow plunged more than 500 points in late afternoon trading before recovering as all three…
“Citi to overhaul London team linked to ‘flash crash’: report” Jane Fraser’s Citigroup is overhauling the leadership of one of the teams linked to a “flash crash” that sent European stock markets tumbling this month, three sources told Reuters. Citi is looking to name a new Head of Forward Trading in its Delta One operations based at…
“US economy adds 428,000 jobs in April, beating forecasts” America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment…
“Market panic because of Biden and Powell’s inflation incoherence” Fed chairs have historically been inscrutable when talking in public, leaning on something called “Fedspeak.” By talking in riddles, financial markets don’t overreact to your every word. But speaking in riddles is different than acting in riddles. And that’s exactly what the Biden administration and Fed…
“Euro stock ‘flash crash’ triggered by Citigroup trader’s error” A brief-but-steep drop in European stocks on Monday was triggered by a Citigroup trader’s input error, the banking giant said. The so-called Flash Crash, which tanked the Stockholm benchmark index OMX 30 more than 8% in the span of a few minutes, temporarily halted trading Monday around…