Stocks rose in afternoon trading on Wall Street Tuesday and pushed major indexes further into record heights as investors review mostly solid earnings. The S&P 500 was up 0.3%. Big technology companies were doing much of the heavy lifting, and that helped send the Nasdaq up 0.3%. The Dow Jones Industrial Average climbed 0.1%. UPS jumped 7.4% after the package delivery service reported results that easily beat analysts' forecasts. Facebook fell following a weak sales forecast and scrutiny over its corporate practices. Microsoft and Google's parent company will report their own results after the closing bell.
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BEIJING, Oct. 26, 2021 /PRNewswire/ -- China's financial sector, after having facilitated the stable economic recovery in the first half of 20…
Asian shares are mostly higher after another rally to record highs on Wall Street. Benchmarks in Tokyo, Seoul and Sydney rose, while Hong Kong fell and Shanghai was little changed. Stocks have been pushing broadly higher as companies turn in much stronger profit reports for the summer than analysts had expected. Historically low interest rates, along with strong corporate profit growth, have helped the S&P 500 more than double from the bottom it set in March 2020 in the early days of the coronavirus pandemic. On Monday, the S&P 500 gained 0.5% while the Dow Jones Industrial Average surged 0.9%, both closing at record highs.
Nigeria has launched a digital currency which the Central Bank of Nigeria says is a “major step forward in the evolution of money” in Africa’s most populous country. President Muhammadu Buhari said that the digital currency and the blockchain technology it uses can foster economic growth and increase the GDP of Nigeria’s economy, one of Africa’s biggest, by $29 billion over the next 10 years. Buhari said the use of the Nigerian Central Bank Digital Currency can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country.
Federal Reserve Chair Jerome Powell says the tangled supply chains and shortages that have bedeviled the U.S. economy since this summer have gotten worse and will likely keep inflation elevated well into next year. But he says the Fed is not yet prepared to lift its benchmark interest rate. Powell has previously said that shortages and higher prices are mostly a result of the pandemic’s impact on supply lines, with factories in Asia temporarily closing amid COVID infections and dozens of cargo ships anchored offshore. The Fed chair spoke at a virtual conference Friday hosted by the South African Reserve Bank.
FILE - In this Sept. 30, 2021, file photo, Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on Capitol Hill in Washington. Powell says the tangled supply chains and shortages that have bedeviled the U.S. economy since this summer have gotten worse and will likely keep inflation elevated well into next year. (Sarah Silbiger/Pool Photo via AP, File)
The Turkish lira has slid to a record low against the U.S. dollar, a day after the Central Bank sharply cut interest rates. It was another hit after a global financial watchdog placed Turkey on a list of countries to monitor for money laundering and terrorism financing. The lira dropped to an all-time low of 9.66 against the dollar early Friday before settling at around 9.61 against the U.S. currency. The lira has lost more than 20% of its value since the start of the year. Thursday's greater-than-expected rate cut was seen by many as further evidence of the bank’s lack of independence from President Recep Tayyip Erdogan’s government.
The Federal Reserve is imposing a sweeping new set of restrictions on the investments its officials can own, a response to questionable recent trades that forced two top Fed officials to resign. The Fed announced Thursday that policymakers and senior staff would be barred from investing in individual stocks and bonds. They would also have to provide 45 days’ advance notice of any trade and receive prior approval from ethics officials. And they would have to hold the investments for at least one year. As a result, Fed officials would essentially be restricted to holding mutual funds.
Mortgage rates are hovering near all-time lows, but that could begin to change. The Federal Reserve is poised to start dialing back monthly bond purchases that have helped keep mortgage rates at ultra-low levels for much of the last 18 months. Economists expect the average rate for a 30-year mortgage to rise from around 3% now to around 4% next year. That would mean less buying power for would-be homebuyers and less attractive options for homeowners seeking to refinance. “The likelihood is that we see higher rates, not lower rates in the months ahead,” says Greg McBride, chief financial analyst for Bankrate.