Wall Street leaps after strong US jobs report June 3, 2023 Stocks moved higher on Friday after a strong report on the US job market suggested a recession may not be as close as Wall Street had feared. The S&P 500 leaped 1.5 per cent for the latest surge in a rally that has vaulted it nearly 20 per cent since mid-October. That put Wall Street’s [...]
US debt ceiling: Joe Biden expected to sign legislation two days before deadline June 3, 2023 President Joe Biden is expected to sign legislation to raise the US debt ceiling, just two days before the US Treasury warned that the country would struggle to pay its bills. The bipartisan measure, which was approved this week by the US house and senate, eliminates the potential for an unprecedented government default. “Passing this [...]
Wall Street rises on hopes the Fed may take it easier on rate hikes June 2, 2023 Wall Street rose on Thursday with hopes that the Federal Reserve may soon take it easier on its hikes to interest rates. The S&P 500 rallied 1 per cent after a suite of reports painted a picture of a split US economy. The job market remains solid, but manufacturing is weakening and retailers are seeing [...]
US Senate approves debt ceiling bill narrowly avoiding traumatic default June 2, 2023 The US Senate approved a deal to lift the debt ceiling yesterday, avoiding a traumatic federal default by a matter of days. 63 senators backed the proposals on Thursday night after the deal secured bipartisan support in the House of Representatives on Wednesday. Senate Majority Leader Chuck Schumer said ahead of voting that the Bill’s [...]
Stocks on Wall Street rise despite hint Fed’s rate hikes may NOT be over May 19, 2023 Stocks rose again on Thursday after more companies reported better profits than expected, while yields climbed after a Federal Reserve official cautioned the end to its interest-rate hikes may not arrive as soon as Wall Street hoped. The S&P 500 gained 0.9 per cent , adding to its rally from the day before as hopes [...]
Disney woes and health of banks edged Wall Street lower May 12, 2023 Wall Street edged lower on Thursday, weighed down by a sharp drop for the Walt Disney Company and flaring fears about the health of some US banks. The S&P 500 lost 7.02 points, or 0.2 per cent, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average [...]
Cleverly talks down hopes of US trade deal on Washington trip May 10, 2023 Foreign secretary James Cleverly has talked down hopes of a UK-US trade deal during a visit to Washington DC. Speaking in the US on Tuesday, Cleverly said the government was not “prioritising” a free trade agreement (FTA) but aiming for “real economic coordination” with the superpower. His comments came at a press conference with US [...]
US economic growth slows in first quarter as weekly jobless claims fall April 27, 2023 U.S. economic growth slowed more than expected in the first, despite an increase in consumer spending, and activity is set to moderate further as the effects of higher interest rates spread. Gross domestic product increased at a 1.1 per cent annualized rate last quarter, the Commerce Department said in its advance estimate of first-quarter GDP growth on Thursday. [...]
Wall Street rally lifts tech stocks in latest signal US inflation is cooling, now eyes turn to Fed rate decision April 14, 2023 A rally on Wall Street on Thursday lifted stocks to their highest level in almost two months following the latest sign that inflation continues to cool. The S&P 500 rose 1.3 per cent after a report showed inflation at the wholesale level slowed last month by more than expected. The Dow Jones Industrial Average gained [...]
US economy adds 236,000 jobs in March as Fed rate hikes help cool labour market April 7, 2023 The US added 236,000 new jobs in March, the latest sign that the labour market is beginning to cool as the US Federal Reserve (Fed) continues to hike interest rates. The number of new jobs fell below the number added in February and the average monthly gain of 334,000 recorded in the last six months, [...]