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Updated: 5 weeks 5 days ago
By Caroline Valetkevitch NEW YORK (Reuters) - After finally eclipsing year-old record highs, the U.S. stock market will be tested again next week, when the onslaught of company earnings could help investors assess the impact of Britain's vote to exit the European Union. The third-quarter view is down from a 2.4 percent gain projected by analysts just before the Brexit vote.
The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.
Citigroup is betting on U.S. consumers and multi-national corporate clients to navigate lower interest rates after a rebound in trading helped it beat Wall Street's subdued expectations for the second quarter. A burst in client demand for currencies and bonds in the wake of Britain's vote to leave the European Union, along with a drop in the amount of money set aside to cover soured loans, meant Citi reported a 14 percent fall in net profit, far less than the 25 percent slide Chief Executive Officer Michael Corbat had warned of in early June. The slip in earnings reflects U.S. banks' struggle with low U.S. interest rates, which hamper their ability to profit from lending.
By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, bolstering views that economic growth picked up in the second quarter. The bullish data and a rally on Wall Street could allow the Federal Reserve to raise interest rates later this year, but much will depend on policymakers' assessment of the impact on the U.S. economy of Britain's June 23 vote to leave the European Union. "In normal times, this would be enough for the Fed to continue raising interest rates," said Harm Bandholz, chief U.S. economist at UniCredit Research in New York.
Citigroup Inc beat Wall Street expectations on Friday with a smaller-than-expected drop in second-quarter profit as a rebound in trading activity partly offset the effects of persistently low U.S. interest rates. Like its rivals, Citigroup saw a spike in trading volumes after Britain voted on June 23 to exit the European Union. The fourth-largest U.S. bank by assets said earnings, adjusted for counterparty risk, fell 14 percent to $4 billion in the second quarter, far less than the 25 percent drop Chief Executive Officer Michael Corbat had warned of early in June.
TOKYO (Reuters) - Japan's Nikkei posted its biggest weekly gain in 6-1/2 years after a fifth straight winning session on Friday, lifted by Wall Street's record run and a sagging yen, while newly-listed Line Corp ended 32 percent above its IPO price. Index-heavy Fast Retailing Co soared 18 percent to its daily limit of 32,660 yen, and contributed a hefty 197 points to the Nikkei benchmark after the 'Uniqlo' clothing operator reported strong March-May results. The Nikkei share average rose 0.7 percent to 16,497.85, its highest closing level since June 10. ...
By Noel Randewich SAN FRANCISCO (Reuters) - The S&P 500's multiple record highs set this week after more than a year-long wait on Wall Street would not have taken so long had Apple Inc, the index's largest constituent, not fallen deeply from its own all-time high. Since the S&P 500 hit its prior record high on May 21, 2015, the benchmark index has risen 1.55 percent. Although Apple's stock gained 1.98 percent on Thursday, its biggest one-day rise since May, it is still down 26 percent from its own record high close of $133 set on Feb. 23 last year. After the launch of the iPhone in 2007, Apple became a must-own stock for growth investors across Wall Street, and its stellar rise fueled gains in the S&P 500.
By Heather Somerville SAN FRANCISCO (Reuters) - Venture capital investments in startups rebounded in the second quarter, as a general stock market recovery helped restore confidence, according to a new report published on Friday. Investors plowed $15.3 billion into venture-backed startups in the second quarter of this year, a 20.5 percent increase over the $12.7 billion invested in the first quarter, according to the MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association. The report's conclusions are based on data from Thomson Reuters.
Asian shares extended gains to nine-month highs on Friday, on track for a solid weekly rise, as better-than-expected economic data from China lifted risk sentiment that was already buoyant after record highs on Wall Street. Financial bookmakers at IG and CMC Markets expected Britain's FTSE 100 and Germany's DAX to open 0.1 percent lower, while France's CAC was seen down 0.4 percent. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent, off intraday session highs it hadn't reached since October, but it was still on track to log a robust weekly gain of more than 4 percent for the week.
(Reuters) - Xerox Corp privately rejected a bid to merge its document business with financial printing firm RR Donnelley & Sons Co , the Wall Street Journal reported Thursday. Norwalk, Connecticut-based Xerox has drawn some interest in potential deals since announcing plans in January to split into two businesses, the Journal reported, citing people familiar with the matter. RR Donnelley, which is also in the process of breaking up, proposed that its executives take control of the combined operations, and sought several hundred million dollars in new cost cuts, the newspaper reported.
Shares in the Asian hit messaging app Line surged 27 percent in the first day of trade in New York in a market hungry for the newest technology IPO. Founder and chief executive Jungho Chin told CNBC television Thursday that the company now dominates the Japanese market and that the IPO will boost its expansion. In early trade on the New York Stock Exchange, the shares rocketed by more than 40 percent from the initial public offering price of 3,300 yen, or $31.20.
By Sam Forgione NEW YORK (Reuters) - Two major U.S. stock indexes set fresh record closing highs on Thursday on investors' optimism about big banks' second-quarter earnings, while European shares also rose and oil prices rebounded from the previous session's bruising losses. Expectations of more stimulus from the Bank of England and Bank of Japan have contributed to stocks' gains in the past week. The view that the U.S. economy is on solid footing, as well as reduced political uncertainty in Britain and Japan, have also buoyed stocks.
Financial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan’s strong quarterly results, while upbeat economic data cemented bets that the current rally on Wall Street can chug along. JPMorgan , the biggest U.S. bank by assets and the first among its peers to issue results this earnings season, reported a much better-than-expected rise in quarterly revenue. The bank’s shares rose 1.5 percent to $64.12, while the S&P financial index rose 0.89 percent.
NEW YORK (AP) — Shares of Line Corp. are soaring in their debut on the New York Stock Exchange amid hungry investor demand to get in on the mobile messaging craze.
JPMorgan , the biggest U.S. bank by assets and the first among its peers to issue results, reported a much better-than-expected rise in quarterly revenue. The bank's shares rose 2.1 percent, while the S&P financial index rose 0.91 percent, leading the advancers among the 10 major S&P sectors. "We saw a significant beat from JPMorgan and that's helping the psychology of the market," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly held steady near a 43-year low last week, pointing to further momentum in the labour market after job growth surged in June. The signs of sustained strength in the economy, together with a U.S. stock market rally, could allow the Federal Reserve to raise interest rates later this year. "The days of falling prices are pretty much over and the labour market is strengthening, which raises the question: Is anyone at the Fed paying attention?" said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.