Commentary Wall Street loves acronyms nearly as much as the United States military, so it was inevitable that some wag–reportedly CNBC stock picker Jim Cramer–came up with “FAANG” to mean Facebook, Apple, Amazon, Netflix, and Google somewhere around 2013. Of course, the FAANG acronym is now obsolete, given that Facebook has become “Meta” and Google has…
Euro Crawls Back as Market Weighs Impact of Sanctions, Invasion
LONDON—The euro edged up on Friday following Thursday’s sharp declines in the wake of Russia’s invasion of Ukraine. The dollar edged lower against most currencies as markets walked back some of the tumultuous moves from the previous day. Russia’s rouble also recovered some ground, trading at around 83.5 per dollar, having hit a record low…
Nasdaq Tumbles Over 3 Percent at Open as Russia Invades Ukraine
The Nasdaq Composite index tumbled at the open on Thursday, dropping more than 20 percent from its record closing high in November last year and on track to confirm a bear market, after Russia launched an all-out invasion of Ukraine. The Dow Jones Industrial Average fell 301.43 points, or 0.91 percent, at the open to…
Oil Rises as Tight Market Looks to Russian-Western Diplomacy
LONDON—Oil prices rose slightly on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel. Brent crude futures rose 25 cents, or 0.3 percent, to $93.79 a barrel at 1000 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 35…
What the IPO Surge Reveals
Commentary American finance has seen a powerful march to market. Initial public offerings (IPOs) of formerly private firms surged in 2021 and show signs of sustaining that trend into 2022. Each firm, of course, makes its own decisions about its unique circumstances and products, but the broad picture carries two clear though seemingly contradictory signals….
This Day in Market History: The Department of Commerce and Labor Is Born
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened On Feb. 14, 1903, under the Roosevelt administration, Congress established the U.S. Department of Commerce and Labor. Where the Market Was The S&P 500 had started the month at 8.41, while the Dow Jones Industrial Average started…
ECB Warns About Vulnerable Property Market in Eurozone
FRANKFURT—The property market is a “key vulnerability” for eurozone banks as the rise of remote working since the pandemic dents demand for offices and households take on more debt to buy expensive homes, the European Central Bank said on Wednesday. Central bankers have been ringing alarm bells about the eurozone’s booming property market that has…
Oil Prices Gain After IEA Says Market Tight
LONDON—Oil prices rose on Friday after the International Energy Agency (IEA) said oil markets were tight, but were still heading for weekly losses on inflation worries and U.S.–Iran which could boost global supplies. Brent crude futures rose $1.01, or 1.1 percent, to $92.42 a barrel at 1203 GMT, while U.S. West Texas Intermediate crude gained…
James Hardie Sets Higher Profit View as US Housing Market Boom Continues
James Hardie, the world’s largest fiber cement maker, on Monday raised its annual profit forecast for the fourth time this fiscal year, and guided to even higher earnings next year, driven by a boom in the housing sector in North America. New home sales in the United States, which makes up 70 percent of the…
This Day in Market History: Mark Zuckerberg Launches Facebook
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On Feb. 4, 2004, Mark Zuckerberg launched Facebook Inc. Where Was the Market? The S&P 500 was trading at 1,126.52 and the Dow Jones Industrial Average was at 10,470.74. What Else Was Going On in the World?…
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