The S&P 500 index closed slightly higher while the Dow dipped on Wednesday as investors grappled with mixed messages from Federal Reserve Chair Jerome Powell and U.S. economic data ahead of upcoming labor and inflation reports that are expected to determine the central bank’s future rate hiking path. In his second day of testimony to…
Why Tax Stock Buybacks?
March 8, 2023
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…
Wall Street Rises After Selloff, Labor Data on Tap
U.S. stock indexes opened slightly higher on Wednesday after a selloff in the previous session, with investors awaiting more comments from Federal Reserve Chair Jerome Powell and job openings data. The Dow Jones Industrial Average rose 15.62 points, or 0.05 percent, at the open to 32,872.08. The S&P 500 opened higher by 1.18 points, or…
Dollar Scales 3-month Peak as Powell Flags Higher Rates
LONDON—The dollar scaled multi-month highs against most other major currencies on Wednesday, after Federal Reserve Chair Jerome Powell warned that U.S. interest rates might need to go up even faster and higher than expected to rein in stubborn inflation. Higher rates benefit the dollar by improving its yield and as traders look for safety while…
Oil Steadies After Rate Hike Concerns Spur Sell-Off
March 8, 2023
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LONDON—Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures climbed 11 cents, or 0.1 percent, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents,…
Global Stocks Fall Amid Fears About Faster Rate Hikes
March 8, 2023
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TOKYO—Global shares were mostly lower Wednesday as investors fretted that the Federal Reserve might raise interest rates faster if the pressure stays high on inflation. France’s CAC 40 shed 0.2 percent to 7,325.65 in early trading. Britain’s FTSE 100 dipped 0.3 percent to 7,898.54. Germany’s DAX inched down less than 0.1 percent to 15,555.97. U.S….
Stick With Dividend-paying Stocks
By James K. Glassman From Kiplinger’s Personal Finance Well-chosen stocks that pay dividends are solid investments. They are a little less volatile, or risky, than the market as a whole. They produce slightly worse returns in good times but significantly better returns in bad. And dividends don’t lie. Companies can pull all sorts of shenanigans…
Wall Street Slips at Open as Investors Await Powell’s Testimony
Wall Street’s main indexes opened marginally lower on Tuesday in cautious trading ahead of Federal Reserve Chair Jerome Powell’s testimony before Congress that could shed more light on the central bank’s interest rate hike plans. The Dow Jones Industrial Average fell 3.13 points, or 0.01 percent, at the open to 33,428.31. The S&P 500 opened…
Dollar Steady Before Powell Testimony; Aussie Slips
SINGAPORE/LONDON—The U.S. dollar held steady on Tuesday ahead of testimony before Congress by Federal Reserve Chair Jerome Powell, while the Aussie slid after the Reserve Bank of Australia hinted it might nearly be done with monetary tightening. The Australian dollar was the day’s major G10 mover, sliding as much as 0.79 percent to $0.6679, its…
Oil Steady as Market Juggles Supply and Demand Fears
March 7, 2023
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LONDON—Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply. Brent crude futures fell 22 cents, or 0.26 percent, to $85.96 a barrel by 1043 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.2 percent, at…
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