Wall Street’s main indexes opened higher on Monday as investors bought beaten-down shares after the main benchmarks suffered their worst weekly selloff of the year on worries of aggressive interest-rate hikes. The Dow Jones Industrial Average rose 89.24 points, or 0.27 percent, at the open to 32,906.16. The S&P 500 opened higher by 22.32 points,…
Tesla’s German Plant Hits 4,000 Cars per Week Ahead of Schedule
BERLIN—Tesla’s German plant in Brandenburg near Berlin is now producing 4,000 cars per week, the company said on Monday, quadrupling from May when Chief Executive Elon Musk had compared investment in Tesla’s new plants to “gigantic money furnaces.” The Berlin plant hit the production target three weeks ahead of a production schedule reviewed by Reuters….
Dollar Hovers Near 7-Week High as US Rate Expectations Rise
SINGAPORE/LONDON—The dollar wavered near a seven-week high on Monday, as investors took stock of last week’s strong economic data and rapid reconsideration of where interest rates will peak. Data on Friday showed U.S. consumer spending rebounded sharply in January, while inflation accelerated. Traders now expect the Fed to raise interest rates to around 5.4 percent…
Oil Rises on Russian Supply Jitters
February 27, 2023
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LONDON—Oil prices edged up in volatile trade on Monday, as Russia halted exports to Poland via a key pipeline ahead of a hefty supply cut announced for March, but a stronger dollar and fears of recession capped gains. West Texas Intermediate U.S. crude futures (WTI) traded at $76.68 a barrel, 36 cents, or 0.5 percent…
World Shares Mixed After Latest Wall Street Retreat
February 27, 2023
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BANGKOK—Shares gained Monday in Europe after retreating in Asia, where they tracked Wall Street’s latest decline. Last week, U.S. shares suffered their worst setback since early December. Reports on inflation, the jobs market, and retail spending have come in hotter than expected, leading analysts to raise forecasts for how high the Federal Reserve will have…
Utility Stocks Are Losing Power
By Jeffrey R. Kosnett From Kiplinger’s Personal Finance When a stock sector crushes the S&P 500 index by 15 percentage points over a full year, it’s normally cause for euphoria. But utilities, which are both regulated and sensitive to interest rates, are not your typical industry. And that massive 15-point outperformance translates to just a…
Stocks Drop, Send Wall Street to Its Worst Week of the Year
NEW YORK—Another cold reminder that inflation remains hotter than hoped sent Wall Street skidding Friday, and stocks closed out their worst week since early December. The S&P 500 fell 1.1 percent to cap its third straight weekly loss. The Dow Jones Industrial Average dropped as many as 510 points before closing down 336 points, or…
Wall Street Tumbles at Open as Inflation Data Fuels Fed Worries
Wall Street’s main indexes opened sharply lower on Friday as a surge in consumer spending and inflation in January sparked concerns that the Federal Reserve will stick to its hawkish stance for longer. The Dow Jones Industrial Average fell 154.72 points, or 0.47 percent, at the open to 32,999.19. The S&P 500 opened lower by…
Dollar Rises to Fresh 7-week High on Rate Outlook; Yen Slides
LONDON—The dollar index rose to seven-week highs on Friday, as investors prepared for U.S. interest rates to stay higher for longer after a set of strong U.S. economic data. The yen fell after a volatile Asian trading session, with incoming Bank of Japan Governor Kazuo Ueda saying it was appropriate to keep ultra-loose monetary policy….
Oil Gains as Russian Output Cuts Offset Rising US Inventories
February 24, 2023
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LONDON—Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity. Brent crude futures rose 89 cents, or 1.1 percent, to $83.10 per barrel by 1042 GMT. On the anniversary of Russia’s invasion of Ukraine,…
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