Stocks recovered from lows reached earlier on Thursday, with investors buying the dip once again in spite of a dour wholesale inflation report. The late-day gains mean the S&P 500 notched its third straight record close, by the slimmest of margins, settling up 0.03% at 6,468.54. The Nasdaq Composite and Dow Jones Industrial Average were marginally lower, with the tech heavy index ending the day down 0.01% at 21,710.67, and the 30-stock Dow losing 11.01 points, or 0.02%, to close at 44,911.26. The S&P and Nasdaq were both down 0.4% at their lows before bouncing back. The Dow shed...
The U.S. dollar rose Thursday, retaining some strength after the Federal Reserve highlighted stagflation risks at its latest meeting, prompting traders to push out the chance of near-term rate cuts. At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.4% to 99.877, having bounced around 0.3% in the previous session. Dollar gains on hawkish Fed The U.S. central bank kept its benchmark interest rate steady in the 4.25%-4.50% range on Wednesday, but said that the risks of both higher inflation and unemployment had risen and...
The British pound briefly jumped 0.5% to $1.3356 after reports suggested that President Trump would announce a US-UK trade deal later on Thursday. The pound initially rallied on the news, which followed a social media tease from Trump hinting at a "major trade deal," later linked to the UK. The move also reflected broader dollar weakness, which has dominated currency markets since Trump's April 2 tariff wave sparked concerns over a potential US recession and persistent inflation. Meanwhile, the Sterling gave up gains to change hands at $1.327 as investors are now focused on the Bank of...
Oil rose on Thursday after falling more than $1 in the previous session, supported by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers. Brent crude futures were up 10 cents, or 0.2%, at $61.22 a barrel, while U.S. West Texas Intermediate crude rose 13 cents, or 0.2% to $58.20 a barrel at 0632 GMT. "Optimism around the U.S. and China trade talks this weekend is a primary factor supporting the rebound in the oil market," said independent market analyst Tina Teng. "Signs of a de-escalating trade war improved market sentiment,...
Gold extended its recent decline to around $3,360 per ounce on Thursday, as a cautious outlook on US interest rates weighed on the appeal of the non-yielding asset. The Federal Reserve held its benchmark rate steady as expected and warned of rising risks of both inflation and unemployment, reinforcing its cautious stance on future rate changes. Fed Chair Jerome Powell also stated that the central bank is not considering a preemptive rate cut in response to potential economic fallout from tariffs. Meanwhile, uncertainty surrounding US-China trade talks helped limit further losses. President...
Oil prices rose on Thursday after falling more than $1 in the previous session, supported by hopes for a breakthrough in upcoming trade talks between the US and China, the world's two largest oil consumers. Brent crude futures rose 51 cents, or 0.8%, to $61.63 a barrel, while U.S. West Texas Intermediate crude futures rose 57 cents, or 1%, to $58.64 a barrel by 0420 GMT. "Optimism surrounding the US-China trade talks later this week is a major factor supporting the oil market recovery," said independent market analyst Tina Teng. "Signs of an easing trade war have boosted market sentiment,...