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...
Oil continued to fall ahead of trade talks between the US and China, with comments from President Donald Trump highlighting the difficult path officials face to reach a possible deal. West Texas Intermediate crude futures were trading near $58 a barrel after falling 1.7% in the previous session. Brent crude futures settled above $61. Trump said Wednesday he was not willing to roll back tariffs on China first to jump-start planned negotiations. The officials are set to meet in Switzerland this week for talks. Crude prices have been on a tear recently on concerns about the potential hit to...
Gold prices fell more than 1% on Wednesday, pressured by a firmer dollar and U.S.-China trade talks optimism, while the Federal Reserve held interest rates steady. Spot gold slipped 1.1% to $3,390.26 an ounce. U.S. gold futures lost 0.7% to $3,399.1. The U.S. dollar gained 0.2% against other fiat currencies. A stronger dollar makes gold more expensive for other currency holders. The Fed held interest rates steady on Wednesday afternoon. The U.S. central bank stuck to comments it had made in the past that it was in no hurry to cut rates, but indicated in a post-meeting statement that it...
Oil prices fell by more than $1 a barrel on Wednesday as investors doubted that upcoming U.S.-China trade talks will result in a breakthrough, while hopes for an Iran-U.S. nuclear deal eased supply worries. Brent crude futures settled $1.03, or 1.66%, lower at $61.12 a barrel while U.S. West Texas Intermediate crude lost $1.02, or 1.73%, lower at $58.07 a barrel. The U.S. and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy. The trade talks between the world's two largest economies come after weeks of escalating...
Gold price remains on the back foot after the Federal Reserve (Fed) kept interest rates unchanged. XAU/USD trades at $3,394, down over 1%, as traders brace for Fed Chair Jerome Powell's press conference. XAU/USD down over 1% to $3,394 as traders await Powell's press conference following cautious Fed toneThe Federal Reserve held rates at the 4.25%-4.50% range unanimously, as expected, and mentioned that uncertainty about the economic outlook has increased further, adding that the risks of higher unemployment and inflation have risen. Fed officials added that the economy remains expanding at...
The Federal Reserve (Fed) left its benchmark interest rate unchanged at 4.5%, in line with expectations, but struck a more cautious tone in its policy statement. While noting that the labor market remains solid and economic activity continues at a steady pace, the Fed acknowledged that inflation is still "somewhat elevated" and that both inflation and unemployment risks have risen. The Committee reaffirmed its commitment to data-dependence and reiterated that policy adjustments remain on the table should downside risks materialize. Balance sheet reduction will continue at the current...