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Archive for the ‘Entrepreneur’ Category

U.S. second-quarter growth much stronger; jobless claims fall again

28 Aug

Gross domestic product expanded at a 4.2 percent annual rate instead of the previously reported 4.0 percent pace, the Commerce Department said on Thursday, reflecting upward revisions to business spending and exports. Third-quarter growth estimates range as high as a 3.6 percent rate.

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U.S. second-quarter growth strengthens

28 Aug

Gross domestic product expanded at a 4.2 percent annual rate instead of the previously reported 4.0 percent pace, the Commerce Department said on Thursday, reflecting upward revisions to business spending and exports. While trade was a drag for a second consecutive quarter, export growth was raised to a 10.1 percent pace from a 9.5 percent rate.

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Wall St. flat at record levels, valuations seen as reasonable

27 Aug

Sign is seen on Wall Street near the New York Stock ExchangeThe S&P 500 closed above 2,000 for the first time ever on Tuesday, while the Dow Jones industrial average also ended near a high. Both indexes have risen in 10 of the past 13 sessions, and the S&P has closed at a record 30 times this year, according to S&P Dow Jones Indices. The gains have come without any correction since 2012, prompting analysts to call for a pullback, especially such potential headwinds as a reduction in Federal Reserve stimulus and the conflict between Ukraine and Russia. “Earnings are good and rates are low, which creates the kind of environment that will keep pushing up markets gradually,” said David Kelly, chief global strategist for JPMorgan Funds in New York.

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Wall Street edges up, S&P rises back above 2,000

26 Aug

Traders work on the floor of the New York Stock Exchange (NYSE)Including Tuesday’s move, both the Dow and the S&P have risen in 10 of the past 13 sessions, while the Nasdaq is up for 11 of the past 13 sessions. “People aren’t going to do anything too aggressive until there’s some kind of catalyst, either positive or negative, and we may end up consolidating around 2,000 for a while,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

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S&P 500 tops 2,000 for first time in broad advance

25 Aug

Traders work on the floor of the New York Stock Exchange (NYSE)By Ryan Vlastelica NEW YORK (Reuters) – The S&P 500 stock index rose to an intraday record on Monday, topping 2,000 for the first time in a broad rally led by financial and biotechnology stocks. Biotechs rallied after Roche Holding AG agreed to buy InterMune Inc for $8.3 billion in cash, the latest vote of confidence in a sector that many, including Federal Reserve Chair Janet Yellen, are worried is overvalued. InterMune jumped 36 percent to $73.00, with the Nasdaq Biotech index up 2.4 percent. Gilead Sciences and Regeneron Pharmaceuticals were the S&P 500′s top two biggest percentage gainers, both up about 2.5 percent.

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Pressure builds within Fed to signal new policy course

24 Aug

Janet Yellen, Chair of the Federal Reserve, enters the opening reception of the Jackson Hole Economic Policy Symposium in Jackson HoleBy Jonathan Spicer, Michael Flaherty and Howard Schneider JACKSON HOLE Wyo. (Reuters) – Pressure is building within the Federal Reserve for officials to move as early as next month to more clearly acknowledge improvements in the U.S. “Some shift of language is on the table, and should be on the table in the coming meetings,” Atlanta Federal Reserve Bank President Dennis Lockhart, a policy centrist, said in an interview. While a handful of officials have argued for prompt changes, Lockhart said he thinks September “is still early.” Adding, dropping or adjusting even a few words in the Fed’s post-meeting statement is a potentially treacherous task. A miscommunication by the world’s most powerful central bank could shock financial markets globally and, in a worst case, reverse the economic recovery it seeks to foster.

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Fed in 'real debate' on rate hike in early to mid-2015: Lockhart

23 Aug

Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, arrives at the opening reception of the Jackson Hole Economic Policy SymposiumFederal Reserve is focused on an initial interest rate hike between the first quarter and the middle of next year, with possible changes in its main policy statement as soon as next month, Atlanta Fed President Dennis Lockhart said on Saturday. “It is reasonable with the improving data to begin to anticipate a change in the basic interest rate policy and, therefore, it is quite a reasonable debate as to whether that ought to be early 2015 or mid-2015 or even later,” Lockhart told Reuters in an interview here. “The debate is real.” Lockhart said he continues to forecast a rate increase in mid-2015, with economic growth hovering around 3 percent, and that he feels it is “still early” to change the central bank’s main policy statement. “Even with good data, and we have had a run of very good data on balance, you still can only draw tentative conclusions,” said Lockhart, who does not presently have a vote on the Fed’s main policy committee.

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Russian Deputy PM says no plans to ban McDonald's: Itar-Tass

23 Aug

The walls and towers of the Kremlin are reflected in a window of a closed McDonald's restaurant, one of four temporarily closed by the state food safety watchdog, in MoscowRussian authorities are not planning to close the McDonald’s chain in the country, Deputy Prime Minister Arkady Dvorkovich was quoted saying on Saturday, after inspectors visited a number of restaurants run by the fast-food company. “No one is talking about it at all (a ban on McDonald’s in Russia),” Dvorkovich was quoted saying by Itar-Tass news agency, in what could be a reprieve for the food chain, which considers Russia as one of its top markets. Russia’s food safety watchdog has launched inspections of McDonald’s restaurants across the country against the backdrop of a standoff with the West over the Ukraine crisis and has closed three of its outlets in Moscow, citing breaches of sanitary regulations.

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Yellen says U.S. job market still hampered, calls for 'pragmatic' policy

22 Aug

Janet Yellen, Chair of the Federal Reserve enters the opening reception of the Jackson Hole Economic Policy Symposium in Jackson HoleIn a speech at a central banking conference here, Yellen laid out in detail why she feels the unemployment rate alone is inadequate to evaluate the strength of the jobs market and why the Fed needed to move cautiously in deciding when to raise interest rates. At the same time, she nodded to the concerns of some Fed officials who are growing uneasy with the sustained level of the central bank’s monetary policy stimulus.

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Wall Street little changed after Yellen comments

22 Aug

A trader looks up at a chart on his computer screen while working on the floor of the New York Stock Exchange in New York“The reaction was a few weeks ago when the GDP number came out,” said Michael Marrale,  head of research, sales and trading at ITG in New York. “At that point I thought you’d have some who step up and would want to sell the news in anticipation of a rate hike coming sooner than expected at that time, so I think people have already positioned for that.” Investors will also monitor the situation in Ukraine after authorities there said trucks from a Russian aid convoy had crossed into Ukraine without permission, a move it described as a “direct invasion” of its territory.

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