Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:

Archive:

  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

US stocks end mixed as Fed Chair Powell's continued backing of stimulus raises economic questions (INX, DJIA, COMPX, NDX, RUT, RUI, BTC-USD)

Published by Business Insider on Fri, 16 Jul 2021


<p><img src="https://static3.businessinsider.com/image/5d7faf892e22af1a0454061d-2400/5d59761fcd978436e62875c3.jpg" border="0" alt="FILE - In this Aug. 12, 2019, photo specialist Peter Mazza works at his post on the floor of the New York Stock Exchange. Stocks of companies that do lots of business with China are obvious targets to sell when trade worries rise, and theyve lagged sharply behind the rest of the market whenever President Donald Trump sends out a tariff tweet. But investors are also looking way beyond these first-order effects, as they pick out which stocks look most vulnerable to the trade war." data-mce-source="Richard Drew/Associated Press" data-mce-caption="Worried trader"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>US stocks fell Thursday with investors appearing concerned about Federal Reserve Chairman Jerome Powell's message that the world's largest economy still needs recovery support from monetary policy.&nbsp;</p><p>Wall Street's major equity benchmarks were in the red, including the Nasdaq Composite as tech stocks lost grip of earlier gains. Stocks <a href="https://markets.businessinsider.com/news/stocks/sp500-outlook-stock-market-record-highs-1995-stocks-bespoke-investment-2021-7">are coming off record highs</a> that have been fueled in part by expectations of stronger quarterly corporate earnings.</p><p>Stocks struggled during the session after the release of mixed economic data. The Labor Department said initial weekly jobless claims fell by 26,000 to 360,000, a new pandemic-era low. Factory activity in the New York region is soaring as gauged by the Empire State Manufacturing Index while the Philly Fed Manufacturing Index came in below expectations.</p><p><strong>Here's where US indexes stood at 4:00 p.m. on Thursday:</strong></p><ul><li aria-level="1"><a href="https://markets.businessinsider.com/index/s&amp;p_500'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest"><strong>S&amp;P 500</strong></a><strong>: </strong>4,360.03, down 0.33%&nbsp;</li></ul><ul><li aria-level="1"><a href="https://markets.businessinsider.com/index/dow_jones'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest"><strong>Dow Jones Industrial Average</strong></a><strong>:&nbsp;</strong>34,987.02, up 0.15% (53.79 points)</li><li aria-level="1"><a href="https://markets.businessinsider.com/index/nasdaq_composite'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest"><strong>Nasdaq Composite</strong></a><strong style="color: #222222;">:&nbsp;</strong>14,543.13, down 0.7%</li></ul><p>In his second day of congressional testimony, Powell acknowledged a surge in consumer price inflation stemming from various efforts to jumpstart economic activity that was hit hard by the coronavirus crisis.&nbsp;</p><p>"This is a shock going through the system associated with reopening of the economy, and it has driven inflation well above 2%. And of course we're not comfortable with that," said Powell who also reiterated his view that inflationary pressures are transitory and indicated that tightening monetary policy<a href="https://markets.businessinsider.com/news/interestrates/powell-signals-monetary-policy-tightening-still-a-ways-off-1030607032'utm_source=markets&amp;utm_medium=ingest"> won't take place anytime soon</a>.</p><p>"Many people are struggling with, 'My day-to-day life is telling me that prices are higher, but the chairman is telling me that it's not going to last,'" JJ Kinahan, chief market strategist at TD Ameritrade, told Insider on Thursday.&nbsp;</p><p>As stocks dropped, investors continued to push into the bond market, driving yields lower.</p><p>"The bond market may be saying if [inflation] is going to last, we certainly have priced rates pretty low. It's a situation of we're going to have to be shown that it's transitory," Kinahan added.&nbsp;</p><p>In other developments, Powell said cryptocurrencies <a href="https://markets.businessinsider.com/currencies/news/fed-crypto-jerome-powell-senate-testimony-stablecoins-2021-07">have failed to become a viable payment method.&nbsp;</a></p><p><a href="https://markets.businessinsider.com/stocks/gme-stock'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">GameStop</a> shares fell following a <a href="https://www.bloomberg.com/news/articles/2021-07-14/netflix-plans-to-offer-video-games-in-expansion-beyond-films-tv'sref=GUP2BhaG" target="_blank" rel="noopener">Bloomberg report</a>&nbsp;that&nbsp;<a href="https://markets.businessinsider.com/stocks/nflx-stock'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Netflix</a> hired <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-reaction-netflix-video-game-streaming-service-report-2021-7">video-game-industry veteran Mike Verdu</a> to oversee a push into that space.&nbsp;</p><p>Oil prices fell after the United Arab Emirates and Saudi Arabia<a href="https://www.aljazeera.com/economy/2021/7/14/saudi-and-uae-reach-compromise-in-opec-standoff"> <strong>reached a compromise</strong></a> on production, with the former said to have secured a higher baseline for its crude output.</p><p><a href="https://markets.businessinsider.com/stocks/lclp-stock'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Life Clips </a>has skyrocketed by more than 3,000% over the last two days after it announcing a<a href="https://markets.businessinsider.com/news/stocks/life-clips-stock-price-lclp-belfrics-blockchain-day-traders-market-2021-7">&nbsp;pivot into blockchain</a>.</p><p><a href="https://markets.businessinsider.com/commodities/gold-price'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">Gold</a> edged up 0.1%, to $1,828.84 per ounce. Long-dated US Treasury yields slipped, with the 10-year yield at 1.30%.&nbsp;</p><p>Oil prices pulled back, with<a href="https://markets.businessinsider.com/commodities/oil-price'type=wti'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest"> West Texas Intermediate crude</a> down 1.5% at $72.01 per barrel.&nbsp;</p><p><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slumped 4.2%, to $31,435.40.&nbsp;</p><p><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-us-fed-powell-economic-stimulus-inflation-2021-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/sneaky-ways-costco-buy-more-tricks-2018-5">Sneaky ways Costco gets you to buy more</a></p>
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs