S&P, Nasdaq hit records as oil prices stabilise
US stocks ended higher on Tuesday as crude prices steadied and US Treasury yields eased, offering some reprieve from concerns that have preoccupied investors in recent weeks, and allowing markets to turn their attention to the approaching third-quarter reporting season. The broad rally pushed the S&P 500 and the Nasdaq to all-time closing highs. The blue-chip Dow remains just over 5 percent shy of its record closing level reached on August 5. When oil prices stabilise or move lower, "that causes yields to move down because there's less anxiety about energy-driven inflation, which in turn is helping lift stocks higher," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. "This has been the narrative of the market for the last couple of weeks." Six of the "Magnificent Seven" group of AI-linked mega-cap firms advanced, bolstering gains, while small-caps lagged their larger-cap counterparts. The AI trade is very much alive, with the Philadelphia SE Semiconductor Index gaining ground. Expenditures on AI-related infrastructure were reflected in international trade data, which showed imports of capital goods rose by 4.4 percent in August. The Commerce Department's report showed the US trade deficit grew by 13.7 percent as imports rose to a record high. On monthly and annual...
Read full articleMore News
OpenAI says teen ChatGPT use limited but research finds it an 'unacceptable risk'
The research found that important guardrails for teens using ChatGPT often failed.
Fed Minutes Show Officials Saw More Work to Do to Quell Inflation
Policymakers grew increasingly concerned about inflation risks at their most recent meeting in September.
China’s ‘Self-Reliance’ Drive Is Upending Trade With Europe
China’s push to manufacture more at home has widened its trade imbalance with Europe, intensifying pressure on European industries and policymakers to take action.
Whistle-Blower Says I.R.S. Leaked His Tax Records in Retaliation
Brian J. Visalli, a veteran investigator of tax fraud, said in a lawsuit that the agency had sent his personal and tax information to federal prosecutors.
6 Broken Bathrooms Force Flight to Make an Urgent Landing
An American Airlines flight was diverted to New York on Tuesday because of an “inadequate number of operational lavatories” — two, on a plane that normally has eight.
Porsche, Facing Falling Profits, Plans to Cut 25% of Its Work Force
The German sports car maker once thrived in China and powered profits for its parent company, Volkswagen. Now it hopes to do more with less.
How Trump’s Tariff War With Canada Ensnared the Can-Am Spyder
The Can-Am Spyder has a devoted fan base across the United States. Now it’s a casualty in the trade war with Canada.
Boots sold in £7bn deal to Canadian billionaire family
The sale of the High Street chain was announced on Wednesday.
No child should have to learn in a cold classroom - children's commissioner
The EA suggests cost-saving measures as it warns school gas and electricity bills are set to rise.
Teeing Off in the Birthplace of Golf, in St. Andrews, Scotland
In St. Andrews, Scotland, history and golf intertwine, on and off the famous courses.
Trump Administration Delays Threaten Funding for HIV Research
The networks also develop treatments and preventions for other infectious diseases and were instrumental in testing the Covid vaccine.
Need Help Paying for College? Try Bass Fishing.
The popularity of competitive bass fishing has inspired a growing number of youth, high school and college fishing programs.