Breaking Stock Market and Financial News

U.S. Coast Guard interviews container ship crew after warship collision

Top Reuters News - Tue, 06/20/2017 - 01:24
TOKYO (Reuters) - The United States Coast Guard will on Tuesday start interviewing the crew of a Philippines-flagged container ship which collided with a U.S. warship in Japanese waters killing seven American sailors.

Another youth killed as Venezuela protesters flex muscle in street clashes

Top Reuters News - Mon, 06/19/2017 - 20:30
CARACAS (Reuters) - Venezuelan opposition activists battled security forces in Caracas on Monday at one of the largest demonstrations in recent weeks, aiming to dispel doubts about the movement's stamina after over two months of almost daily street clashes.

Virginia police probe Muslim girl's killing as 'road rage' incident

Top Reuters News - Mon, 06/19/2017 - 20:26
WASHINGTON (Reuters) - A teenage Muslim girl killed by a bat-wielding motorist near a Virginia mosque was an apparent victim of "road rage" and her death is not being investigated as a hate crime, police said on Monday.

Tesla driver in fatal 'Autopilot' crash got numerous warnings - U.S. government

Top Reuters News - Mon, 06/19/2017 - 19:33
WASHINGTON (Reuters) - A man killed in a crash last year while using the semi-autonomous driving system on his Tesla Model S sedan kept his hands off the wheel for extended periods of time despite repeated automated warnings not to do so, a U.S. government report said on Monday

As inflation misses goal, Fed's Evans calls for gradual rate hikes

Top Reuters News - Mon, 06/19/2017 - 19:29
NEW YORK (Reuters) - With inflation stubbornly soft despite a 16-year low in the U.S. unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio, Chicago Fed President Charles Evans said Monday.

Fed's Evans says possible there will be no more rate hikes this year

MarketWatch Market Pulse - Mon, 06/19/2017 - 18:18

Chicago Fed President Charles Evans on Monday said the Fed could be done raising interest rates this year. In a speech to economists at New York University, Evans said he supports the current policy of "very gradual" interest-rate hikes and a slow reduction of the balance sheet. Whether that means "two, versus three, versus four" rate hikes this year is trivial, Evans said. The central bank has already raised rates twice this year. In his speech, Evans said it was more important that financial markets realize that inflation can exceed the Fed's 2% target from time-to-time. "We have to assure the public that we recognize the new low-inflation environment and that we are not overly conservative central bankers who see our [2%] inflation target as a ceiling," he said.

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White House says it retains right to self-defense in Syria; Moscow warns Washington

Top Reuters News - Mon, 06/19/2017 - 18:00
WASHINGTON/MOSCOW (Reuters) - The White House said on Monday that coalition forces fighting Islamic State militants in Syria retained the right to self-defense as Russia warned it viewed any planes flying in its area of operations as potential targets.

Democrats to slow Senate business due to health-care-bill secrecy, Schumer says

MarketWatch Market Pulse - Mon, 06/19/2017 - 17:46

Democrats will slow the U.S. Senate due to the secrecy of the Republicans' work on a new health-care bill, Sen. Minority Leader Chuck Schumer said Monday. The New York Democrat said Democrats will begin objecting to all unanimous-consent requests, other than honorary resolutions. Senate Republicans have not held committee hearings on their version of the House-passed American Health Care Act and may vote on the legislation as early as next week.

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U.S. student who was returned from North Korea in coma has died

Top Reuters News - Mon, 06/19/2017 - 17:20
(Reuters) - U.S. student Otto Warmbier, who was imprisoned in North Korea for 17 months before being returned home in a coma less than a week ago, has died in a Cincinnati hospital, his family said in a statement on Monday.

Autodesk names Andrew Anagnost its CEO

MarketWatch Market Pulse - Mon, 06/19/2017 - 16:23

Autodesk Inc. said late Monday its board of directors has named Andrew Anagnost the software company's chief executive officer, effectively immediately. He will also join Autodesk's board of directors, the company said in a statement. Anagnost previously served as interim co-chief executive officer and chief marketing officer. In the same statement, Autodesk announced that interim co-CEO Amar Hanspal has decided to leave the company. Shares of Autodesk were flat in late trading and ended the regular session up 1.2%.

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Clovis Oncology to launch $250 mln stock offering

MarketWatch Market Pulse - Mon, 06/19/2017 - 16:12

Clovis Oncology Inc. said on Monday it plans to launch a $250 million stock offering. The announcement follows a 46.5% surge in Clovis Oncology shares after the company released positive late-stage trial results for cancer drug Rubraca. The stock offering proceeds will be used for various general purposes, including sales and marketing for Rubraca. Clovis Oncology itself will be offering all shares of the common stock. Company shares have surged 23.2% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Dow, S&P 500 book records on resurgent tech sector

MarketWatch Market Pulse - Mon, 06/19/2017 - 16:11

The Dow industrials and the S&P 500 index on Monday closed at all-time highs, powered by a rebound in shares of technology companies, which had experienced a recent bout of weakness. The Dow Jones Industrial Average finished up 0.7% at 21,528, the S&P 500 index closed up 0.8%, at 2,453, led by a a 1.6% rally in the tech-sector, the session's best performer among the S&P 500's 11 sectors. The tech-laden Nasdaq Composite Index , meanwhile, added 1.4% to close at 6,239--still about 80 points from its record close set June 8, before the sectors high-fliers, including Amazon.com Inc. and Netflix Inc., and others started to show signs of rising too high, too fast. Overall, the tech sector enjoyed its best daily advance in months, with the S&P 500's tech sector booking its best daily climb since Dec. 7, 2016, while a popular way to trade the sector, the Technology Select Sector SPDR ETF , jumped 1.5% for its best daily gain since December, led by shares of Micron Technology Inc. , Advanced Micro Devices Inc. , and NVIDIA Corp. .

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Apple's stock bounces sharply to lead Dow gainers, add 28 points to Dow's price

MarketWatch Market Pulse - Mon, 06/19/2017 - 15:51

Apple Inc.'s stock bounced sharply off a two-month low Monday, surging 2.9% in afternoon trade to pace the Dow Jones Industrial Average gainers. The $4.14 price gain was adding about 28 points to the Dow's price, which was up 132 points at a record high. The stock had closed Friday at $142.27, the lowest level since April 21, after tumbling 8.4% over the previous seven sessions amid a broad selloff in the technology sector. On Monday, Raymond James analyst Tavis McCourt said the firm's consumer electronics strength index for May showed that demand for the Apple Watch had strengthened last month to a 78 reading from 72 in April, consistent with double-digit percentage growth. Separately, Susquehanna's Christopher Rolland said his research suggests the new iPhone 8 expected to be released in the fall will have a glass front and back with a stainless steel ring, increased water proofing and will include include laser auto-focus. The new iPads are expected to get wireless charging. Apple's stock has run up 26.4% year to date, while the Nasdaq 100 has rallied 18.6% and the Dow has gained 8.9%.

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Mueller team lawyer brings witness-flipping expertise to Trump probes

Top Reuters News - Mon, 06/19/2017 - 15:28
(Reuters) - A veteran federal prosecutor recruited onto special counsel Robert Mueller's team is known for a skill that may come in handy in the investigation of potential ties between Russia and U.S. President Donald Trump's 2016 campaign team: persuading witnesses to turn on friends, colleagues and superiors.

Shares of Pandora extend losses reaching new all-time low

MarketWatch Market Pulse - Mon, 06/19/2017 - 15:24

Shares of internet radio company Pandora Media Inc. were down more than 2% on Monday, extending their previous session's losses. Pandora stock closed at an all-time low on Friday and were on track to close at a new low on Monday. The company recently secured a $480 million investment from Liberty Media Corp.-owned satellite radio company Sirius XM Holdings Inc. . Despite the investment, announced on Tuesday of last week, Pandora shares have fallen everyday since. Pandora has faced tough competition from the likes of Spotify and Apple Inc.'s Apple Music, and some analysts believe it might be too late for Pandora to compete in the crowded subscription music space. Pandora shares have fallen more than 47% in the year to date and are down nearly 41% over the prior 12-month period, while the S&P 500 index is up more than 9% in the year and more than 18% in the last 12 months.

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Oil futures end lower; unable to shake off supply worries

MarketWatch Market Pulse - Mon, 06/19/2017 - 14:44

Oil futures ended lower Monday after a rebound effort fizzled out, leaving crude to succumb to supply concerns. West Texas Intermediate crude for July delivery on the New York Mercanctile Exchange fell 54 cents, or 1.2%, to close at $44.20 a barrel. Natural gas futures also fell sharply after extended weather forecasts pointed to a return to normal to below-normal temperatures for much of the U.S. July natural-gas futures dropped 4.7% to close at $2.894 per million British thermal units.

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Biogen's stock jumps after UBS boosts rating, price target

MarketWatch Market Pulse - Mon, 06/19/2017 - 14:43

Shares of Biogen Inc. ran up 3.9% in afternoon trade Monday, to turn positive on the year, after UBS backed away from its bearish rating on the belief valuation may have bottomed. Analyst Carter Gould raised his rating to neutral from sell and raised his stock price target to $270, which is 3.2% above current levels, from $262. The stock is now up 0.2% year to date, while the iShares Nasdaq Biotechnology ETF has run up 13.1% and the S&P 500 has gained 9.4%. Gould said concerns over competition to Biogen's Spinraza for spinal muscular atrophy from gene therapy is already priced into the stock price, and sentiment has neared a bottom after the departure of its chief financial officer last week. Gould said he is also "more constructive" on Biogen's aducanumab Alzheimer's treatment. Although he believes intensifying competition will continue to weigh on the company's multiple sclerosis franchise, but he sees that "increasingly balanced by a growing focus on aducanumab."

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White House to answer question about existence of tapes 'probably' this week, Spicer says

MarketWatch Market Pulse - Mon, 06/19/2017 - 14:20

The White House will address the issue of the existence of any possible recordings between President Donald Trump and former FBI Director James Comey "probably" this week, press secretary Sean Spicer said Monday. Spicer's comments echo those by Jay Sekulow, one of Trump's attorneys, over the weekend. Trump raised the possibility of tapes existing in a tweet directed at Comey in early June, after firing him. Comey has said, "Lordy, I hope there are tapes."

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Gold books a loss as stocks, dollar rally

MarketWatch Market Pulse - Mon, 06/19/2017 - 14:02

Gold prices finished firmly lower Monday, as the dollar strengthened and as investors favored assets perceived as risky, including stocks, over so-called havens. August gold finished off $9.80, or 0.8%, to settle at $1,246.70 an ounce. The precious yellow metal has closed down in seven of the past nine trading sessions and has been pressured down by a trio of factors: The Federal Reserve's efforts to normalize U.S. interest rates, a climb in the Dow Jones Industrial Average and the S&P 500 index to records on the day, as well as a rising dollar, as measured by the ICE U.S. Dollar Index . On Monday, that gauge, a measure of the buck's strength against a basket of a half-dozen rivals, was climbing 0.3% higher. All of those factors have combined on Monday to weigh on gold, which is priced in dollars, doesn't offer a yield and tends to underperform when appetite for riskier assets is strong, detracting from demand for so-called haven like gold and U.S. Treasurys .

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In Greece, refugee women and children live in limbo

Top Reuters News - Mon, 06/19/2017 - 13:51
CHIOS, Greece (Reuters) - Thousands of refugee woman and children are living in limbo in Greece, waiting for the day they will be reunited with their families in other European countries.

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