By David Randall NEW YORK (Reuters) – Fears of stagflation are percolating on Wall Street, as investors await data that could shed light on whether the Federal Reserve is succeeding in tamping down inflation without badly hurting growth. Stagflation – a combination of stagnant growth and persistent inflation that dogged the U.S. in the 1970s…
By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks rallied on Friday, with the Dow posting its biggest one-day percentage gain since Jan. 6, as shares of Apple surged more than 4% after upbeat results and U.S. jobs data pointed to a resilient labor market. Adding to the bullish momentum, regional bank shares rebounded from…
(Reuters) -Deposits at U.S. commercial banks fell toward the end of April to the lowest in nearly two years, data released on Friday by the Federal Reserve showed, while overall credit provided by banks moved up, led by a record level of outstanding loans and leases. Deposits on a nonseasonally adjusted basis fell in the…
By Sinéad Carew and Naomi Rovnick NEW YORK/LONDON (Reuters) – A global gauge of stocks rallied and U.S. Treasuries and gold sold off on Friday as strong U.S. jobs data brightened the economic outlook and traders pared expectations of Federal Reserve easing after a long spate of rate hikes. The non-farms payroll report showed U.S….
By Jane Lanhee Lee Santa Clara, California (Reuters) – Silicon Valley’s U.S. Democratic Representative Ro Khanna and the director of the National Science Foundation (NSF) warned on Friday against delays to funding for U.S. research in the face of surging technology investment by rivals such as China. While the CHIPS and Science Act authorized the…
-Chicago Federal Reserve Bank President Austan Goolsbee on Friday said it is “way too premature” to suggest that stronger-than-expected job gains in April mean the central bank will need to raise interest rates again when it meets again in June. “We know that credit conditions like the ones we are seeing now in the past…
By Manya Saini and Chibuike Oguh (Reuters) – Shares in PacWest Bancorp jumped nearly 82% amid a broader rebound in U.S. regional banks on Friday after analysts upgraded a number of lenders they said were oversold, though some investors fretted the surge may be short-lived. Investor worries about the health of mid-sized lenders deepened in…
(Reuters) – Christmas Tree Shops, a home-decor retailer that was spun off from Bed Bath & Beyond in 2020, filed for bankruptcy protection on Friday. Christmas Tree Shops (CTS) said in a statement that its bankruptcy was a “strictly financial restructuring,” and that most of its stores would remain open without disruption. The Middleborough, Massachusetts-based…
(Reuters) -The U.S. Securities and Exchange Commission is investigating the conduct of First Republic Bank executives before the government seizure and sale to JPMorgan Chase & Co, Bloomberg News reported on Friday, citing people familiar with the matter. The SEC is looking into whether any members of the then-executive team of First Republic improperly traded…
By Andrew Mills DOHA/MOMBASA (Reuters) – Andrew Maganga seized the chance to work as a World Cup security guard in Qatar last year, only to be fired along with some 200 others on the last day of the tournament, jailed for protesting over wages, and deported back to his native Kenya. At home in Mombasa,…
