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  • 09/20/2017 12:02:00

    Why the Bankruptcy Code is turning into a double-edged sword for banks

    Are banks getting boxed in after introduction of the Bankruptcy Code? The signs are pointing that way. Not only are they looking at prospects of steep haircuts (write-offs) on their loans; the Code would mean banks losing their business to the bond market. The Code is also upsetting the traditional rules of the games, where banks sold the personal guarantor's assets if a company was in default. This Monday, the Chennai bench of the National Company Law Tribunal (NCLT) ruled against State Bank of India (SBI) trying to do so. The case in question is between Veesons Energy Systems and SBI, in which the bench ruled in favour of the former's promoter and managing director, V Ramakrishnan, who gave personal guarantees to banks. SBI notified Veesons and Ramakrishnan on November 12 last year that the personal assets would be sold off. The company challenged it, stating it had applied to the Board for Industrial and Financial Reconstruction and till its application was decided, dues could not .

  • 09/19/2017 10:40:38

    CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions

    The Justice Department said on Monday that CitiFinancial Credit Co. — a successor to CitiFinancial Auto Corp. — will pay $907,000 to resolve allegations that it violated the Servicemembers Civil Relief Act. Between 2007 and 2010, CitiFinancial repossessed 164 cars owned by SCRA-protected servicemembers without first obtaining the required courtRead More

  • 09/18/2017 10:35:29

    Equifax executives subject to criminal probe: report

    The U.S. Justice Department has begun a criminal investigation into sales of stock by Equifax Inc. executives, Bloomberg News reported, citing people familiar with the investigation. The probe will look into the stock sales of its chief financial officer, John Gamble; its president of U.S. information solutions, Joseph Loughran; and its president of workforce solutions, Rodolfo Ploder. The Securities and Exchange Commission is working with the Justice Department on the investigation into whether they violated insider trading laws by selling stock after the company discovered it had been hacked but before disclosing the breach to the public, the report said. The transactions were not disclosed in regulatory filings for pre-scheduled trading activities. Lawmakers, state attorneys general and several regulators are scrutinizing the breach that compromised the privacy of 143 million U.S. consumers, according to Equifax statements. Equifax shares have fallen 35% since the breach was disclosed on Sept. 7 after the market close. The company and the executives didn't immediately respond to Bloomberg's requests for comment.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/13/2017 10:39:45

    Wells Fargo CEO Addresses Auto Scandals at Barclays Conference

    Wells Fargo & Co. Chief Executive Tim Sloan spoke on a number of issues impacting the bank’s auto finance business during a presentation at the 2017 Barclays Financial Services Conference including the forced-insurance scandal, tightened underwriting tactics, and a possible increase in losses due to Hurricane Harvey. When asked aboutRead More

  • 09/12/2017 11:27:34

    Goldman's stock surges after revenue growth target unveiled but some analysts are 'skeptical'

    Shares of Goldman Sachs Group Inc. rallied Tuesday, to provide the biggest boost for Dow Jones Industrial Average , but some Wall Street analysts weren't as enthusiastic as investors about the details of Goldman's outline for growth. The stock climbed $6.29, or 2.8%, in afternoon trade. That added about 43 points to the Dow's price, which was up 63 points at 22,121, above the Aug. 7 record close of 22,118.42. Goldman said earlier it targeted $5 billion in incremental revenue over the next three years, including more than $1 billion from its fixed income, currency and commodities (FICC) trading business, another $1 billion from its investment management business and over $2 billion from its lending and financing efforts. JMP analyst Devin Ryan appreciated the "good detail" around where the biggest opportunities are seen, but characterized the areas of focus as "largely incremental more than transformational." Buckingham Research analyst James Mitchell reiterated his neutral rating, saying while Goldman's revenue growth target was "laudable," he remained "somewhat skeptical," as much of the growth is expected from "challenging markets where rivals are fiercely competing for market share." Goldman's stock has lost 5.3% year to date, while the SPDR Financial Select Sector ETF has rallied 6.7% and the Dow has run up 11.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/11/2017 14:07:38

    S&P 500 logs 31st closing record of 2017 as stock market bounces in 'relief rally'

    U.S. stocks on Monday kicked off the first full week of trading in September with a bang, underlined by the S&P 500 ending at a record, as a raft of meteorological and geopolitical jitters gave way to a re-emergence of appetite for assets perceived as risky. The S&P 500 index closed up 1.1% at 2,488, marking its first record close since Aug. 7, buoyed by gains in the technology and financials sectors. Financials, as gauged by the PowerShares KBW Bank Portfolio and the Financial Select Sector SPDR ETF booked their best daily rises since June 9, according to FactSet data. Bank stocks benefited from a resurgence in benchmark Treasury yields, with the 10-year Treasury note rising to 2.13%, compared with 2.05% late Friday. Higher yields support a banks's business models. The Dow Jones Industrial Average , meanwhile, jumped about 260 points, retaking is perch above 22,000, while the Nasdaq Composite Index closed up 1.1%. The technology sector has often been viewed as a gauge of Wall Street's tolerance for risk, seeing heavy bidding when investors feel bullish on the market. Monday's bounce was attributed to Hurricane Irma hitting Florida with less force than feared and North Korea refraining from conducting another missile test in the Korean Peninsula, factors that last week had helped push stocks and bonds mostly lower. The relatively milder impact of Hurricane Irma helped insurers, bracing for bigger liabilities from the storm, rally, highlighted by a 3.1% advance in the PowerShares KBW Property & Casualty Insurance Portfolio , a popular exchange-traded fund used to invest in the in the sector. Art Cashin, UBS's director of floor operations, on CNBC described Monday trading as a two-pronged "sigh of relief rally." In corporate news, shares of Apple Inc. bounced 1.8% ahead of what is expected to be the debut of a fresh lineup of iPhones and other products from the Cupertino, Calif.-based tech giant. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/07/2017 19:11:09

    Gymboree says court confirmed plan of reorganization

    Children's apparel retailer Gymboree Corp said on Thursday that the U.S. Bankruptcy Court for the Eastern District of Virginia has confirmed its plan of reorganization. "Gymboree expects to complete its financial restructuring process and emerge from Chapter 11 by the end of the month, after the conditions of the Plan are satisfied", said the company in a statement.

  • 09/07/2017 15:50:33

    BRIEF-Jensyn Acquisition says ‍board appoints James Gardner as CFO

    Jensyn Acquisition Corp. * Jensyn Acquisition Corp announces extension of deadline to complete business combination; appointment of new chief financial officer.

  • 09/07/2017 14:02:45

    Popular financial ETF ends below 200-day moving average for first time in 14 months

    A popular way to wager on the financial sector Thursday closed below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.7% to 23.88 on Thursday, closing below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an trading averages is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street's expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note declined to around 2.05% Thursday after a European Central Bank news conference. Anxieties about North Korea's recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks' business model of borrowing short term and providing long-term loans. Overall, the stock market edged lower, with the Dow Jones Industrial Average down 0.1% at 21,786, the S&P 500 index finished flat at 2,465, while the Nasdaq Composite Index also was little changed at 6,397.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/07/2017 11:28:00

    Popular financial ETF trades below 200-day moving average for first time in 14 months

    A popular way to wager on the financial sector Thursday afternoon was trading below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.9% to 23.83 on Thursday, trading below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street's expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.06% Thursday after a European Central Bank news conference. Anxieties about North Korea's recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks' business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,768, the S&P 500 index trading 0.1% lower at 2,463, while the Nasdaq Composite Index was flat at 6,395. U.S. equities had opened slightly higher on the day.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/07/2017 08:52:28

    Popular financial ETF falls below 200-day moving average for first time in 14 months

    A popular way to wager on the financial sector Thursday morning dipped below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.6% to 23.92 on Thursday, trading below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street's expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.05% Thursday after a European Central Bank news conference. Anxieties about North Korea's recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks' business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,770, the S&P 500 index trading 0.2% lower at 2,461, while the Nasdaq Composite Index was retreating by 0.1% at 6,385. U.S. equities had opened slightly higher on the day.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/06/2017 12:52:02

    Wall St. bounces back as energy, financials lead

    (Reuters) - Wall Street climbed on Wednesday, fueled by energy and financial shares and helped by news of an agreement to extend the debt limit, as stocks bounced back modestly from a day-earlier selloff.

  • 09/06/2017 06:29:53

    Vertex Pharma surges 1% after news of new CFO

    Vertex Pharmaceuticals Inc. shares surged 1.2% in premarket trade Wednesday after the company announced that Tom Graney would be its new chief financial officer and senior vice president, starting September 13. Graney will report to Ian Smith, Vertex's chief operating officer and executive vice president, who has been Vertex's chief financial officer for 16 years. Graney most recently served as CFO and senior vice president of finance and corporate strategy at Ironwood Pharmaceuticals . Graney was in his Ironwood Pharma position for just over three years, according to his LinkedIn profile; he previously worked at Johnson & Johnson and its Ethicon and Janssen business units, among other places. Vertex shares have surged 24.6% to $159.07 over the last three months, compared with a 1.2% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/05/2017 14:17:05

    Bank stocks log worst one-day slide in more than 3 months

    Financial shares on Tuesday registered their worst single-session slump in months as benchmark yields declined amid elevated geopolitical worries swirling in the market. A popular exchange-traded fund used to bet on financial performance, the Financial Select Sector SPDR ETF , closed off 2.1%, marking its steepest one-day slide since May 17, when it fell 3.2%, according to FactSet data. The decline in financials, highlighted by a 3.6% fall in shares of Goldman Sachs Group Inc. , came as the yield for the 10-year benchmark Treasury slipped to its lowest level, around 2.08%, since Nov. 10, just after President Donald Trump was elected. Global unrest centered on rising military tensions between North Korea and the rest of the globe after the Hermit Kingdom tested a hydrogen bomb over the weekend has underpinned a flight to assets perceived as safe, like government paper, which has pushed yields to lows. Bond prices and yields move inversely. More broadly, the financial sector was the worst performer among the S&P 500's 11, off 2.2%. The broad-market gauge closed down 0.8% at 2,457, the Dow Jones Industrial Average ended off 1.1% at 21,753, with Goldman's shares exacting the biggest toll on the price-weighted benchmark, about 55 points. The Nasdaq Composite Index closed 0.9% lower at 6,375. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/05/2017 10:53:07

    Bank stocks on pace for worst one-day slide in more than 3 months

    Financial shares on Tuesday were facing their worst single-session slump in months as benchmark yields slumped amid elevated geopolitical worries swirling in the market. A popular exchange-traded fund used to bet on financial performance, the Financial Select Sector SPDR ETF , was off 2.1%, putting it on pace to book its steepest one-day slide since May 17, when it fell 3.2%, according to FactSet data. The decline in financials, highlighted by a 3.2% fall in shares of Goldman Sachs Group Inc. , came as the yield for the 10-year benchmark Treasury slipped to its lowest level, around 2.08%, since Nov. 10, just after President Donald Trump was elected into office. Global unrest centered on rising military tensions between North Korea and the rest of the globe after the Hermit Kingdom tested a hydrogen bomb over the weekend has underpinned a flight to assets perceived as safe, like government paper, which has pushed yields to lows. Bond prices and yields move inversely. More broadly, the financial sector was the worst performer group among the S&P 500's 11. The broad-market gauge was down 1.1% at 2,449, the Dow Jones Industrial Average was off 1.1% at 21,742, with Goldman's shares exacting the biggest toll on the price-weighted benchmark. The Nasdaq Composite Index was 1.4% lower at 6,342. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/05/2017 09:43:19

    Bank stocks on pace for worst one-day slide in 3 weeks

    Financial shares on Tuesday were facing their worst single-session slump in weeks as benchmark yields slumped amid elevated geopolitical worries swirling in the market. A popular exchange-traded fund used to bet on financial performance, the Financial Select Sector SPDR ETF , was off 1.5%, putting it on pace to book its steepest one-day slide since Aug. 17, when it fell 1.7%, according to FactSet data. The decline in financials, highlighted by a 3.2% fall in shares of Goldman Sachs Group Inc. , came as the yield for the 10-year benchmark Treasury slipped to its lowest level, around 2.08%, since Nov. 10, just after President Donald Trump was elected into office. Global unrest centered on rising military tensions between North Korea and the rest of the globe after the Hermit Kingdom tested a hydrogen bomb over the weekend has underpinned a flight to assets perceived as safe, like government paper, which has pushed yields to lows. Bond prices and yields move inversely. More broadly, the financial sector was the worst performer group among the S&P 500's 11. The broad-market gauge was down 0.5% at 2,464, the Dow Jones Industrial Average was off 0.7% at 21,845, with Goldman's shares exacting the biggest toll on the price-weighted benchmark. The Nasdaq Composite Index was 0.6% lower at 6,397. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/01/2017 16:31:21

    Canadian Natural nears deal for Cenovus's Pelican Lake asset -Bloomberg

    Canadian Natural Resources Ltd(CNQ) is nearing a deal to buy Cenovus Energy Inc's (CVE) heavy oil project in Pelican Lake, Alberta, for about C$1 billion, Bloomberg reported on Friday. Cenovus had received multiple bids for the Pelican Lake asset including from companies such as Canadian Natural and ARC Financial Corp, Reuters reported earlier in August, citing people familiar with the matter.

  • 08/31/2017 14:15:04

    BRIEF-Ambarella Q2 non-gaap earnings per share $0.48

    * Ambarella Inc. announces second quarter fiscal year 2018 financial results

  • 08/28/2017 09:16:13

    UPDATE: Expedia shares fall 4.5% on news CEO Khosrowshahi to become head of Uber

    Shares of online travel company Expedia Inc. tumbled 4.5% in early trade Monday, on news that Chief Executive Dara Khosrowshahi is to become next CEO of Uber. The news is "an incremental negative for Expedia, in our view, given Mr. Khosrowshahi's hand in Expedia's success to date," SunTrust Robinson Humphrey analysts wrote in a note. "While such an outcome would create some near term leadership vacuum at the CEO level, we do not expect to see a material negative hit to the business's performance given the deep executive bench and the organizational set-up of the company." Khosrowshahi has held the role for more than a decade and is broadly credited with positioning the company as a leading player in its field. However, the business heads at its key units operate with some independence in day-to-day decision making, meaning the business is unlikely to see disruption, the analysts wrote. SunTrust views Chief Financial Officer Mark Okerstrom and Aman Bhutani, who is president of the brand, as front runners for the CEO spot. The former has been at Expedia since 2006, while the latter has been there for seven years. Shares have gained 26% in 2017, while the S&P 500 has gained 9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/25/2017 14:10:51

    Dow ends with slight gain after Jackson Hole speeches; Nasdaq halts weekly losing streak

    U.S. stock benchmarks ended with slight gains Friday, halting weekly skids as European Central Bank President Mario Draghi and Federal Reserve boss Janet Yellen delivered speeches at Jackson Hole, Wyo. The Dow Jones Industrial Average rose 30 points, or 0.1%, at 21,813. Dow components Boeing Co. and Intel Corp. limited gains for blue chips. The S&P 500 index climbed 4 points, or 0.2%, at 2,443, while the Nasdaq Composite Index finished lower, down 5 points, or less than 0.1%, at 6,265. Still, the technology laden gauge halted a dubious streak of four consecutive weekly declines, with a roughly 0.8% gain. Earlier in the session, Federal Reserve Chairwoman Yellen said the economy was stabilizing but made no specific remarks about monetary policy during her speech at the gathering of central bankers in Wyoming. Later in the session, Draghi said recoveries taking place in global economies are firming, though he said it was "at an earlier stage" in Europe and Japan. The statement was enough to send the euro surging against the dollar up at $1.1925, compared to $1.18 late Thursday in New York. U.S. equity markets, meanwhile, were given an early boost on the back of the possibility of tax reform following remarks made by Gary Cohn, the president's economic adviser. During a interview with the Financial Times he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks's rise to records after Trump's election victory in November. In that interview, Cohn also said he seriously considered resigning in response to Trump's reaction to a Charlottesville, Va., white-supremacist rally, however, the adviser and former Goldman Sachs executive decided against leaving. In other news, investors watched developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 9% after the retailer's results late Thursday showed second-quarter sales growth slowed. Check out a live blog of the Jackson Hole symposium here.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/25/2017 13:43:10

    Dow holds on to gains as Draghi talks global economic stability at Jackson Hole

    U.S. stock benchmarks were trading higher Friday afternoon, and looked set to book weekly advances as Mario Draghi delivered a highly anticipated speech at Jackson Hole, Wyo. Although Draghi didn't offer clues about monetary policy, he did say that recoveries taking place in global economies are firming, though he said it was "at an earlier stage" in Europe and Japan. The statement was enough to send the euro surging against the dollar up at $1.1925, compared to $1.18 late Thursday in New York. U.S. equity markets, meanwhile, climbed and have traded higher throughout the session on the back of the possibility of tax reform following remarks made by Gary Cohn, the president's economic adviser. The Dow Jones Industrial Average rose about 61 points, or 0.3%, at 21,847. Dow components Boeing Co. and Intel Corp. were helping to limit gains for blue chips. The S&P 500 index climbed 8 points, or 0.3%, at 2,446, while the Nasdaq Composite Index was flat at 6,271. Still, the technology laden gauge was on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. Earlier in the session, Federal Reserve Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy during her speech at the gathering of central bankers in Wyoming. Meanwhile, investors were also Cohn's interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks's rise to records after Trump's election victory in November. In that interview, Cohn also said he seriously considered resigning in response to Trump's reaction to a Charlottesville, Va., white-supremacist rally, however, the adviser and former Goldman Sachs executive decided against leaving. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 9% after the retailer's results late Thursday showed second-quarter sales growth slowed. Check out a live blog of the Jackson Hole symposium here.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/25/2017 08:57:00

    Dow off intraday highs but boasts healthy advance as stocks pare gains in late-morning trade

    U.S. stock benchmarks gave up some ground late-morning Friday, but still looked set to log weekly gains as investors Fed Chairwoman Janet Yellen opted not to make any specific comments on monetary policy in a highly anticipated speech in Jackson Hole, Wyo. Equity markets had already been riding higher on the back of the possibility of tax reform after remarks made by Gary Cohn, the president's economic adviser. The Dow Jones Industrial Average rose about 60 points, or 0.3%, at 21,847. Dow components Boeing Co. Nike Inc. and Intel Corp. , were helping to limit gains for blue chips. The S&P 500 index climbed 8 points, or 0.3%, at 2,447, while the Nasdaq Composite Index added 8 points, or 0.1%, at 6,279. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In her Wyoming speech Fed Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy. Meanwhile, investors were also Cohn's interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks's rise to records after Trump's election victory in November. In that interview, Cohn also said he seriously considered resigning in response to comments Trump made about a Charlottesville, Va., white-supremacist rally, however, Cohn decided against leaving. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low after the retailer's results late Thursday showed second-quarter sales growth slowed. European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern at Jackson Hole. Check out a live blog of the Jackson Hole symposium here.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/25/2017 08:16:56

    Dow climbs 120 points as stock market rallies as Yellen makes no monetary-policy comment

    U.S. stock benchmarks climbed on Friday and looked set to log weekly gains as investors Fed Chairwoman Janet Yellen opted not to make any specific comments on monetary policy in a speech in Jackson Hole, Wyo. Equity markets had already been riding higher on the back of the possibility of tax reform after remarks made by Gary Cohn, the president's economic adviser. The Dow Jones Industrial Average rose about 110 points, or 0.5%, at 21,895, only Boeing Co.'s shares were in negative territory among the Dow's components, off 0.1%. The S&P 500 index climbed 13 points, or 0.5%, at 2,451, while the Nasdaq Composite Index added 28 points, or 0.5%, at 6,300. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In her Wyoming speech Fed Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy. Meanwhile, investors were also Cohn's interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks's rise to records after Trump's election victory in November. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low after the retailer's results late Thursday showed second-quarter sales growth slowed. European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern at Jackson Hole. Check out a live blog of Jackson Hole symposium here.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/25/2017 07:58:16

    Dow climbs 100 points as stock market rallies on tax-reform hope

    U.S. stock benchmarks opened higher on Friday and looked set to log weekly gains as investors focused on the possibility of tax reform and the start of the Jackson Hole symposium of central bankers in Wyoming. The Dow Jones Industrial Average rose about 100 points, or 0.5%, at 21,882, only Boeing Co.'s shares were in negative territory among the Dow's components, off 0.2%. The S&P 500 index climbed 12 points, or 0.5%, at 2,450, while the Nasdaq Composite Index added 28 points, or 0.5%, at 6,300. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In an interview with the Financial Times, Gary Cohn, economic adviser to President Donald Trump, said that the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of the reason stocks rose to records after Trump's election victory in November. Meanwhile, investors may also be looking developments in the Gulf Coast after Hurricane Harvey was upgraded to Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low premarket volume trading after the retailer's results late Thursday showed second-quarter sales growth slowed. Earnings were above Wall Street's expectations. Federal Reserve Chairwoman Janet Yellen is slated to deliver a speech at Jackson Hole speech at 10 a.m. Eastern, while European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern. Check out a live blog of Jackson Hole here.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/25/2017 07:42:33

    Dow climbs 80 points as stock market rallies on tax-reform hope

    U.S. stock benchmarks opened higher on Friday and looked set to log weekly gains as investors focused on the possibility of tax reform and the start of the Jackson Hole symposium of central bankers in Wyoming. The Dow Jones Industrial Average rose 80 points, or 0.4%, at 21,861, only Boeing Co.'s shares were in negative territory among the Dow's components, off 0.2%. The S&P 500 index climbed 9 points, or 0.4%, at 2,447, while the Nasdaq Composite Index added 16 points, or 0.3%, at 6,287. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In an interview with the Financial Times, Gary Cohn, economic adviser to President Donald Trump, said that the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of the reason stocks rose to records after Trump's election victory in November. Meanwhile, investors may also be looking developments in the Gulf Coast after Hurricane Harvey was upgraded to Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low premarket volume trading after the retailer's results late Thursday showed second-quarter sales growth slowed. Earnings were above Wall Street's expectations. Federal Reserve Chairwoman Janet Yellen is slated to deliver a speech at Jackson Hole speech at 10 a.m. Eastern, while European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/25/2017 04:40:52

    Trump to start push for tax reform in speech next week: FT

    U.S. President Donald Trump will next week embark on a major push to reform tax policy, The Financial Times reported Friday, citing an interview with Gary Cohn, Trump's chief economic advisor. "He will start being on the road making major addresses justifying the reasoning for tax reform and why we need it in the U.S.," Cohn was quoted as telling the newspaper. The president will begin a series of tax-focused speeches on Wednesday in Missouri. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/20/2017 23:52:24

    Uber hikes Hong Kong fees amid legal troubles

    HONG KONG (Reuters) - Uber Technologies Inc on Monday hiked its Hong Kong fees by up to 80 percent after a review of its business there, the embattled ridesharing company said, adding it was not having issues financing its operations in the Asian financial hub.

  • 08/18/2017 15:26:06

    BRIEF-Cellectar Biosciences Inc's Chad J. Kolean gave notice to co of his resignation as CFO

    Cellectar Biosciences Inc(CLRB): * Cellectar Biosciences Inc(CLRB) - Chad J. Kolean gave notice to co of his resignation as vice president, CFO, treasurer of co, effective September 5, 2017. * Cellectar Biosciences Inc (CLRB) - appointed John P. Hamill as interim Chief Financial Officer of company Source text: Further company coverage:

  • 08/17/2017 10:05:48

    Westlake Reimburses Borrowers Charged Over 21% APR

    The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake enteredRead More

  • 08/15/2017 13:37:49

    Investors are misinterpreting positive benefit of $10 MoviePass on cinemas

    MoviePass, a movie theater subscription service, on Tuesday unveiled plans to lower the cost of its subscription to $10 a month from $30-and-up. Shares of AMC Entertainment Holdings Inc. , which have already been beaten up recently, fell as much as 5.8% during the day. It was followed down by shares of Imax Corp. , which fell 2.4%, Regal Entertainment Group's 1.9% drop, Marcus Corp.'s 1.5% fall, while Cinemark Holdings fell as much as 1%. MoviePass allows members to see a movie a day for just $10 a month. B. Riley analyst Eric Wold wrote in a note to investors that he believed investors were misinterpreting the MoviePass news as a negative for the box office and film exhibitors. "The key thing to keep in mind is that MoviePass cannot do this in a bubble -- they needed the approval of both studios and exhibitors, who would not sign off on anything that was detrimental to their financial outlook," Wold wrote. "Studios and exhibitors are not taking a discount under the MoviePass model. We understand that MoviePass is absorbing the ticket discount and hoping to make up the discount through monetizing the data and the breakage." Wold said this is a positive for the cinema group as well as box office and concession results, though he believes it will be a small benefit. Shares of AMC have declined nearly 61% in the year to date, while Imax shares are down nearly 41%, Regal Entertainment and Marcus Corp shares are both down almost 19% and shares of Cinemark are down 6%. By comparison, the S&P 500 index is up more than 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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