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Everything You Need to Know About Money is Now at your Fingertips
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News
Stocks Suffer ‘Heat Check’ as Rally Hits a Wall: Markets Wrap
Wall Street traders sent stocks sliding on speculation that a rally to multiple records this year is now overdone. Just when investors were wrapping their heads around a mixed jobs report, weakness in the S&P 500’s most-influential group weighed heavily on trading. Technology came under pressure, with the Nasdaq 100 down 1.5% and Nvidia Corp. halting a six-day winning streak. Tesla Inc. extended this week’s slump to 13% and Broadcom Inc. tumbled on slow chip sales. Warnings about an overbought market have surfaced after an almost 35% surge in the S&P 500 since the start of last year.
Gold marches higher as US jobs data boosts bets of early rate cut
Gold prices surged to another record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the U.S. Federal Reserve could begin cutting interest rates soon. Spot gold rose 0.5% to $2,170.55 per ounce by 2:07 p.m. ET (1907 GMT). U.S. gold futures settled 0.9% higher to $2,185.50. Bullion was set to post its biggest weekly percentage increase since mid-October. Gold reached an all-time high of $2,185.19 after a report showed a rise in the U.S. unemployment rate and a moderation in wage gains despite job growth acceleration in February.
U.S. job growth totaled 275,000 in February but unemployment rate rose to 3.9%
Job creation topped expectations in February, but the unemployment rate moved higher and employment growth from the previous two months wasn’t nearly as hot as initially reported. Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%, the Labor Department’s Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for payroll growth of 198,000. February was a step higher in growth from January, which saw a steep downward revision to 229,000, from the initially reported 353,000.
Credit Market Euphoria Is Like Rate Hikes Never Happened
The most punishing interest-rate hikes since the 1980s. The high degree of uncertainty over when and how quickly central bankers will start reversing them. Yet another US lender hitting trouble barely a year after debt markets were upended by the collapse of one of the world's biggest banks. Credit investors have shrugged all of this off and are acting like the go-go days of the easy money era are back again. Driven by a wall of new cash and a belief that the US Federal Reserve has served up a soft economic landing, normally sober debt investors are joining the “everything boom” that’s sent stocks and Bitcoin to giddy heights — even as the likes of Jamie Dimon of JPMorgan Chase & Co. and David Solomon of Goldman Sachs Group Inc. warn of markets racing ahead of themselves.
US small businesses struggle for credit, one year after regional turmoil
Small business owners in the U.S. are struggling to get financing from traditional lenders as the impact of higher rates and bank failures of a year ago linger, holding back business growth for some. The difficulty in getting more traditional forms of credit shows how sharp interest rate hikes by the U.S. Federal Reserve, exacerbated by the failures of Silicon Valley Bank and Signature Bank last March are reverberating in the economy, say analysts and other industry insiders. Small businesses are key to the country’s economic health, with one study showing they account for 44% of US economic activity. Over half a dozen small business owners contacted by Reuters in the last few weeks said they had found it harder to get traditional forms of credit such as loans from big, mid-size and small regional banks.