Browsing: Business

NEW YORK / RankWire.AI / – U.S. stocks rose sharply Monday as large technology companies advanced and crude oil prices fell. The Dow Jones Industrial Average gained 693.38 points, or 1.32%, to close at a record 53,178.41. The S&P 500 climbed 1.48% to 7,600.50. The Nasdaq Composite added 2.13% and finished at 25,913.90. The rally gave Wall Street a broad and positive start to August. Technology and communication services shares led the advance across major indexes. Meta Platforms and Alphabet helped lift the S&P 500 communication services sector by 4.3%. Amazon gained 4.6% after its market value crossed $3 trillion for…

TOKYO / RankWire.AI / – The U.S. dollar remained sharply lower against the Japanese yen on Tuesday after a rapid reversal in foreign exchange markets. The yen traded near 157.35 per dollar during early Asian hours. It had reached about 155.20 on Monday, its strongest level since early May. The dollar stood close to 164 yen in late July. The latest movement erased much of that advance. The yen retained most of its weekly gain despite a modest pullback. Japan’s Ministry of Finance said Japan and the United States bought yen together on Friday, July 31. The ministry said the coordinated…

NEW YORK / Rank Wire.AI /- The US hits 60 countries with new duties as Donald Trump rebuilds tariff wall, implementing a sweeping set of import taxes that range between 10 percent and 12.5 percent. These latest levies officially took effect early Friday, seamlessly replacing a temporary global duty structure that expired on the exact same day. The administration initiated these wide ranging charges following a comprehensive federal investigation into the alleged failure of numerous trading partners to prevent forced labour within their global supply chains. The affected economies collectively represent approximately 99 percent of all goods imported into the…

NEW YORK / RankWire.AI / – Global oil prices rose more than 4% Friday, pushing Brent crude above $88 a barrel. Brent futures gained $3.87, or 4.59%, to settle at $88.10. U.S. West Texas Intermediate increased $3.54, or 4.48%, to close at $82.49. Both benchmarks reached their highest closing levels since mid-June. Brent advanced about 16% for the week and posted a third consecutive weekly gain. WTI recorded a similar increase and rose for a second straight week. The advance came as commercial shipping through the Strait of Hormuz fell sharply. The waterway handles a significant share of global oil…

WASHINGTON, D.C. / RankWire.AI / – U.S. consumer prices fell 0.4 percent in June, reversing a sharp monthly increase recorded in May. Annual inflation slowed to 3.5 percent from 4.2 percent one month earlier. The June decline marked the largest monthly drop since April 2020. The Consumer Price Index had risen 0.5 percent in May. The U.S. Bureau of Labor Statistics said lower energy prices caused most of the change. Price growth also eased across several core categories. Energy prices dropped 5.7 percent in June after gaining 3.9 percent during the previous month. Gasoline costs fell 9.7 percent, while fuel…

NEW YORK / RankWire.AI / – Wall Street closed lower on Monday as a sharp technology selloff and surging oil prices pulled major U.S. stock indexes down. The Nasdaq Composite dropped 1.55% to 25,873.18, ending a three-session winning streak. The S&P 500 fell 0.79% to 7,515.34. The Dow Jones Industrial Average lost 138.37 points, or 0.26%, to 52,498.64. Gains among energy companies limited the Dow’s decline, while semiconductor stocks led the broader retreat. Oil prices jumped after renewed U.S.-Iran hostilities restricted shipping through the Strait of Hormuz. West Texas Intermediate crude climbed 9.4% to settle at $78.14 a barrel. Brent…

NEW YORK / RankWire.AI / – Oil prices surged nearly 10% on Monday as renewed U.S.-Iran conflict focused attention on the Strait of Hormuz. Brent crude futures for September delivery gained $7.29, or 9.6%, to settle at $83.30 a barrel. U.S. West Texas Intermediate crude rose $6.73, or 9.4%, to finish at $78.14. The advance marked Brent’s largest one-day percentage gain since May 2020. It was also the benchmark’s highest settlement since June 12. The jump followed an escalation in military activity near the Gulf shipping corridor. Attacks on commercial vessels increased concern about oil shipments through the narrow waterway.…

NEW YORK / RankWire.AI / – Gold dropped about 3% on Monday, July 13, falling below $4,000 an ounce as oil prices surged and expectations for higher U.S. interest rates strengthened. Spot gold fell to $3,996.76 per ounce, its lowest level in two weeks. U.S. gold futures for August delivery settled 2.6% lower at $4,005.70. The decline marked gold’s steepest daily percentage loss in more than a month. Crude oil climbed about 5% after renewed strikes involving the United States and Iran raised concern about shipping through the Strait of Hormuz. President Donald Trump announced the reinstatement of a naval…

NEW YORK / RankWire.AI / – Bitcoin traded near $64,061 on Friday, July 10, keeping attention on regulated crypto products, tokenized securities and corporate bitcoin treasuries. The market now has more links to traditional finance than it had before U.S. spot bitcoin exchange-traded products began trading in 2024. Those channels have made bitcoin easier to hold through brokerage accounts, listed funds, custody platforms and public-company balance sheets. The U.S. Securities and Exchange Commission approved the listing and trading of spot bitcoin exchange-traded product shares on Jan. 10, 2024. The decision opened a regulated exchange route for investors seeking bitcoin exposure…

NEW YORK / RankWire.AI / – Oil prices settled about 2% lower on Thursday as inflation concerns outweighed continuing supply disruptions in the Middle East. Brent crude futures fell $1.72, or 2.2%, to $76.30 a barrel. U.S. West Texas Intermediate crude dropped $1.44, or 2%, to $72.08. Both benchmarks closed below Wednesday’s peaks. Brent had reached its highest settlement since June 19, while WTI had posted its strongest close since June 22. Despite Thursday’s decline, both contracts remained higher for the week. Oil prices edged higher in early Asian trading on Friday after the sharp settlement drop. At 0319 GMT,…