Connect with us

Stock Market

Wall Street Retreats as Jobs Report Keeps Fed on Higher Road By Reuters

Avatar

Published

on


© Reuters. FILE PHOTO: Traders work at the New York Stock Exchange (NYSE) in New York City, US, November 21, 2022. REUTERS/Brendan McDiarmid

Written by Chuck Mikolajczak

NEW YORK (Reuters) – U.S. stocks fell on Friday, though major indexes recovered from their lowest levels, as November’s jobs report fueled expectations that the Federal Reserve would maintain its course of raising interest rates to combat inflation.

The Labor Department’s jobs report showed non-farm payrolls rose by 263,000, above expectations of 200,000 and wage growth accelerated even as recession fears heightened.

The US Unemployment Rate remained unchanged as expected at 3.7%.

Investors have been looking for signs of weakness in the labor market, especially wages, as a precursor to a faster cooling in inflation that will enable the Federal Reserve to slow and eventually stop the current cycle of rate hikes.

Stocks rallied earlier in the week after Federal Reserve Chairman Jerome Powell’s comments about tapering interest rate hikes early in December.

However, stocks pulled back from their lowest levels on the day which saw both major indexes fall by at least 1%.

said Sam Stovall, chief strategist at CFRA in New York.

“The market is starting to look across the valley and say, ‘Well, a year from now the Fed will probably be hanging out and considering a rate cut.'” ”

The rate-setting Federal Open Market Committee meets Dec. 13-14, the final meeting in a volatile year that has seen the central bank attempt to stifle the fastest rate of inflation since the 1980s with record rate hikes.

It decreased 99.32 points, or 0.29%, to 34,295.69, it lost 21.92 points, or 0.54%, to 4,054.65, and it fell 85.66 points, or 0.75%, to 11,396.79 points.

Even with Friday’s weakness, the S&P 500 and Nasdaq were poised for a second straight week of gains, while the Dow showed modest losses this week.

Information technology stocks bore the brunt of the selling pressure among the 11 major S&P 500 sectors, down 1.23% as the worst performer of the day.

Growth and technology companies such as Apple Inc (NASDAQ: ), down 1.36%, and Amazon (NASDAQ: ), down 1.36%, were pressured by concerns about rising prices. The S&P 500 growth index lost 0.79%.

Ford Motor Company (NYSE:Co) fell 2.13% on lower auto sales in November, while DoorDash Inc fell 2.10% after RBC downgraded shares of the food delivery company.

Low issues outnumbered high issues on the NYSE by a ratio of 1.22 to 1; On the Nasdaq, the ratio was 1.01 to 1 in favor of declining stocks.

The S&P 500 posted 17 new highs in 52 weeks and no new lows. The Nasdaq index posted 59 new highs and 84 new lows.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Stock Market

Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

Avatar

Published

on

By

Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.



Source link

Continue Reading

Stock Market

US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

Avatar

Published

on

By


© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,'” Cavulich said.

Source link

Continue Reading

Stock Market

Is a Royal Caribbean or Carnival beverage package worth it?

Avatar

Published

on

By

An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



Source link

Continue Reading

Trending