Crude Jumps On Likely Extension of OPEC Cuts

Crude Jumps On Likely Extension of OPEC Cuts

Oil prices settled up 2% on Wednesday as traders and investors ignored a build in U.S. crude stockpiles from last week to focus on the likelihood of OPEC extending crude production cuts when it meets later this week to assess price support measures. The U.S. government’s Energy Information Administration (EIA) said domestic crude inventories rose by 4.6 million barrels for the week ended Sept. 15 as supply balances for unprocessed […]

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Bond Prices Crater as FOMC on Track For Year-End Hike

Bond Prices Crater as FOMC on Track For Year-End Hike

U.S. Treasury prices cratered on the two- and five-years with the 10-year chasing behind while the long bond outperformed (but hardly budged) following the Federal Open Market Committee (FOMC) statement. Also an influence were the Summary of Economic Projections (SEP) and plans for rate-normalization to begin in October. The two-year took the brunt of the sell-off, swinging back to the lowest levels since October 2008 as Fed Chair Janet Yellen […]

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Market Rally Carrying Health Care Stocks Higher

Market Rally Carrying Health Care Stocks Higher

Health care stocks were trending higher, with the NYSE Health Care Index gaining more than 0.7% while shares of health care companies in the S&P 500 were up almost 0.7% as a group. In company news, Achillion Pharmaceuticals (ACHN) stumbled Monday, falling to a session low of $3.61 after the the specialty drug maker this morning said Johnson & Johnson’s (JNJ) Janssen Pharmaceuticals unit is terminating their collaborate efforts to […]

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Action Economics Survey Results: 62k Jump in Initial Jobless Claims First Indicator to Show Some of Harvey Effects

Action Economics Survey Results: 62k Jump in Initial Jobless Claims First Indicator to Show Some of Harvey Effects

Action Economics said the 62k jump in initial jobless claims was the first indicator to show some of the effects Hurricane Harvey. New York Fed William Dudley said in a CNBC interview the economic effects will be mixed over the next several months. And indeed, this week’s Action Economics survey reveals the difficulties in estimating the impacts with some wide variance in several indicators, especially the production and sentiment figures. […]

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Dollar General’s Earnings and Sales Top Analyst Estimates as Shoppers Spend More

Dollar General’s Earnings and Sales Top Analyst Estimates as Shoppers Spend More

Dollar General (DG), a US discount store chain, reported earnings and sales for its fiscal second quarter that exceeded the estimates of Wall Street analysts as shoppers made more trips to its outlets and spent more per transaction. Net income totaled $295 million, or $1.08 a share, in the quarter ended Aug. 4, compared with $307 million, or $1.08 a share, in the year-earlier period, the Goodlettsville, Tennessee-based retailer, said […]

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