The Pentagon demanded that China return a U.S. Navy underwater drone captured in international waters in the South China Sea, a confrontation likely to exacerbate tensions in a region where China is asserting greater control and expanding military installations. A Chinese naval ship unlawfully seized the small unmanned vehicle Thursday while the USNS Bowditch, a U.S. Navy survey ship, was collecting it in a routine operation 50 nautical miles northwest of Subic Bay in the Philippines, according to a Defense Department statement.
Category: Business News
Bitcoin’s Rally Crushed Every Other Currency in 2016. Here’s Why
Bitcoin, that nebulous digital currency that trades in cyberspace and is “mined” by code-cracking computers, emerged as a better bet this year than every major foreign-exchange trade, stock index and commodity contract. The electronic coin that trades and is regulated like oil and gold surged 79 percent since the start of 2016 to $778, its highest level since early 2014, data compiled by Bloomberg shows.
Citi Revives Popular Leveraged Oil ETNs Credit Suisse Killed
Citigroup Inc. rolled out a couple of risky triple-leveraged exchange-traded notes tied to oil on Friday after Credit Suisse Group AG delisted two eerily similar ETNs. The notes had gained attention earlier in the year as oil prices plummeted and investors, particularly millennials, starting pouring cash into them.
Toronto FC and Seattle Sounders Battle in Most Expensive MLS Cup Final
The expansion teams have some of the league’s most enthusiastic fans; Toronto features Sebastian Giovinco, a former Italian national player. The 2016 Major League Soccer season finishes Saturday as Toronto FC and the Seattle Sounders play the MLS Cup final.
Week in Review: Dow Scores Five Straight Days of Record Closes
The Dow Jones Industrial Average was the clear winner of this week, sealing fresh record closes for five days in a row. The Dow Jones Industrial Average was the clear winner of this week, sealing fresh record closes for five days in a row.
Wells Fargo Wants a Quiet End to Its Scandal, Risking More Noise
Wells Fargo & Co.’ s attempt to force aggrieved customers into closed-door arbitration over its fake-accounts scandal is drawing a legislative backlash in its home state of California and risks subjecting the bank to another round as a public punching bag.
Related Article: Jim Cramer Explains Why the Russell 2000 Hit New Record Highs This Week
Small cap stocks have rallied into new record highs this week, on hopes that regulations will lessen under President Trump. The recent rally in small cap stocks was driven by hopes that regulations will ease under the Trump Administration.
Wells Fargo Ex-Managers’ Suit Puts Scandal Blame Higher Up Chain
The lawsuits piling up against Wells Fargo & Co. over its fake accounts scandal have expanded to include three former branch managers alleging that an area president ordered employees to open bogus accounts to juice sales.
Report: Evictions increasing in Menlo Park, county
The number of “no-cause” evictions in San Mateo County rose 300 percent over a three-year period, according to a report by two legal nonprofits. The report, conducted by Legal Aid Society of San Mateo County and Community Legal Services in East Palo Alto, was funded by The San Francisco Foundation.
Older workers get boost from federal training program, but do they get jobs?
But its lofty title and mission – helping unemployed, low-income individuals age 55 and older get temporary jobs and training at nonprofits or government agencies – hasn’t shielded the U.S. Department of Labor program from criticism. The department in October awarded $140.6 million in Senior Community Service grants to 19 nonprofit groups, including almost $10 million to Chicago-based Easterseals and $2.4 million to National Able Network, funds that will cover services Feb. 1 through June 30. The hope is that individual participants develop the skills to land permanent, and unsubsidized, jobs, including in the private sector.
Major New York markets hit second consecutive day of record highs
Major New York stock indexes hit a second consecutive day of record highs while the Toronto stock market continued its six-day rise, continuing a post-U.S. election rally. On Wall Street, the Dow Jones industrial average recorded its third consecutive record-breaking day, advancing 142.04 points to 19,756.85.
Giuliani Withdraws Consideration for Position in Trump Administration
Former New York Mayor Rudy Giuliani has removed his name from consideration for a position in President-elect Donald Trump’s new administration, the Trump transition team said on Friday. Giuliani, once considered a possible choice as Trump’s secretary of state, had told the Republican of his decision during a meeting on Nov. 29, the team said in a statement.
Why NCI Building Systems Inc.’s Shares Popped 12% Today
As of 3 p.m. EST, shares were still down 9.9% on the day. Sales were up 4.5% to $480.3 million and net income was up 3.9% to $18.9 million, or $0.27 per share.
Why Investing in ETFs is Right for You
When filling out an investment portfolio, investors can turn to exchange traded funds to gain broad, diversified exposure to various assets in the U.S. and around the world. ETFs have become an increasingly popular way to access markets due to their easy accessibility, cheap costs and passive exposure to widely observed benchmark indices.
Stocks Rally, Notch 3% Gains for the Week
The benchmark S&P 500 registered a record high for the third straight session, while the Dow and Nasdaq also hit new highs. The Dow recorded a fifth straight week of gains.
Municipal-bond week in review: Yields back down a bit
The 10-year yield on the AP Municipal Bond index was 2.665 percent, as of 5 p.m. Eastern time Friday. That’s down from 2.808 percent the previous week, but it’s still a lot higher than a month ago, before the election, when the yield was just 2.063 percent.
RigNet Inc’s Stock Caught Fire on Friday
Offshore service stocks jumped on Friday without any news to drive the rally, with RigNet joining the likes of Seadrill Partners and others in a double-digit rally. It is a bit of a head-scratcher given that oil only rose 1.3% to roughly $51.50 per barrel, which is quite tame for crude these days — and still left it half a percentage point in the red for the week.
Amgen and Broadcom climb; Restoration Hardware falls
The company said Muhtar Kent will step down as CEO next year and will be replaced by Coke’s chief operating officer. The mining company said it will be bought by South Africa’s Sibanye Gold in a deal the companies valued at $2.2 billion.
How the Dow Jones industrial average finished Friday
U.S. stocks rose for the sixth day in a row Friday as major indexes continued to set records. The biggest gains went to companies that have been mostly left out of the post-election rally, including health care companies and makers of household goods.
Better Buy: bluebird bio, Inc. vs. Kite Pharma
Several clinical-stage biotechs are developing therapies usingchimeric antigen receptor T cells . Two of them in particular have enjoyed some good news in 2016: bluebird bio .
1 Reason NVIDIA Investors Need to Worry
The second-place player in this segment, Advanced Micro Devices lags NVIDIA by a huge margin as it commanded just 29% of the discrete GPU market in the third quartert, according to Jon Peddie Research. However, a year ago, NVIDIA’s dominance in the discrete GPU market was even greater.
First Female Shuttle Commander Remembers John Glenn
Former NASA astronaut Eileen Collins hailed the first U.S. astronaut to orbit the earth as a very wise and mission-oriented person she aspired to be like. “When I was a child, I read about the Mercury astronauts, I read about the Gemini astronauts and John Glenn of course was such a wonderful role model.
Covered California scrambles to restore fumbled tax credits
Nearly 10,000 Covered California policy holders have lost their federal tax credits – at least temporarily – due to a bookkeeping error by the state health insurance exchange. But Covered California is still trying to contact these individuals and families to fix the problem, and the agency promises to reinstate their tax credits retroactively if they give it permission to verify their income, said Covered California spokeswoman Lizelda Lopez.
Fed’s Harker says more oversight of fintech good for the industry
Philadelphia Federal Reserve Bank President Patrick Harker on Monday said he would be open to raising interest rates again at the U.S. central bank’s March meeting if growth in jobs and wages continues. “I still am supportive of three rate hikes this year, of course with a major caveat, depending on how the economy evolves and policy, fiscal policy, evolves,” Harker told reporters after a speech on the regulation of fintech firms.”
Power outages, flaring put Torrance refinery on hotseat for Wednesday AQMD hearing
Air quality regulators on Wednesday are scheduled to discuss an order requiring the owners of the Torrance Refinery to improve its electrical system after at least three power outages in the last year caused excessive flaring that sent thick black smoke belching across the city. The enforcement hearing hosted by the South Coast Air Quality Management District’s independent Hearing Board is set to begin at 9 a.m. in Diamond Bar.