Dollar rises as investors take refuge ahead of Fed
The U.S. dollar rose from early lows on Wednesday as investors wary of wider geopolitical risks sought its relative safe haven ahead of midday remarks by Federal Reserve Chair Jerome Powell.
The U.S. dollar rose from early lows on Wednesday as investors wary of wider geopolitical risks sought its relative safe haven ahead of midday remarks by Federal Reserve Chair Jerome Powell.
The S&P 500 and the Dow were largely flat on Wednesday as a record rise in coronavirus cases in six U.S. states dented sentiment following a three-day rally on hopes of a swift recovery from a coronavirus-driven downturn.
Once looking forward to a strong economy, recent college graduates are now scrambling to find jobs.
United Airlines sweetened on Tuesday a voluntary exit package for frontline employees like flight attendants and gate agents, saying it needed "a lot more people to sign up" to avoid involuntary layoffs in October, according to a staff email seen by Reuters.
Chase retail branches will close at 1 p.m. on Friday in observation of Juneteenth, JPMorgan CEO Jamie Dimon told employees.
U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy.
Equity markets around the world seesawed on Wednesday as the prior day's rally on economic and vaccine hopes faded, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt.
Federal Aviation Administration chief Steve Dickson acknowledged on Wednesday that Boeing and the U.S. air safety agency both made mistakes in the development of the 737 MAX jetliner, grounded for more than a year following fatal crashes.
With a full U.S. economic recovery out of reach until the coronavirus pandemic is brought to heel, the Federal Reserve will use its "full range of tools" to cushion households and businesses, Fed Chair Jerome Powell told lawmakers on Wednesday.
The U.S. Senate Ethics Committee has cleared Senator Kelly Loeffler of wrongdoing in connection with stock trades, her office said on Wednesday, after the wealthy Republican - who is in a tough election race - was criticized over share sales during the coronavirus outbreak.
U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices.
"People need to make those withdrawals to get over a difficult time, we should help them with that. But we shouldn't use that lack of a penalty to put them into investments that aren't appropriate for them," SEC chairman Jay Clayton told CNBC.
A U.S. senator said on Wednesday he was hoping for bipartisan support in Congress for mandatory rules on masks for air travel after the head of the Federal Aviation Administration again resisted calls for a mandate.
Oil prices edged lower on Wednesday as a drawdown in U.S. distillate stockpiles for the first time since March and a sharp drop in U.S. crude production faced concerns over fuel demand due to fresh outbreaks of COVID-19.
The S&P 500 and the Dow edged higher in choppy trading on Wednesday as hopes of a swift recovery from a coronavirus-driven downturn were dented by fears of a record rise in coronavirus cases in six U.S. states.