At midday: U.S. stocks keep plunging as Trump talks up 'trade war'

03 March, 2018, 05:10 | Author: Pamela Mathis
  • Fed Chair Powell Delivers Semiannual Congressional Testimony

Around noon, the Dow Jones Industrial Average rose 9.95 points, or 0.04 per cent, to 25,039.15, reports Xinhua.

The S&P 500 trimmed its loss as the day went on, and it was virtually flat at 2,677, as of 3 p.m. The Nasdaq composite lost 127 points, or 1.8 per cent, to 7,145.

Major U.S. stock indexes are rising in early trading led by gains in the technology and retail sectors.

Canada's main stock index fell to a two-week low on Friday, weighed by declines in energy, financial and industrial shares as oil prices fell and global investors anxious about a trade war. Boeing was down 3.5 percent and Caterpillar was down 2.8 percent. Apple gave up $4.65, or 2.6 per cent, to $173.47 and Pfizer shed $1, or 2.7 per cent, to $35.32.

THE QUOTE: "Federal Reserve Chairman Powell erred to the hawkish side and had speculation running rampant that the Feds will trigger quicker pace of interest rate increases as the economy accelerates", says Stephen Innes, head of trading at Oanda, referring to remarks earlier in the week that has the market anticipating higher interest rates in the U.S. Eastern. The new Fed boss on Tuesday highlighted ways he personally thinks the USA economic outlook has strengthened, which raised concerns that the Fed could become more aggressive in raising interest rates.

Earlier in the week, Powell's testimony helped send Treasury yields jumping and stocks tumbling when he said that he was feeling more optimistic about the economy.

The trade worries are piling onto a market that was already nervous. Some traders took that as a signal that the Fed may raise rates more quickly than expected.

He also said: "I would expect that some continued strengthening in the labour market can take place without causing inflation".

At midday: U.S. stocks keep plunging as Trump talks up 'trade war'
At midday: U.S. stocks keep plunging as Trump talks up 'trade war'

Overstock.com dropped 7.7 per cent after the online retailer disclosed in a regulatory filing that the Securities and Exchange Commission asked the company last month for information about a $250 million offering by its blockchain subsidiary, tZero, related to digital tokens.

Shares of auto makers and other big consumers of steel and aluminum added to their session losses after Trump said the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum next week, while shares of US steel and aluminum companies jumped. Shares dropped $6.62, or 14.4 percent, to $39.27.

In Asia, Japan's Nikkei 225 plunged 2.5 per cent, the Hang Seng in Hong Kong fell 1.5 per cent and South Korea's Kospi dropped 1 per cent.

In the commodities markets, Benchmark U.S. crude rose 5 cents to $61.05 per barrel. Brent crude, the worldwide standard, lost 44 cents to $63.39 per barrel.

Gold rose $18.20 to settle at $1,323.40 per ounce.

In Europe, France's CAC 40 lost 2.4 percent, and Germany's DAX fell 2.3 percent.

CURRENCIES: The dollar fell to 105.32 Japanese yen from 106.24 yen late Thursday. The FTSE 100 in London dropped 0.8 per cent.

Bond prices rose. The yield on the 10-year Treasury fell to 2.88 percent.

Israeli Police Question Netanyahu in Third Corruption Investigation
In one case, Netanyahu allegedly received over $100,000 in gifts from Hollywood mogul Arnon Milchan and other wealthy associates. In September 2017 the attorney general informed Sara Netanyahu he was likely to indict her over the claims. "You're killing us.


Recommended:

  • Gianni Infantino says women will 'soon' be allowed at games in Iran

    Gianni Infantino says women will 'soon' be allowed at games in Iran

    One female caller said she sees irony in Azadi Stadium's name, whose English translation is "freedom". Iranian women have been allowed to attend some men's sporting events.
    Resolution calls for withdrawal of United States  forces from conflict in Yemen

    Resolution calls for withdrawal of United States forces from conflict in Yemen

    It has been reported that a Yemeni child under the age of 5 dies of preventable causes every 10 minutes because of the conflict. The resolution, Lee added, gives Congress authority to re-assert its power over foreign policy decision-making.
    Police Called to Tori Spelling's Home

    Police Called to Tori Spelling's Home

    Corinne says she was in the makeup room with Tori , who was quiet at first and exhibited signs of a distressed mom. In fact, just past year around this time, the IRS drained the couple's bank accounts over unpaid backed taxes.
  • Cell phone catches fire onboard Canada flight

    Cell phone catches fire onboard Canada flight

    A video posted to social media by passenger Brandon Scott shows firefighters walking down the aisle toward the back of the plane. The Vancouver International Airport reported some congestion Tuesday morning due to technical issues with Air Canada's system.
    Second child dies in SC from the flu

    Second child dies in SC from the flu

    This severe flu season has lent urgency to the search for a one-and-done flu shot, but the central issue now is federal funding. Group on Marco, said her office has received significantly more phone calls about the flu than in past years.
    EA's next Battlefield game will reportedly be set during WWII

    EA's next Battlefield game will reportedly be set during WWII

    However, their sources say Battlefield 2 will be out this calendar year, which nearly definitely means late October or November. However, DICE is still interested in making the sequel, so fingers crossed something comes into fruition in the near future.
  • 'Our democracy is a celebration of plurality', says Narendra Modi

    'Our democracy is a celebration of plurality', says Narendra Modi

    Jordan's King was speaking at a conference in New Delhi on "Islamic Heritage: Promoting Understanding & Moderation". Later, the two leaders held extensive discussions over various aspects of India-Jordan relations.
    Cabinet approves law to impound properties of Nirav Modi-type cases

    Cabinet approves law to impound properties of Nirav Modi-type cases

    Under the Law, the offender will be "disentitled" from bringing forward or defending any civil claim. The bill also has the provisions to seize the assets of the defaulters those who are outside India.
    IOC reinstates barred Russian Olympic Committee

    IOC reinstates barred Russian Olympic Committee

    "The rights of the Russian Olympic Committee have been fully restored", said Alexander Zhukov , the head of the Russian Olympic Committee (ROC).
  • No. 15 MI  overcomes Iowa in OT 77-71 in Big Ten

    No. 15 MI overcomes Iowa in OT 77-71 in Big Ten

    Abdur-Rahkman missed the front end of the one-and-one and Bohannon knocked down a 3-pointer to tie it at 67 with 16 seconds left. MI then answered with a three from Abdur-Rahkman and scored seven straight after a Palmer layup to go up 50-35 with 11:03 left.
    Google Accused in Lawsuit of Excluding White and Asian Men in Hiring

    Google Accused in Lawsuit of Excluding White and Asian Men in Hiring

    Google told The Wall Street Journal that " we have a clear policy to hire candidates based on their merit, not their identity ". He also alleged that late previous year , management deleted emails and other digital records of diversity requirements.
    Best Buy to close almost  260 stand-alone mobile stores

    Best Buy to close almost 260 stand-alone mobile stores

    The company's revenue rose to $15.36 billion, beating estimates of $14.5 billion. Best Buy is scheduled to report fourth-quarter earnings before the bell Thursday.


Popular

Boko Haram Kills 4 UN Aid Workers, Abduct One In Borno
Humanitarian coordinator in Nigeria , had called on the authorities to ensure the perpetrators "are brought to justice". The camp for displaced people in Rann was bombed in a Nigerian Air Force strike past year , killing up to 170 people.

Last Word: Did Oakland Mayor's ICE warning pay off?
ICE acting director Thomas Homan told Fox News earlier this week that the mayor's statement put law enforcement at risk. Another 115 "had prior felony convictions for serious or violent offenses", the statement added.

Man accidentally takes $1635 Uber ride through several states
A majority of that, - almost $700 - came from the distance the Uber driver traveled to take Bachman home , NJ.com reported. Bachman says he was shocked when he saw the final cost of the trip. "I guess it's kind of embarrassing", he added.

Walmart raises minimum age for gun buyers to 21
"Our heritage as a company has always been in serving sportsmen and hunters, and we will continue to do so in a responsible way". Now, the company said sales of assault-style rifles would stop at its Field & Stream locations as well.

Aussie batsmen kept in check in South Africa
AB de Villiers remained unbeaten on 71. "He'll do the same thing in the second innings and hopefully not hit it next time". Shaun Marsh survived an lbw appeal on 19, with replays showing he was out after the umpire turned down Rabada's appeal.

Original plan for Brock Lesnar on Raw
McMahon also had to hear the mixed reaction that former UFC star Ronda Rousey had been getting since signing with WWE in January. He, instead, spent time with Dana White , as evidenced by the picture shared by the UFC president on social media.

Doctor performs brain surgery on wrong patient in Kenya
They said the nurse who prepared the patient for surgery should be held accountable for wrongly labelling the patient. Four surgeons have been suspended after they reportedly cut open the wrong patient's head in a hospital in Kenya .

Uber Health launches with tools to help patients get to medical appointments
Uber also developed an API so healthcare companies can work Uber Health into their own patient management applications. The patient doesn't need to do anything to book the appointment or confirm the ride, as everything is done for them.

Carvalho says he will remain superintendent of Miami-Dade Public Schools
Carvalho, who came to NY from Portugal at the age of 17 but overstayed his visa and was undocumented, speaks multiple languages. De Blasio said New York City schools chancellor Carmen Farina, who already retired, will continue in her role until March.

South Korea asks U.S. to lower 'threshold for talks' with North
The US on Friday announced new sanctions against North Korea targeted at maritime trade, described by Trump as the "largest ever". The officials gathered at Tongilgak, a North Korean-controlled building in the Demilitarized Zone that divides the two Koreas.