Archive for February, 2014

S&P briefly turns negative as worries about Ukraine pick up

February 28th, 2014

S&P briefly turns negative as worries about Ukraine pick up

Traders work on the floor of the New York Stock ExchangeBy Caroline Valetkevitch NEW YORK (Reuters) – The S&P 500 and Dow briefly turned lower in late trading on Friday as worries about tensions in Ukraine caused investors to take profits ahead of the weekend. Ukraine's acting president accused Russia of open aggression and said Moscow was following a similar scenario to the one before it went to war with Georgia in 2008. "The market's gone straight south because there's chatter about Russia's (involvement) in the Ukraine, and that's getting people all jittery," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. The Dow Jones industrial average rose 25.68 points or 0.16 percent, to 16,298.33 while the S&P 500 gained 2.17 points or 0.12 percent, to 1,856.46, after trading in negative territory.

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Stock Markets News Headlines – Yahoo! News

Fed may need to let inflation run hot to meet goals: Evans

February 28th, 2014

Fed may need to let inflation run hot to meet goals: Evans
By Jason Lange NEW YORK (Reuters) – The Federal Reserve should be willing to let inflation temporarily run above its target level so as to more quickly bring the economy back to health, a top Fed official said on Friday, even as a second policymaker signaled the very idea left him cold. The debate, between Chicago Fed President Charles Evans and Philadelphia Fed President Charles Plosser, underscored a fundamental disagreement over the central bank’s optimal approach to policy under new Fed Chair Janet Yellen. To Evans, one of the Fed’s most dovish policymakers, allowing inflation to run above the Fed’s 2-percent target would be a small price to pay for bringing the U.S. economy back to full employment quickly, and could even signal the Fed’s commitment to making good on its goals. To Plosser, an ardent policy hawk, letting inflation rise above the target would call into question the Fed’s commitment to its goals, undermining its policy effectiveness.
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Economy News Headlines – Yahoo! News

Puerto Rico debt woes choke bond supply for some municipal funds

February 28th, 2014

Puerto Rico debt woes choke bond supply for some municipal funds
BOSTON (Reuters) – The downgrade of Puerto Rico’s debt to junk status earlier this month has resulted in a rough ride for some municipal bond funds that focus on the debt of specific states.


Source
Reuters: Money

An early gain for US stock market fades away

February 28th, 2014

An early gain for US stock market fades away

Trader Edward Curran, left, works on the floor of the New York Stock Exchange, Friday, Feb. 28, 2014. U.S. stocks are opening higher, pushing the market further into record territory. (AP Photo/Richard Drew)NEW YORK (AP) — Stocks gave up an early gain and turned slightly lower in afternoon trading Friday, a day after the Standard & Poor's 500 index closed at its highest level in six weeks and notched a record high.

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Stock Markets News Headlines – Yahoo! News

Economists warn of more market 'tantrums' as U.S. Fed tightens

February 28th, 2014

Economists warn of more market 'tantrums' as U.S. Fed tightens

A general view of the U.S. Federal Reserve building in Washington, July 31, 2013. REUTERS/Jonathan Ernst/FilesBy Jonathan Spicer and Jason Lange NEW YORK (Reuters) – Turbulence on Wall Street will likely return when the Federal Reserve decides to hike interest rates, top U.S. economists said in a paper that warned the Fed's huge stimulus program could have harmful consequences. The paper, released on Friday, focused on a financial market selloff in mid-2013 after Fed officials said they planned to trim monthly bond-buying. The research highlights a perhaps under-appreciated risk for the Fed's plans to wind down its easy-money stimulus. "Whenever the decision to tighten policy is made, then the instability seen in summer of 2013 is likely to reappear," wrote JPMorgan chief U.S. economist Michael Feroli, University of Chicago professor Anil Kashyap and two other well-respected economists.

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Stock Markets News Headlines – Yahoo! News

IMF's Lagarde says no need to panic on Ukraine aid request

February 28th, 2014

IMF's Lagarde says no need to panic on Ukraine aid request
By Anna Yukhananov WASHINGTON (Reuters) – The head of the International Monetary Fund said on Friday that there was no need to “panic” in terms of delivering economic aid to Ukraine, as she cast doubt the nation would need as much immediate help as its new leaders claim. “We do not see anything that is critical, that is worthy of panic at the moment,” IMF Managing Director Christine Lagarde told reporters. “We would certainly hope that the (Ukrainian) authorities refrain from throwing lots of numbers which are really meaningless until they’ve been assessed properly.” Ukraine’s government coffers have been depleted by huge debt repayments, efforts to protect its currency and high energy costs. The country’s new leaders, appointed after President Viktor Yanukovich was ousted last weekend, say they need $35 billion over two years to avoid default, and may need $4 billion immediately.
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Economy News Headlines – Yahoo! News

U.S. Senate Democrats do not plan to pass budget this year: Murray

February 28th, 2014

U.S. Senate Democrats do not plan to pass budget this year: Murray

Murray and Ryan hold a news conference to introduce The Bipartisan Budget Act of 2013 at the U.S. Capitol in WashingtonSenate Budget Committee Chairwoman Patty Murray said in a statement on Friday she would prefer to focus on promoting longer-term budget priorities for the Democratic Party, including measures to boost economic growth. The move will keep Democrats' election-year fiscal message focused on President Barack Obama's own 2015 budget request, due out on Tuesday, which will lay out his plans to shift spending to education, roads and a tax credit for low-income Americans. "While this budget year is settled and it wouldn't be productive to relitigate it so soon after our two-year deal, I plan to work with my colleagues on the Budget Committee to lay out our long-term vision for creating jobs, boosting the economy, and tackling our deficits fairly and responsibly," Murray said. The two-year budget deal Murray negotiated with Republican House Budget Committee Chairman Paul Ryan late last year came in the wake of a bitter fight over fiscal 2014 funding that led to a 16-day government shutdown last October.

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Economy News Headlines – Yahoo! News

Raymond James lets brokers bad-mouth former bank-owned firms

February 28th, 2014

Raymond James lets brokers bad-mouth former bank-owned firms
NEW YORK (Reuters) – Brokerage firms often flaunt their success at recruiting million-dollar advisers, but Raymond James Financial Inc went further this week by giving some new hires a platform for…


Source
Reuters: Money

Lombard Odier partner Caye departs for Capital Group

February 28th, 2014

Lombard Odier partner Caye departs for Capital Group
ZURICH (Reuters) – Lombard Odier partner Arthur Caye will leave at the end of April, after little more than two years at the centuries-old Swiss private bank, to return to his former employer.


Source
Reuters: Money

US consumer confidence ticks up in February

February 28th, 2014

US consumer confidence ticks up in February
WASHINGTON (AP) — A surprisingly optimistic outlook among younger Americans and a higher stock market pushed up a measure of U.S. consumer sentiment in February.
Source
Stock Markets News Headlines – Yahoo! News