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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = ""Interest rates are still low by historical standards and they remain just below the wide range of estimates of the level that would be neutral for the economy, "Powell said in a speech on Wednesday in New York. & Nbsp;"data-reactid =" 16 ">"Interest rates are still low by historical standards and they stay just below the wide range of level estimates that would be neutral for the economy, "Powell said at a news conference. a speech made Wednesday in New York.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The parameter S & P 500 & nbsp;^ GSPC) increased by 1.88%, or 50.24 points, to 13:48. AND. The Dow & nbsp; (DJI) grew by 2.22%, or 548.78 points, while the Nasdaq & nbsp; (^ IXIC) increased by 2.34%, or 165.35 points. "data-reactid =" 17 "> The S & P 500 (^ GSPC) gained 1.88%, or 50.24 points, from 1:48 pm The Dow (^ DJI) gained 2.22% , or 548.78 points, while the Nasdaq (^ IXIC) rose 2.34%, or 165.35 points.
Market participants were looking for signs from Powell that the central bank might consider changing its current forecast with at least three interest rate hikes over the next year. The Fed has been phasing out its accommodative monetary policy since December 2015, driving historically low interest rates as the US economy recovers. Investors are largely expecting the Federal Open Market Committee (FOMC) to raise its quarter-point benchmark in December, the fourth rate hike this year. The FOMC raised its latest rates in September to reach the current target range of between 2% and 2.25%.
<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tuesday, Vice President of the Fed Richard Clarida delivered a speech in which he supported gradual rate increases and added that there is "a range of opinions" among policy makers on the limits of the neutral rate. He noted, however, that interest rates were "much closer" to neutrality than they were three years ago. The Powell MP also gave an optimistic view of the US economy, claiming that it had posted "strong growth" and that the job market was "surprisingly rising for nearly two years. years". "Data-reactid =" 19 "> Tuesday, In his speech, Fed Vice President Richard Clarida supported gradual rate hikes and added that policymakers had widely differing views on the level of interest rates. However, the hon. member for Powell also gave an optimistic view of the US economy, claiming that it showed "strong growth", saying that interest rates were "much closer" than neutral rates. and that the job market was "surprisingly up for almost two years".
<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Fed rate hike increases in 2018 caused the anger of President Donald Trump, who launched a new attack on Powell in a published interview Tuesday in the Washington Post. Trump blamed Powell for a host of recent events, including the volatility of the stock market and General Motors' decision to close factories in the United States and cut jobs. Trump, who appointed Powell to the Fed presidency a little over a year ago, said in an interview: "So far, I'm not even a little happy with my selection from Jay. " Trump has criticized Powell for months, commenting that the Fed has "gone crazy" to keep raising rates and saying the Fed should be doing "what's good for the country". "Data-reactid =" 20 "> Fed rate hike will increase in 2018 caused President Donald Trump's headline, In an interview published Tuesday in the Washington Post, Trump accused Powell of being At the root of many recent events, including volatility in the stock markets and General Motors' decision to close factories in the United States and to cut jobs, the President, there is a little more. a year ago, said in the interview: "So far, I'm not even a little happy with my selection of Jay." Trump criticized Powell for months and said the Fed had "become crazy "to continue to increase ra says that the Fed should rather do" what is good for the country ".
A crowd of traders stand near the post where Berkshire Hathaway is traded after the close of trading on the New York Stock Exchange floor in New York, USA on Friday, February 12, 2010. Photographer: Daniel Acker / Bloomberg via Getty Images
STOCKS: Salesforce exceeds expectations, JP Morgan modernizes Spirit Airlines
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tiffany shares & amp; Co (TIF) collapsed after the jeweler declared a small profit, same-store sales and lower tourism spending as the holiday season approaches. Earnings fell 5% from last year to $ 94.9 million, or 77 cents per share, below estimates of 78 cents per share. Comparable store sales increased 3% in the third quarter in constant currencies, missing consensus estimates for a 5.6% advance. Net sales totaled $ 1.01 billion, below consensus expectations of $ 1.05 billion. The company noted that spending on foreign tourists, especially Chinese tourists, declined during the quarter. Tiffany's shares fell 10.7% to $ 93.72 each at 1:16 pm ET. "Data-reactid =" 33 ">The shares of Tiffany & Co (TIF) collapsed after the jeweler announced a small profit, same-store sales and lower tourism spending as the holiday season approaches. Earnings fell 5% from last year to $ 94.9 million, or 77 cents per share, below estimates of 78 cents per share. Comparable store sales increased 3% in the third quarter in constant currencies, missing consensus estimates for a 5.6% advance. Net sales totaled $ 1.01 billion, below consensus expectations of $ 1.05 billion. The company noted that spending on foreign tourists, especially Chinese tourists, declined during the quarter. Tiffany's shares fell 10.7% to $ 93.72 each at 1:16 pm ET.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Salesforce (CRM) published third quarter results above analysts' consensus income and income expectations. The cloud computing software company made an adjusted profit of 61 cents per share, exceeding estimates of 50 cents. Revenues also exceeded expectations, reaching $ 3.39 billion against $ 3.37 billion. Billings, which tracks sales productivity, rose 27 percent in the second quarter to $ 2.89 billion, while analysts expected $ 2.68 billion. Salesforce also said It expects adjusted earnings of between 54 and 55 cents per share on sales of between $ 3.55 and $ 3.56 billion, exceeding analysts' average forecasts of 57 cents a share for a business turnover of $ 3.52 billion. Salesforce shares climbed 7.1% to $ 136.6 at 1:17 pm ET. "Data-reactid =" 34 ">Salesforce (CRM) Released Third Quarter Results Exceeding Analysts' Consensus income and income expectations. The cloud computing software company made an adjusted profit of 61 cents per share, exceeding estimates of 50 cents. Revenues also exceeded expectations, reaching $ 3.39 billion against $ 3.37 billion. Billings, which tracks sales productivity, rose 27 percent in the second quarter to $ 2.89 billion, while analysts expected $ 2.68 billion. Salesforce also said it expected adjusted earnings of between 54 and 55 cents per share for revenue of $ 3.55 billion to $ 3.56 billion, surpassing analysts' average forecasts of 57 cents per share. an income of $ 3.52 billion. Salesforce shares climbed 7.1% to $ 136.6 at 1:17 pm ET.
"At worst, it's a one-time anomaly with no impact on the future. At best, this represents a paradigm shift in Spirit's revenue trajectory, "Baker wrote. "Fortunately, with the current fuel, we think the two extremes offer sufficient upside potential to warrant an upgrade."
Spirit's shares rose 4.9% to $ 61.64 at 1:17 pm, and after closing up more than 15% on Tuesday.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Wayfair shares (W) rose after the online store of home products reported a 58% increase in direct retail sales & nbsp;for the five days between Thanksgiving and Cyber Monday. This has accelerated, rising from a 53% increase from one year to the next for the same five-day period in 2017 and 52% in 2016. Colin Sebastian, Analyst Senior Research Analyst at Baird Equity Research, said in a note on Wednesday that this year's sales gain indicates significant upside potential for this quarter. The increase in direct sales from last year over the five-day period resulted in 48% revenue growth in the fourth quarter, following a 40% increase in 2016, Sebastian said. Wayfair shares rose 14.34% to $ 104.83 each at 11:17 am ET. "Data-reactid =" 42 ">The shares of Wayfair (W) rose after the online home goods store reported a 58% increase in its direct sales sales for the five days between Thanksgiving and Cyber Monday. This has accelerated, rising from a 53% increase from one year to the next for the same five-day period in 2017 and 52% in 2016. Colin Sebastian, Analyst Senior Research Analyst at Baird Equity Research, said in a note on Wednesday that this year's sales gain indicates significant upside potential for this quarter. The increase in direct sales from last year over the five-day period resulted in 48% revenue growth in the fourth quarter, following a 40% increase in 2016, Sebastian said. Wayfair shares rose 14.34% to $ 104.83 each at 11:17 am ET.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Dick's Sporting Goods (DKS) reported having earned $ 37.8 million in the third quarter, or 39 cents a year. share, compared with $ 36.9 million and 35 cents a share a year ago. Earnings exceeded consensus expectations of 26 cents per share. The company also raised its EPS 2018 target to between $ 31.5 and $ 3.25 per share, and between $ 3.02 and $ 3.20 per share. Net sales, however, were slightly lower than Wall Street's expectations, with sales at $ 1.86 billion versus $ 1.88 billion. Dick's Sporting Goods shares were up 1.35% to $ 36.82 at 1:18 pm ET. "Data-reactid =" 43 ">Dick's Sporting Goods (DKS) said it earned $ 37.8 million in the third quarter, or 39 cents a year. share, compared with $ 36.9 million and 35 cents a share a year ago. Earnings exceeded consensus expectations of 26 cents per share. The company also raised its EPS 2018 target to between $ 31.5 and $ 3.25 per share, and between $ 3.02 and $ 3.20 per share. Net sales, however, were slightly lower than Wall Street's expectations, with sales at $ 1.86 billion versus $ 1.88 billion. Dick's Sporting Goods shares were up 1.35% to $ 36.82 at 1:18 pm ET.
ECONOMY: New Home Sales Fall 8.9% in October
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "In the United States, new home sales fell 8.9% in October, the commerce department reported, well below consensus estimates from economists, which indicate a 4% increase for the month. The seasonally adjusted annual sales rate was 544,000 in October, compared with 597,000 in September. "Data-reactid =" 45 ">In the United States, new home sales fell 8.9% in October, the Commerce Department reported that, well below consensus estimates, a 4% increase for the month was expected. The seasonally adjusted annual sales rate was 544,000 in October, compared with 597,000 in September.
New home sales in the south of the country fell by 26,000 in October, about half of the national decline.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" The impact of Hurricane Michael is probably part The story, however, again, these data are subject to revision, "said Ian Shepherdson, Chief Economist of Pantheon Macroeconomics, in an email.Prices are likely to rebound somewhat after their recent decline, as sales pick up in the late fall and winter, but inventories have risen 17.5% in one year and this is a real drag . "& Nbsp;"Data-reactid =" 47 ">" The impact of Hurricane Michael is probably part of the story even though, again, these data are subject to revision, "said Ian Shepherdson , Chief Economist of Pantheon Macroeconomics, in an email. "Prices are likely to rebound slightly as a result of their recent declines, with sales picking up late in the fall and winter, but inventories have increased 17.5% in one year and this is a real brake. "
Home builders had about 336,000 units available at the end of October, a 7.4 month supply based on the current sales rate. The median new home price in October was down 3.1% from last year to $ 309,700.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "US third quarter gross domestic product is expected to grow 3.5%, according to the Ministry of Commerce. departments second quarterly GDP estimate released Wednesday. This rate was not revised from the previous estimate and was recorded in accordance with consensus expectations. & Nbsp; In the second quarter, GDP grew at a rate of 4.2%. "Data-reactid =" 49 ">US third quarter gross domestic product is expected to grow 3.5%, according to the Ministry of Commerce. Second estimate of the quarterly GDP of the ministry published Wednesday. This rate was not revised from the previous estimate and was recorded in accordance with consensus expectations. In the second quarter, GDP grew 4.2%.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The US trade deficit widened to $ 77.2 billion in October, according to preliminary data Department of Commerce released Wednesday. This figure was slightly higher than the consensus forecast of a deficit of $ 77 billion. Wholesale inventories rose 0.7%, exceeding consensus estimates of an increase of 0.4%, while retail stocks also exceeded estimates and rose 0.9%. "Data-reactid =" 50 ">The US trade deficit widened to $ 77.2 billion in October, according to preliminary data of the Commerce Department released Wednesday. This figure was slightly higher than the consensus forecast of a deficit of $ 77 billion. Wholesale inventories rose 0.7%, exceeding consensus estimates of an increase of 0.4%, while retail stocks also exceeded estimates and rose 0.9%.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The widening of the trade deficit suggests" a slowdown GDP's net exports, "writes Jim O & # 39; Sullivan, chief US economist at High Frequency Economics.Conversely, stocks will probably add & nbsp;again in the 4th quarter, stimulated by at least some acceleration of & nbsp;imports before tariffs are threatened. "& nbsp;"data-reactid =" 51 "> The widening trade deficit suggests" a slowdown in GDP from net exports, "writes Jim O'Sullivan, chief US economist for High Frequency Economics.Conversely, however, stocks will likely add fourth quarter, stimulated by at least some imports before tariffs are threatened. "
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "–"data-reactid =" 52 ">–
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Emily McCormick is a journalist for Yahoo Finance. & Nbsp;Follow her on Twitter: @emily_mcck"data-reactid =" 53 ">Emily McCormick is a journalist for Yahoo Finance. Follow her on Twitter: @emily_mcck
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Follow Yahoo Finance on & nbsp;Twitter& nbsp;Facebook& nbsp;Instagram& nbsp;Flipboard& nbsp;LinkedIn, and& nbsp; reddit. & nbsp;"data-reactid =" 54 ">Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedInand reddit.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read more about Emily:"data-reactid =" 55 ">Read more about Emily:
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Netflix users growth exceeded expectations, shares have grown & nbsp;"data-reactid =" 56 ">Netflix User Growth Exceeds Expectations and Stocks Peak
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "It's now a "unique chance in a lifetime" to invest in American pot companies, said an investor & nbsp;"data-reactid =" 57 ">It's now a "unique chance in a lifetime" to invest in American pot companies, said an investor
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "There are "4 obstacles" to market rights now"data-reactid =" 58 ">There are "4 obstacles" to market rights now
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Ark Invest, CEO: Tesla is a replay of Apple & nbsp;"data-reactid =" 59 ">Ark Invest, CEO: Tesla is a replay of Apple
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The slowdown in the Chinese economy could be a problem for Apple & nbsp;"data-reactid =" 60 ">China's economic slowdown could be a problem for Apple
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