The S&P 500 and Dow Jones industrial average both reached record highs as the economy showed more signs that it’s continuing to recover.
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Another climb in bond yields helped pull money out of Big Tech companies, which have started to look expensive after months of soaring through the pandemic.
The S&P 500, the Dow Jones industrial average and the Russell 2000 measure of small-company stocks all closed at record levels on Thursday.
Tech shares tumbled anew on Monday, sending the Nasdaq composite index down 11% from its all-time high, as investors fled high-valuation stocks for companies whose fortunes are closely tied to the economic cycle.
Investors were encouraged by a government report that U.S. employers picked up the pace of hiring last month.
The speed at which the yield on the 10-year Treasury has climbed has forced investors to re-examine how they value stocks, bonds and every other investment. And the immediate verdict has been to sell them at lower prices.
Stocks and bonds sold off on Thursday after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
A steady march higher in Treasury yields has been drawing money out of the stock market and leading investors to question the massive run-up in Big Tech valuations.
Bond yields continue to climb, as murmurs of inflation have started among investors and as the economy continues to climb out of the hole that was created by the pandemic.
The episode has been portrayed as a victory of the little guy over Wall Street titans, but not everyone is buying it. Lawmakers from both parties are among the skeptics.
Attorneys in the Justice Department’s criminal division are conducting a wide-ranging investigation into possible market manipulation from the trading surrounding GameStop, and recently issued a subpoena to Robinhood as part of that, a person familiar with the matter said.
Treasury yields fell after a government report showed that inflation remained tame last month. That’s encouraging for investors because it suggests the U.S. economy will be able to receive more stimulus without overheating.
The Indiana-based manufacturer said sales in North America declined 21% last year, but its sales in China reached record levels, up 25% from the previous year.
U.S. stocks—which tumbled last week amid anxiety over the frenzied trading that’s being cheered on by the Reddit forum WallStreetBets and other online communities—turned things around on Monday.
The stock market sank again Friday as a speculative frenzy over GameStop and a handful of other stocks ramped up worries over how much damage an online revolt against Wall Street bigwigs can damage the broader market.
Robinhood and other retail brokerages took steps to tamp down the speculative frenzy surrounding companies such as GameStop, but the actions only sparked more volatility in the market and an outcry from users of the platforms.
Investors continued to closely watch the wild swings in GameStop, AMC and several other stocks which have become targets for hordes of online investors who have sent them skyrocketing in recent days, taking on big hedge funds who have bet they will fall.
The sharp selling is a shift from the market’s recent record-setting run and comes as investors focus on the outlook for the economy and corporate profits amid a still-raging coronavirus pandemic.