Sunday , 15 July 2018

Business News

Business Highlights

___ Federal Reserve projects further gradual hikes in key rate WASHINGTON (AP) — The Federal Reserve says that it expects low unemployment and rising inflation will keep it on track to raise interest rates at a gradual pace over the next two years. By late 2019, the Fed says its key policy rate should be at a level that will …

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Commerce's Ross selling stock in response to ethics concerns

Commerce Secretary Wilbur Ross says he is selling off all his vast stock holdings after news reports raised questions about the timing of some of his stock transactions and he received a sharp reprimand from the chief federal ethics officer. But it’s not clear whether the sales by Ross, who before joining the Trump administration made billions investing in distressed …

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US agency urges automakers to speed up Takata recalls

The U.S. government’s road safety agency is urging automakers to speed up replacement of potentially dangerous Takata air bag inflators. The National Highway Traffic Safety Administration says in a statement that it has met with 19 affected companies, urging them to accelerate the recalls and to post recall plans on their websites. The statement doesn’t say if automakers agreed to …

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Wells Fargo and AT&T slide while Walmart and Terex climb

Stocks that moved substantially or traded heavily on Friday: Wells Fargo & Co., down 67 cents to $55.36 The bank’s profit disappointed investors as a scandal over fraudulent accounts continued to affect its business. Citigroup Inc., down $1.51 to $67 The bank’s revenue growth was relatively weak even though the U.S. economy continues to grow. AT&T Inc., down 56 cents …

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How major US stock indexes fared Friday

U.S. stocks wrapped up another solid week Friday as industrial and energy companies ticked higher, but quarterly results from several big U.S. banks didn’t excite investors. On Friday: The S&P 500 index gained 3.02 points, or 0.1 percent, to 2,801.31. The Dow Jones Industrial Average advanced 94.52 points, or 0.4 percent, to 25,019.41. The Nasdaq composite edged up 2.06 points, …

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US expected to become world's top oil producer next year

The U.S. has nosed ahead of Saudi Arabia and is on pace to surpass Russia to become the world’s biggest oil producer for the first time in more than four decades. The latest forecast from the U.S. Energy Information Administration predicts that U.S. output will grow next year to 11.8 million barrels a day. “If the forecast holds, that would …

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Federal Reserve projects further gradual hikes in key rate

The Federal Reserve says it expects low unemployment and rising inflation will keep it on track to raise interest rates at a gradual pace over the next two years. By late 2019, the Fed says its key policy rate should be at a level that will be slightly restrictive for growth. The Fed’s projection on rate hikes came with release …

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Shaky results from Wells Fargo and other banks hit US stocks

U.S. stock indexes are slightly lower Friday morning as investors aren’t finding much to get excited about in second-quarter reports from big banks like JPMorgan and Wells Fargo. AT&T stock is falling after the Department of Justice asked a court to overturn its purchase of Time Warner. Industrial companies and retailers are higher, and stocks are still on track for …

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