U.S. consumer spending, inflation data point to strong economy
U.S. consumer spending increased solidly in July, suggesting strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve’s 2 percent target for the third time this year.
Trade worries drag on Wall Street; tech stocks help limit losses
U.S. stocks dropped on Thursday, after four straight sessions of gains, weighed down by concerns over the U.S.-China trade war, even though gains in technology stocks helped limit losses.
Abercrombie sales miss as Hollister runs out of stock in Europe
Abercrombie & Fitch Co failed to take full advantage of an unusually long summer in Europe as its stock of Hollister brand of summerwear could not keep up with increased demand in the second quarter, sending its shares down as much as 14.6 percent.
Wells Fargo fires bankers after probe into doctoring of expense receipts: Wall Street Journal
Wells Fargo & Co has fired or suspended more than a dozen employees in its investment bank over alleged violations of the company’s expense policy regarding after-hours meals, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Wall Street lower on China tariff worries
U.S. stocks fell on Thursday, after four days of gains, weighed down by weak results from retailers and on rising concerns over the U.S.-China trade war that has weighed on markets for most of the year.
Atlanta Fed lowers U.S. third-quarter GDP view to 4.1 percent
The U.S. economy is expanding at a 4.1 percent annualized rate in the third quarter, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday, following the release of the advanced economic indicators from the U.S. Census earlier this wee…
Merrill Lynch does about face on fiduciary-era policy
Bank of America Corp’s wealth management arm Merrill Lynch said on Thursday it is reintroducing commissions for its retirement accounts, reversing a policy put in place to comply with Obama-era regulation.
Now you see it, now you don’t: oil surplus vanishes ahead of Iran deadline
An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.
Wall Street set to open lower on China tariff worries
U.S. stock indexes were set to open lower on Thursday as optimism over U.S.-Canada trade talks was overshadowed by concerns over Washington’s tariff dispute with China, which has been the bigger weight on the market for most of the year.
China’s ZTE sees third-quarter profit after first-half loss on U.S. supplier ban
China’s ZTE Corp said it expects to make a profit in the third quarter after recording its worst-ever first-half net loss on Thursday, the result of a U.S. supplier ban that forced the telecoms gear maker to halt operations for three months.
