Summary Of the Markets Today:
- The Dow closed down 80 points or 0.22%,
- Nasdaq closed up 0.31%,
- S&P 500 closed down 0.06%,
- Gold $2037 down $5.10,
- WTI crude oil settled at $72 down $0.67,
- 10-year U.S. Treasury 4.178% down 0.108 points,
- USD index $103.96 up $0.25,
- Bitcoin $43,749 up $2,001
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – December 2023 Economic Forecast: Economy Is Likely To Decelerate
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
U.S. single-family home prices increased by 4.7% year over year in September, the 141st straight month of annual appreciation. CoreLogic projects that annual home price growth will relax to 2.9% by October 2024.
The number of job openings decreased to 8.7 million on the last business day of October 2023. Over the month, the number of hires and total separations changed little at 5.9 million and 5.6 million, respectively. Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) changed little. Generally speaking, as the number of job openings decline – so does employment gains. So one would logically expect lower employment gains this week as the BLS releases its November employment data.
In November 2023, the Services PMI® registered 52.7 percent, 0.9 percentage point higher than October’s reading of 51.8 percent. The Business Activity Index registered 55.1 percent; a 1-percentage point increase compared to the reading of 54.1 percent in October. A reading below 55% indicates a weak economy.
Here is a summary of headlines we are reading today:
- What Peak Demand for Fossil Fuels Will Look Like
- New Technology May Reduce Battery Fires
- Tesla Set To Break Deliveries Record In China
- European Commission To Delay EV Tariffs By Years
- Green Energy Giants to Invest $16 Billion in Offshore Wind and Hydrogen
- Elon Musk’s AI startup — X.AI — files to raise $1 billion in fresh capital
- Goldman breaks down the laggard trade and gives its comeback picks for first quarter 2024
- Bitcoin surges to $44,000 for the first time since April 2022: CNBC Crypto World
- Pentagon Chief Slams US Non-Interventionists As Weakening America
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Turkmenistan Pledges To Reduce Extreme Methane EmissionsTurkmenistan picked the lowest possible of hanging fruit at the ongoing COP-28 climate summit in Dubai by announcing it will sign up to the Global Methane Pledge, a voluntary agreement that commits adherents to cut methane emissions by 30 percent by 2030. In his speech to the UN Climate Change Conference on December 1, President Serdar Berdymukhamedov made out that this was the natural outcome of his country’s long-standing concerns over dangers posed by emissions of the greenhouse gas. “As you know, at the 26th Conference… Read more at: https://oilprice.com/Energy/Natural-Gas/Turkmenistan-Pledges-To-Reduce-Extreme-Methane-Emissions.html |
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COP28: Arab Coordination Group Promises $10B To Assist Developing NationsThe Arab Coordination Group will allocate $10 billion through 2030 to facilitate the energy transition, the group said on Tuesday during the COP28 meeting. The $10 billion in funds is designed to drive “a comprehensive and affordable transition to renewable energy in developing countries,” the ACG said on Tuesday. The funds are part of the group’s previous pledge of $24 billion. The ACG will raise funds through the use of green bonds, blended finance, and risk mitigation tools. The group will also support universal access to clean… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Arab-Coordination-Group-Promises-10B-To-Assist-Energy-Transition-in-Developing.html |
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What Peak Demand for Fossil Fuels Will Look Like“We are on track to see all fossil fuels peak before 2030.” That’s according to The International Energy Agency’s new World Energy Outlook 2023, their flagship annual report, which predicted that coal, oil, and gas are all due to begin their terminal decline earlier than previously predicted. Released last month, the report had some surprising – and hopeful – revelations about our changing energy landscape. “Policies supporting clean energy are delivering as the projected pace of change picks up in… Read more at: https://oilprice.com/Energy/Energy-General/What-Peak-Demand-for-Fossil-Fuels-Will-Look-Like.html |
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New Technology May Reduce Battery FiresUniversity of Maryland researchers studying how lithium batteries fail have developed a new technology that could enable next-generation electric vehicles (EVs) and other devices that are less prone to battery fires while increasing energy storage. The innovative method described in a paper published in the journal Nature, suppresses the growth of lithium dendrites – damaging branch-like structures that develop inside the described “all-solid-state” lithium batteries, preventing firms from broadly commercializing… Read more at: https://oilprice.com/Energy/Energy-General/New-Technology-May-Reduce-Battery-Fires.html |
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Tesla Set To Break Deliveries Record In ChinaWith the excitement of last week’s Cybertruck reveal behind Tesla, attention now turns back to where the rubber meets the road: selling cars. And in China, at least, it looks as though Tesla’s continued strategy of aggressive pricing is still paying off. In fact, Tesla is now on a pace to reach its best ever deliveries number in China, where the market has been saturated with EV competition. Last week, Tesla insurance registrations in China reached 17,600, marking a 5.4% increase from the previous week’s 16,700, according to Investors… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Set-To-Break-Deliveries-Record-In-China.html |
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Russia Says OPEC+ Ready To Deepen Oil Output Cuts If NeededThe OPEC+ group is ready to take additional measures and deepen the oil production cuts in the first quarter of 2024 to avoid volatility and speculation on the market, Russia’s Deputy Prime Minister Alexander Novak said on Tuesday. “The timely actions of OPEC+, thanks to which about 2.2 million barrels per day will be held off the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024,” Novak told Russian news agency TASS. “I would also like to note… Read more at: https://oilprice.com/Energy/Crude-Oil/Russia-Says-OPEC-Ready-To-Deepen-Oil-Output-Cuts-If-Needed.html |
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European Commission To Delay EV Tariffs By YearsThe European Commission will recommend a three-year delay for EV tariffs traded with the UK, Bloomberg sources suggested on Tuesday. Starting in 2024, the current Brexit deal calls for EVs transported between the UK and EU to be slapped with a 10% tariff if less than 45 percent of the EV’s value comes from the region—or if less than 50 percent-60 percent of the battery cells and packs come from the EU or UK. Naturally, EV makers were quick to show their displeasure with the deal and sought a delay until 2027. The UK and most EU member… Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Commission-To-Delay-EV-Tariffs-By-Years.html |
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Price Cap Has Fallen Short of Its Potential Despite Costing Russia $36 BillionA year after the G7 price cap on Russian crude oil was introduced, the measure has managed to curtail some of Moscow’s export revenues but has “failed to live up to its potential,” the Centre for Research on Energy and Clean Air (CREA) said in a new report on Tuesday. The U.S. has been leading the efforts of the G7 and the EU to impose sanctions and embargoes on Russian crude oil and fuel exports. The price cap of $60 per barrel of Russian crude oil says that Russian crude shipments to third countries can use Western insurance… Read more at: https://oilprice.com/Energy/Energy-General/Price-Cap-Has-Fallen-Short-of-Its-Potential-Despite-Costing-Russia-36-Billion.html |
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Crude Pricing Change Could Make Nigeria’s Cargoes Less CompetitiveOPEC’s largest African oil producer, Nigeria, is set to switch to a monthly average Dated Brent assessment when pricing its crude exports, which could ultimately make its cargoes to Europe less competitive than those of exporters sticking to a five-day average price of Brent. NNPC, the national oil company of Nigeria, plans to start using the monthly average of Dated Brent—the physical crude benchmark – for pricing its cargoes, Bloomberg reported on Tuesday, quoting a company memo it has seen. So far, Nigeria has used the five-day… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Crude-Pricing-Change-Could-Make-Nigerias-Cargoes-Less-Competitive.html |
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Putin Makes Rare Trip Abroad With Visit To Saudi Arabia, UAEIn a rare trip abroad as an international arrest warrant hangs over him, Russian President Vladimir Putin will visit Saudi Arabia and the United Arab Emirates on December 6 before heading home for a meeting with Iran’s president the next day.The Kremlin said on December 5 that bilateral relations and the Palestinian-Israeli conflict will be discussed during the meetings, while issues concerning the oil market, “are also always on the agenda.”The International Criminal Court (ICC) in March issued arrest warrants for Putin and his children’s commissioner,… Read more at: https://oilprice.com/Geopolitics/Middle-East/Putin-Makes-Rare-Trip-Abroad-With-Visit-To-Saudi-Arabia-UAE.html |
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BP Spuds Production Well at $6-Billion Azerbaijan OilfieldBP has started drilling the first production well from a new platform developing the next $6-billion stage of a giant field in the Caspian Sea in Azerbaijan, the UK oil and gas supermajor said on Tuesday. As operator of the Azeri-Chirag-Deepwater Gunashli (ACG) field development, BP announced that the first production well was spudded from the new Azeri Central East (ACE) platform, following the safe completion of all offshore hook-up, installation, and commissioning of the ACE topsides unit which sailed away from the Bayil fabrication yard in… Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Spuds-Production-Well-at-6-Billion-Azerbaijan-Oilfield.html |
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Demand Concerns Dominate Oil Markets Despite OPEC+ CutsMacroeconomic factors continue to weigh on oil prices this week, despite the insistence of OPEC+ members that the group’s production cuts will tighten the oil market.Chart of the Week- In a deja vu moment for UN climate change conferences, participating nations are once again quarreling about whether to demand a full phase-out of fossil fuels, a claim Saudi Arabia already denounced as unrealistic.- Climate change watchers have lashed out at the president of COP28 Sultan al-Jaber for saying the world cannot afford to go “back into caves”… Read more at: https://oilprice.com/Energy/Energy-General/Demand-Concerns-Dominate-Oil-Markets-Despite-OPEC-Cuts.html |
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Green Energy Giants to Invest $16 Billion in Offshore Wind and HydrogenSpain’s Iberdrola and the UAE’s Masdar agreed on Tuesday to form a strategic partnership looking to invest $16.2 billion (15 billion euros) in offshore wind and hydrogen in major markets including the U.S., the UK, and Germany. Iberdrola, a utility giant with 41 gigawatts (GW) of renewables in operation, and the UAE’s clean energy developer Masdar will look to jointly invest in the 1.4-GW UK East Anglia 3 offshore wind project. This deal has been under negotiation for the last few months and could be signed by the end of the first… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Green-Energy-Giants-to-Invest-16-Billion-in-Offshore-Wind-and-Hydrogen.html |
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Share of India’s Non-Fossil Fuel Power Capacity Rises to 44%Energy sources other than fossil fuels made up 44% of India’s electricity generation capacity as of the end of October, the country’s Power and Renewable Energy Minister R K Singh told lawmakers on Tuesday. “So far, a total of 186.46 GW (gigawatts) capacity from non-fossil fuel-based energy resources has been installed in the country as on 31.10.2023,” Singh wrote in a written statement to Parliament, as carried by Reuters. Another 114.08 GW of capacity is currently under development, and 55.13 GW of capacity is under tendering,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Share-of-Indias-Non-Fossil-Fuel-Power-Capacity-Rises-to-44.html |
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Governments Are Paying Up to Restore Confidence in Offshore WindAfter a year of struggles for offshore wind developments amid rising costs, canceled projects, and failed auctions, governments and policymakers in Europe and the U.S. have realized they may need to pay up to ensure projects are built to help their decarbonization goals. Europe and the United States risk missing their ambitious wind power installation targets as soaring costs, supply chain delays, and low electricity prices at auctions hamper development and lead to a cancelation of offshore wind projects. The offshore wind industry… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Governments-Are-Paying-Up-to-Restore-Confidence-in-Offshore-Wind.html |
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Elon Musk’s AI startup — X.AI — files to raise $1 billion in fresh capitalX.AI, an artificial intelligence startup founded by Elon Musk, has filed with the SEC to raise up to $1 billion in an equity offering Read more at: https://www.cnbc.com/2023/12/05/elon-musks-ai-startup-xai-files-to-raise-1-billion-.html |
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Apple’s market cap closes above $3 trillionApple’s value officially crossed the $3 trillion mark for the first time in June, and briefly touched $3 trillion back in December 2022 during intraday trading. Read more at: https://www.cnbc.com/2023/12/05/apples-market-cap-closes-above-3-trillion.html |
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Wall Street opens wallets wide for ‘Trump alternative’ Nikki Haley at $500K fundraiserNikki Haley raised over $500,000 at a fundraising event with wealthy Wall Street executives. Read more at: https://www.cnbc.com/2023/12/05/nikki-haley-raises-over-500000-at-event-with-wall-street-execs.html |
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CVS to change how it prices prescription drugs with new pharmacy reimbursement modelCVS’s new effort aims to do away with a complex model that typically determines how much pharmacies get reimbursed and how much patients pay for medications. Read more at: https://www.cnbc.com/2023/12/05/cvs-to-change-how-it-prices-prescription-drugs.html |
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Goldman breaks down the laggard trade and gives its comeback picks for first quarter 2024Goldman Sachs said that this year’s laggard stocks could be next quarter’s market outperformers. Read more at: https://www.cnbc.com/2023/12/05/goldman-breaks-down-the-laggard-trade-and-gives-its-comeback-picks-for-first-quarter-2024.html |
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Charter shares plunge after chief financial officer says company may lose broadband subscribers in fourth quarterCharter shares plunged after its chief financial officer said the company may lose broadband subscribers in the fourth quarter. Read more at: https://www.cnbc.com/2023/12/05/charter-shares-plunge-after-cfo-says-company-may-lose-broadband-subs.html |
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Waymo is full speed ahead as safety incidents and regulators stymie competitor CruiseWaymo Chief Product Officer Saswat Panigrahi told CNBC that the self-driving car unit hasn’t seen a change in tone from regulators or a shift in public perception. Read more at: https://www.cnbc.com/2023/12/05/waymo-chief-product-officer-on-progress-competition-vs-cruise.html |
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Job data suggests ‘soft landing’ is increasingly likely, economists sayJob openings pulled back in October while hires, quits and layoffs stayed steady, pointing to a nearly balanced labor market, economists said. Read more at: https://www.cnbc.com/2023/12/05/job-data-suggests-soft-landing-may-be-near-say-economists.html |
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An EU wealth tax and the end of U.S. capitalism: One bank’s ‘outrageous’ predictions for 2024An EU wealth tax and the “end of capitalism” in the U.S. are just some of the “outrageous predictions” put forward by Saxo Bank in a report published Tuesday. Read more at: https://www.cnbc.com/2023/12/05/eu-wealth-tax-and-end-of-us-capitalism-saxos-outrageous-predictions.html |
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Job openings slide to 8.7 million in October, well below estimate, to lowest level since March 2021Employment openings totaled 8.73 million for the month, a decline of 617,000, or 6.6%, the Labor Department reported Tuesday. Read more at: https://www.cnbc.com/2023/12/05/job-openings-slide-to-8point7-million-in-october-well-below-estimate.html |
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Supreme Court hears tax case on ‘income’: It may ‘have the biggest fiscal policy effects of any court decision,’ expert saysThe Supreme Court on Tuesday is hearing oral arguments for Moore v. United States, a case that could affect broad swaths of the U.S. tax code. Read more at: https://www.cnbc.com/2023/12/05/supreme-court-case-on-income-could-have-major-implications-for-taxpayers.html |
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California YouTuber sentenced to prison after intentionally crashing planeA California man was sentenced to prison after impeding the investigation into the plane he crashed. Read more at: https://www.cnbc.com/2023/12/05/youtuber-sentenced-to-prison-after-intentionally-crashing-plane.html |
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Bitcoin surges to $44,000 for the first time since April 2022: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Vance Spencer of Framework Ventures discusses where venture capital firms are focusing their investments as crypto recovers from the worst of crypto winter. Read more at: https://www.cnbc.com/video/2023/12/05/bitcoin-surges-to-44000-for-the-first-time-since-april-2022-cnbc-crypto-world.html |
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Russia Says OPEC+ Ready To Deepen Oil Output Cuts If NeededBy Charles Kennedy of OilPrice.com, The OPEC+ group is ready to take additional measures and deepen the oil production cuts in the first quarter of 2024 to avoid volatility and speculation on the market, Russia’s Deputy Prime Minister Alexander Novak said on Tuesday.
Last week, OPEC+ announced 2.2 million b … Read more at: https://www.zerohedge.com/commodities/russia-says-opec-ready-deepen-oil-output-cuts-if-needed |
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‘Very Creepy Backstory’: Massive Explosion Destroys Home In Arlington, Virginia NeighborhoodUpdate (1525ET): Police reported that 56-year-old James Yoo died in the explosion of a duplex located at 844 N. Burlington Street in the Bluemont neighborhood of Arlington County, Virginia.
Police added they’re aware of “concerning” social media posts made by Yoo. * * * On Monday night, a home spontaneously exploded in an Arlington, Virginia, neighborhood. Police were initially called to the home after neighbors reported someone firing a flare gun. Video journalist Nick Sortor posted on X a breakdown of what h … Read more at: https://www.zerohedge.com/political/arlington-home-explodes-arlington-virginia-neighborhood |
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Hoax-Funding LinkedIn Founder Who Bankrolled Trump Accuser Donates To Nikki Haley
Billionaire LinkedIn founder Reid Hoffman – who apologized after he was caught funding a ‘Russian bot hoax’ against Republican Roy Moore in 2019 (archived), and more recently bankrolled Trump ‘rape is sexy’ accuser E. Jean Carroll, has a new focus in his quest to combat the Orange Menace™ currently dominating the 2024 Republican field: Nimrata “Nikki” Haley… Read more at: https://www.zerohedge.com/political/hoax-funding-linkedin-founder-who-bankrolled-trump-accuser-donates-nikki-haley |
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Pentagon Chief Slams US Non-Interventionists As Weakening AmericaAuthored by Dave DeCamp via AntiWar.com, Secretary of Defense Lloyd Austin has hit out at Americans who prefer a less interventionist foreign policy, smearing them as isolationists who want to see the US “retreat from responsibility.” Austin, a former Raytheon board member, made the comments in a speech at the Reagan National Defense Forum in California on Saturday. “You know, in every generation, some Americans prefer isolation to engagement—and they try to pull up the drawbridge. They try to kick loose the cornerstone of American leadership,” Austin said. Watch below: The Pentagon chief accused less interventionist Americans of trying to “undermine the security architecture that has produced decades of prosperity without great-power war.” However, most opponents of the US involvement in … Read more at: https://www.zerohedge.com/political/pentagon-chief-slams-us-non-interventionists-weakening-america |
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Ladbrokes and Coral owner to pay £585m over bribery allegationsEntain, which owns Ladbrokes and Coral, will pay HMRC £585m, it was decided on Tuesday. Read more at: https://www.bbc.co.uk/news/business-67629280?at_medium=RSS&at_campaign=KARANGA |
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Israel probes claims share traders knew of Hamas attack in advanceInvestors betting against Israeli shares may have made large sums, an academic study suggests. Read more at: https://www.bbc.co.uk/news/business-67628380?at_medium=RSS&at_campaign=KARANGA |
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China’s debt outlook downgraded as economy slowsThe Moody’s credit rating agency warns of “broad downside risks” as the country faces a need for stimulus. Read more at: https://www.bbc.co.uk/news/business-67628082?at_medium=RSS&at_campaign=KARANGA |
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Tech View: Nifty50 sets its eyes on 21,000-mark. What traders should do on WednesdayThe huge opening upside gap of Monday and another opening upside gap of Tuesday remained open. As per the gap theory, the recent opening upside gaps could be considered as a bullish runaway gap, and this indicates that the Nifty50 is in the middle of a sharp uptrend, said technical research analyst at HDFC Securities. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-sets-its-eyes-on-21000-mark-what-traders-should-do-on-wednesday/articleshow/105758891.cms |
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Nifty Bank breaches 47,000 mark; will the bull run continue on Wednesday?The Nifty Bank index opened strong and continued its bull run but it failed to hold on to the momentum and witnessed some profit booking at higher levels. The index formed a ‘Doji’ kind of candle on the daily charts which suggests indecisiveness among the bulls and bears. Read more at: https://economictimes.indiatimes.com/markets/options/nifty-bank-breaches-47000-mark-will-the-bull-run-continue-on-wednesday/articleshow/105756846.cms |
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Raining Gains! 2-day bull run takes Adani Group’s market value past Rs 13 lakh crore markThis is the first time that the group’s shares touched the Rs 13 lakh crore mark after facing a decline earlier this year following a report by American short-seller Hindenburg Research, which alleged financial wrongdoing and stock manipulation by the conglomerate. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/raining-gains-2-day-bull-run-takes-adani-groups-market-value-past-rs-12-lakh-crore-mark/articleshow/105746143.cms |
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Mark Hulbert: Uber is being added to the S&P 500. Does that make the stock a buy?The price impact of being added to a benchmark index has been declining. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A8-44BF2C002243%7D&siteid=rss&rss=1 |
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Latino households are growing their wealth. Here’s how.The progress comes amid a persistent racial and ethnic wealth gap Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A8-2359E5602A98%7D&siteid=rss&rss=1 |
