Summary Of the Markets Today:
- The Dow closed up 76 points or 0.20%,
- Nasdaq closed up 0.58%,
- S&P 500 closed up 0.51%,
- Gold $2,155 up $13.10,
- WTI crude oil settled at $79 up $0.92,
- 10-year U.S. Treasury 4.108% down 0.029 points,
- USD index $103.36 down $0.440,
- Bitcoin $66,930 up $4,805 (7.73%), All time high 68,990.90
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Private employers added 140,000 jobs in February according to ADP. While employment growth remained steady, pay gains for job-changers accelerated for the first time in more than a year, rising to 7.6 percent from 7.2 percent. 140,000 job gain is not outstanding but is high enough to cover population growth. Nela Richardson, hief Economist at ADP stated:
Job gains remain solid. Pay gains are trending lower but are still above inflation. In short, the labor market is dynamic, but doesn’t tip the scales in terms of a Fed rate decision this year.
January 2024 sales of merchant wholesalers were down 1.5% from January 2023. Total inventories were down 2.5% year-over-year. The January inventories/sales ratio for merchant wholesalers was 1.36. The January 2023 ratio was 1.38. This translates to little growth or inventory level change year-over-year.
The number of job openings changed little at 8.9 million on the last business day of January 2024. Over the month, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively. This JOLTS report suggests future jobs growth should be little changed over the growth seen in the last year.
Fed Chair Jerome Powell today provided limited guidance for the future of monetary policy in 2024. He said it is “likely” that rates are at their current peak. He continued, “If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. But the economic outlook is uncertain, and ongoing progress toward our 2 percent inflation objective is not assured. Reducing policy restraint too soon or too much could result in a reversal of progress we have seen in inflation and ultimately require even tighter policy to get inflation back to 2 percent. At the same time, reducing policy restraint too late or too little could unduly weaken economic activity and employment. In considering any adjustments to the target range for the policy rate, we will carefully assess the incoming data, the evolving outlook, and the balance of risks.
According to the Federal Reserve’s Beige Book for February 2024:
Economic activity increased slightly, on balance, since early January, with eight Districts reporting slight to modest growth in activity, three others reporting no change, and one District noting a slight softening. Consumer spending, particularly on retail goods, inched down in recent weeks. Several reports cited heightened price sensitivity by consumers and noted that households continued to trade down and to shift spending away from discretionary goods. Activity in the leisure and hospitality sector varied by District and segment; while air travel was robust overall, demand for restaurants, hotels, and other establishments softened due to elevated prices, as well as to unusual weather conditions in certain regions. Manufacturing activity was largely unchanged, and supply bottlenecks normalized further. Nevertheless, delivery delays for electrical components continued. Ongoing shipping disruptions in the Red Sea and Panama Canal did not generally have a notable impact on businesses during the reporting period, although some contacts reported rising pressures on international shipping costs. Several reports highlighted a pickup in demand for residential real estate in recent weeks, largely owing to some moderation in mortgage rates, but noted that limited inventories hindered actual home sales. Commercial real estate activity was weak, particularly for office space, although there were reports of robust demand for new data centers, industrial and manufacturing spaces, and large infrastructure projects. Loan demand was stable to down, and credit quality was generally healthy despite a few reports of rising delinquencies. The outlook for future economic growth remained generally positive, with contacts noting expectations for stronger demand and less restrictive financial conditions over the next 6 to 12 months.
Here is a summary of headlines we are reading today:
- Tesla Faces Production Disruption at German Factory After Eco-Terrorist Attack
- Russia, Iran, and Turkey Forge New Economic Alliance in South Caucasus
- Cutting-Edge AI Identifies New Catalysts for Hydrogen Electrolysis
- WTI Crude Gains 3% on Tight Supply
- Oil Inches Higher on Fuel Inventory Draws
- NYCB shares rebound after troubled regional bank announces $1 billion capital raise
- Powell reinforces position that the Fed is not ready to start cutting interest rates
- S&P 500, Nasdaq close higher Wednesday, regaining some ground from recent sell-off: Live updates
- Foot Locker shares plunge 30% as retailer posts holiday loss, delays key financial target
- Bitcoin prices recover after retreating from new record: CNBC Crypto World
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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Critics Skeptical of Kyrgyzstan Plans To Develop Uranium ReservesPlans by Kyrgyzstan’s government to develop reserves of uranium and dozens of other rare earth metals around the cherished Lake Issyk-Kul are generating discontent, although few are prepared to express this openly for fear of reprisals. In an attempt to soothe moods, President Sadyr Japarov traveled last month to the city of Balykchy to meet community representatives from the Issyk-Kul and Naryn regions to offer reassurances about what might happen at the Kyzyl-Ompol field. “During his speech, the president focused attention on the… Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Critics-Skeptical-of-Kyrgyzstan-Plans-To-Develop-Uranium-Reserves.html |
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Tesla Faces Production Disruption at German Factory After Eco-Terrorist AttackOne must consider whether the radical left-wing eco-terrorist group that attacked the German power grid on Tuesday to paralyze Tesla’s Gigafactory near Berlin, genuinely aims to save the planet through the shuttering of the plant, or if adversaries of Elon Musk orchestrated this attack to thrust Tesla into turmoil. Bloomberg reported that the attack suspended Model Y utility vehicle production at the Gigafactory plant in Gruenheide, Germany, for the second day. The factory turns out an average of 6,000 Model Ys per week, which might… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Faces-Production-Disruption-at-German-Factory-After-Eco-Terrorist-Attack.html |
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China To Leverage Stimulus and Bonds to Meet 5% Growth TargetChina has set its sights on achieving an economic growth target of approximately 5% for the current year, a goal that some economists consider ambitious. The aim comes amid various challenges confronting the nation’s economy, including a slowdown in the real estate market and waning investor confidence. “There was little surprise that the GDP growth target was set at around 5% again, as lowering the target would have further weakened confidence. With that said, it will be a more challenging path to repeating 5% growth… Read more at: https://oilprice.com/Finance/the-Economy/China-To-Leverage-Stimulus-and-Bonds-to-Meet-5-Growth-Target.html |
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Unnamed Reuters Sources Say Aramco, ADNOC in US LNG TalksReuters on Wednesday cited unnamed sources as saying that giant Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in talks to invest in American liquefied natural gas (LNG) in a quest to compete with Qatar, which lost its ranking to the U.S. in January as the world’s largest LNG exporter. Citing “sources aware of the matter”, Reuters said Aramco and ADNOC are attempting to broaden competition with Qatar as demand for LNG is expected to grow by 50% by 2030. On the Aramco side, talks reportedly center around… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Unnamed-Reuters-Sources-Say-Aramco-ADNOC-in-US-LNG-Talks.html |
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Russia, Iran, and Turkey Forge New Economic Alliance in South CaucasusThe Caucasus is the key link in a rapidly developing “value chain” forged by Russia and Iran to circumvent Western sanctions, according to a policy brief published by a Dutch think-tank. The policy brief prepared by the Hague-based Clingendeal Institute asserts that wars in Syria, Ukraine and Gaza have abetted the strategic partnership between Russia and Iran. Both states have also developed strong ties with an increasingly authoritarian Turkey, a NATO member state. The three states are intent on creating a new economic order in the… Read more at: https://oilprice.com/Geopolitics/International/Russia-Iran-and-Turkey-Forge-New-Economic-Alliance-in-South-Caucasus.html |
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UK Extends Windfall Tax on Oil Profits by a Year To 2029The UK is extending the windfall tax on oil and gas operators in the UK North Sea by a year to March 2029, Chancellor of the Exchequer Jeremy Hunt said in the spring budget statement, in a move expected by analysts and opposed by the industry. The initial windfall tax, officially known as the Energy Profits Levy, was implemented in May 2022, when the government of Rishi Sunak announced a temporary 25% tax intended to represent extraordinary profits as oil and gas prices surged. In November 2022, that levy was increased by 10 percentage points… Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Extends-Windfall-Tax-on-Oil-Profits-by-a-Year-To-2029.html |
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Cutting-Edge AI Identifies New Catalysts for Hydrogen ElectrolysisA National Institute for Materials Science, Japan research team has developed an AI technique capable of expediting the identification of materials with desirable characteristics. Using this technique, the team was able to discover high-performance water electrolyzer electrode materials free of platinum-group elements – substances previously thought to be indispensable in water electrolysis. These materials may be used to reduce the cost of large-scale production of green hydrogen – a next-generation energy source. The paper reporting… Read more at: https://oilprice.com/Energy/Energy-General/Cutting-Edge-AI-Identifies-New-Catalysts-for-Hydrogen-Electrolysis.html |
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BP Tries To Reverse Big Oil’s Fortunes in BrazilBack in 2019, Brazil produced over 1 billion barrels of crude oil. It was the first time the national total had broken the billion-barrel mark, and more than half of that was pumped from the presalt zone offshore Brazil. Five years later, supermajors are returning presalt blocks to the government after failing to strike oil. But one supermajor is going the opposite way: BP is drilling a deepwater well in one of the fields where other oil companies came up empty. Back in 2019, everyone was flocking to the presalt basins,… Read more at: https://oilprice.com/Energy/Crude-Oil/BP-Tries-To-Reverse-Big-Oils-Fortunes-in-Brazil.html |
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WTI Crude Gains 3% on Tight SupplyFollowing days of falling prices, U.S. benchmark crude oil prices are trading up 3% on Wednesday on sentiments of tight supply and signals from the Federal Reserve that we can still anticipate interest rate cuts in 2024. At 11:40 a.m. ET on Wednesday, West Texas Intermediate (WTI) was trading up 3.13% at $80.60, breaking the $80 threshold, while Brent crude was trading up 2.43% at $84.03. Earlier on Wednesday, Saudi Arabia announced it would raise prices of crude oil to Asia just days after OPEC+ extended its 2.2-million-barrel-per-day… Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Crude-Gains-3-on-Tight-Supply.html |
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TotalEnergies and Qatar Expand Namibia Oil Exploration Into South AfricaTotalEnergies and QatarEnergy are expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia by acquiring a nearby license in the basin in South African waters. TotalEnergies and its partner QatarEnergy have signed an agreement to buy participating interests in Block 3B/4B offshore South Africa from the companies Africa Oil South Africa, Azinam, and Ricocure, the French supermajor said on Wednesday. Following completion of the transaction, TotalEnergies will hold a 33% participating… Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-and-Qatar-Expand-Namibia-Oil-Exploration-Into-South-Africa.html |
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OPEC Confident It Can Win Back Oil Market Share in IndiaOPEC expects to claw back its share of the Indian oil market in the long term, due to the short distance Middle Eastern crude has to travel to the world’s third-largest oil importer, OPEC Secretary General Haitham Al Ghais has told Reuters. Over the past two years, the Middle East has lost a lot of its previous market share in India as record imports of cheap Russian crude into India have undermined OPEC’s share of supply so much that the cartel’s share of all Indian oil imports has hit the lowest in at least… Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Confident-It-Can-Win-Back-Oil-Market-Share-in-India.html |
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Oil Inches Higher on Fuel Inventory DrawsCrude oil prices moved higher today, after the Energy Information Administration reported estimated inventory draws across fuels. In crude, the EIA reported a build of 1.4 million barrels for the week to March 1. The EIA also estimated draws of over 4 million barrels each in gasoline and middle distillate stocks. The crude oil build compared with another, of 4.2 million barrels, for the previous week, which was accompanied by a draw across fuels. It also compared with an estimated crude inventory increase of a modest 423,000… Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Inches-Higher-on-Fuel-Inventory-Draws.html |
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India Makes Bold Move to Reduce Dollar Dependency in Oil TradeFour months after India’s government rejected demands from Russian oil companies to pay for Russia’s crude exports in Chinese yuan, it appears India is now hoping for a similar arrangement with Gulf crude exporters. Bloomberg reports that the Reserve Bank of India (RBI) has asked the country’s major state-owned refiners to press Persian Gulf suppliers to accept at least 10% of oil payments in rupees in the next financial year, three executives at the processors said. The RBI is concerned that the nation’s soaring demand for energy will weaken… Read more at: https://oilprice.com/Energy/Crude-Oil/India-Makes-Bold-Move-to-Reduce-Dollar-Dependency-in-Oil-Trade.html |
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EV Charging Points in America Are Finally Making MoneyUtilization rates at electric vehicle (EV) charging stations in the United States have surged over the past year, making the Level 3 charging stations in many states profitable, a new report by start-up Stable Auto Corporation shows. Stable Auto, a San Francisco firm helping firms place charging EV infrastructure, says in the report on the EV charging utilization trends that 19 states in the west, south, southeast, and northeast reported for 2023 average charger utilization of over 15%, marking the achievement of profitability. Stable… Read more at: https://oilprice.com/Latest-Energy-News/World-News/EV-Charging-Points-in-America-Are-Finally-Making-Money.html |
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Chinese Oil Giant Calls for Government Support of Shale ProjectsChina’s government should do more to back shale oil projects in the country through preferential tax treatment for the sector, one of the biggest state-owned oil and gas giants says. The authorities need to roll out financial support policies and preferential taxes for the shale industry in China, Ma Yongsheng, chairman of China Petroleum & Chemical Corporation, or Sinopec, said on Wednesday, as quoted by Reuters. China has a lot of shale oil reserves, but their extraction is more complex than in the U.S. due to geology constraints,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Oil-Giant-Calls-for-Government-Support-of-Shale-Projects.html |
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NYCB shares rebound after troubled regional bank announces $1 billion capital raiseThe regional bank stock has been under pressure this year after disclosing potential losses in its loan book. Read more at: https://www.cnbc.com/2024/03/06/new-york-community-bancorp-tumbles-40percent-and-is-halted-as-troubled-bank-reportedly-seeking-cash-infusion.html |
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Powell reinforces position that the Fed is not ready to start cutting interest ratesPowell said policymakers remain attentive to the risks that inflation poses and don’t want to ease up too quickly. Read more at: https://www.cnbc.com/2024/03/06/powell-reinforces-position-that-the-fed-is-not-ready-to-start-cutting-interest-rates.html |
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Microsoft engineer warns company’s AI tool creates violent, sexual images, ignores copyrightsShane Jones, who’s worked at Microsoft for six years, has found a plethora of disturbing images that are being created by the company’s Copilot Designer tool. Read more at: https://www.cnbc.com/2024/03/06/microsoft-ai-engineer-says-copilot-designer-creates-disturbing-images.html |
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S&P 500, Nasdaq close higher Wednesday, regaining some ground from recent sell-off: Live updatesU.S. stocks rose Wednesday, lifted by recovering technology stocks after back-to-back losing sessions on Wall Street. Read more at: https://www.cnbc.com/2024/03/05/stock-market-today-live-updates.html |
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Supreme Court will hear Trump presidential immunity argument April 25The Supreme Court will hear oral arguments on April 25 on whether Donald Trump is immune from criminal charges in his federal election interference case. Read more at: https://www.cnbc.com/2024/03/06/supreme-court-will-hear-trump-presidential-immunity-argument-april-25.html |
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Foot Locker shares plunge 30% as retailer posts holiday loss, delays key financial targetFoot Locker reported earnings as CEO Mary Dillon leads the legacy retailer through an ambitious turnaround. But some analysts say it has gone too slowly. Read more at: https://www.cnbc.com/2024/03/06/foot-locker-fl-earnings-q4-2023.html |
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Epic Games says Apple retaliated over lawsuits by banning company’s developer accountEpic Games CEO Tim Sweeney said Apple rejected Epic’s application for a developer account it would use to launch an app store for iPhones in Europe. Read more at: https://www.cnbc.com/2024/03/06/epic-games-says-apple-retaliated-over-lawsuits-by-banning-companys-developer-account.html |
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Trump allies on Republican National Committee want to help pay his legal billsMembers of the Republican National Committee believe the campaign arm of their party should pay for Donald Trump’s legal bills. Read more at: https://www.cnbc.com/2024/03/06/trump-legal-bills-could-get-republican-national-committee-support-.html |
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Bitcoin prices recover after retreating from new record: 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, Chris Dixon, founder and managing partner of a16z crypto, discusses his new book on blockchain technology, blockchain use cases and Ethereum’s next big upgrade from ETHDenver. Read more at: https://www.cnbc.com/video/2024/03/06/bitcoin-prices-recover-after-retreating-from-new-record-cnbc-crypto-world.html |
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Russian oligarch’s yacht is costing U.S. taxpayers close to $1 million a monthThe Justice Department is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging it was owned by Suleiman Kerimov. Read more at: https://www.cnbc.com/2024/03/06/russian-oligarchs-yacht-costs-us-taxpayers-900000-a-month.html |
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Bill Gates-backed startup confident it can unearth more buried treasure after a historic copper findKoBold Metals is bullish on the discovery potential of some of the most sought-after energy transition metals. Read more at: https://www.cnbc.com/2024/03/06/bill-gates-backed-startup-confident-it-can-unearth-more-battery-metals.html |
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Biden says Medicare should negotiate prices for at least 50 drugs each year, up from a target of 20The proposal is one of several new health-care policy proposals that Biden will outline during his State of the Union address on Thursday. Read more at: https://www.cnbc.com/2024/03/06/biden-medicare-should-negotiate-prices-for-50-drugs-each-year.html |
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“There Are Two Genders”: Controversial Mark Robinson Blazes A Path To Victory In South Carolina GOP PrimaryIn 2021, when it was still very politically risky to do so, North Carolina Lieutenant Governor Mark Robinson gave a fiery speech decrying transgender ideology.
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Waste Of The Day: NIH Awards $200,000 Grant For Transgender Voice TrainingAuthored by Adam Andrzejewski via RealClear Wire, Topline: The National Institutes of Health is paying $214,000 for three researchers to create a “transgender voice training” app, according to Fox News.
Key facts: The study aims to address “voice dysphoria,” which researchers say causes lower quality of life when a person’s voice does not match their gender identity. Researchers will coach 40 trans women to help change the pitch and resonance of their voice to sound more feminine. The participants will meet once a week with a speech-language pathologist. Half of them will use a generic voice training software and half will use the app specifically made for transgend … Read more at: https://www.zerohedge.com/political/waste-day-nih-awards-200000-grant-transgender-voice-training |
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Beige Book Warns Consumer Spending Slowing Due To “Heightened Price Sensitivity”, Sees Mounting CRE FearsOne month after the lukewarm January Beige Book found “little or no change” In US economic activity, which in turn followed the fare more downbeat November Beige Book found which economic activity was “slowing”, moments ago the Fed released the latest, March, Beige Book in which we find more green shoots glimmers as economic activity “increased slightly”, on balance, since early January, with eight Districts reporting slight to modest growth in activity, three others reporting no change, and one District noting a slight softening. Oddly enough, the Fed found a modest acceleration in economic activity even though “consumer spending, particularly on retail goods, inched down in recent weeks.” To justify this assessment, the Fed mentioned several reports which cited heightened price sensitivity by consumers and noted that households continued to trade down and to shift spending away from discretionary goods. Taking a closer look at various economic segments, we find the following notable recent developments:
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China Escalates Feud With US Treaty Ally Philippines After Boat CollisionChina and the Philippines are locked in an aggressive war of words and mutual denunciations after their vessels collided on Tuesday in contested waters near Second Thomas Shoal. The US backs the Philippines in the dispute, setting the stage for broader regional tensions and potential US naval intervention. The Chinese Coast Guard said in the wake of the collisions that Manila “violated its commitments and deliberately sent two coastguard ships and two supply ships” to a make-shift claimed military outpost. As cited The South China Morning Post, the statement continued: “The Philippines is dishonest in its dialogue, deliberately stirs up trouble, maliciously incites and sensationalizes, and continues to undermine peace and stability in the South China Sea region.” But the Philippine Coast Guard countered by saying their vessels “faced dangerous maneuvers and blocking” and said China’s “reckless and illegal actions led to a collision.” Reportedly four four Filipino crew members were injured as a result. Watch the collision below:
And more from the response to Beijing:
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Households worse off despite tax cuts – think tankThe chancellor’s tax cuts won’t make up for earlier tax rises and inflation eating into incomes. Read more at: https://www.bbc.co.uk/news/business-68489236 |
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‘I earn £22,000. The Budget will leave me £188 better off’The BBC spoke to people with a range of earnings and household set-ups about how the Budget affects them. Read more at: https://www.bbc.co.uk/news/business-68448107 |
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What does the Budget mean for you?Tax and spending cuts will have a significant impact on your finances, so here’s what it means for you. Read more at: https://www.bbc.co.uk/news/business-68480102 |
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Rushing Out: FIIs sold stocks worth over Rs 29K cr from these 8 sectors in FebForeign institutional investors or FIIs continued their profit-booking spree on Dalal Street in February. Led by financials, 9 sectors bore the brunt of this selloff (Source: Ace Equity | Ritesh Presswala ) Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fiis-sold-stocks-worth-more-than-rs-29000-crore-from-8-sectors-in-feb-take-a-look/rushing-out/slideshow/108270145.cms |
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Tech View: Nifty ends above 21-EMA ahead of weekly expiry. What traders should do on ThursdayOne may expect further upside in the coming sessions and the next upside levels to be watched around 22,800 and immediate support is at 22,300-22,250 levels, said Nagaraj Shetti of HDFC Securities. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-ends-above-21-ema-ahead-of-weekly-expiry-what-traders-should-do-on-thursday/articleshow/108271247.cms |
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Technical Stock Pick: A breakout from a 3-year rectangle pattern can push Petronet LNG to fresh record highs; should you buy?Short-term traders can look to buy the stock for a possible target above 300 levels which will take the stock to a fresh record high, suggest experts. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-stock-pick-a-breakout-from-a-3-year-rectangle-pattern-can-push-petronet-lng-to-fresh-record-highs-should-you-buy/articleshow/108257723.cms |
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I inherited $70,000 in savings bonds from my late mother. How do I avoid tax problems when cashing them in?A reader needs help wrangling with complicated IRS rules. Read more at: https://www.marketwatch.com/story/i-inherited-70-000-in-savings-bonds-from-my-late-mother-how-do-i-avoid-tax-problems-when-cashing-them-in-1a3685ba?mod=mw_rss_topstories |
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‘Patients got better faster’: Music therapy provides new hope after strokes.Music has been used to help with anxiety, depression, chronic pain, developmental disorders, autism and dementia. Read more at: https://www.marketwatch.com/story/patients-got-better-faster-music-therapy-provides-new-hope-after-strokes-f0f47157?mod=mw_rss_topstories |
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Ivy League schools say bringing back SATs will help underrepresented applicants. Some critics are skeptical.Brown University announced Tuesday that it will once again require students to submit standardized-test scores as part of their applications. The news follows similar announcements from Dartmouth College and Yale University last month. Read more at: https://www.marketwatch.com/story/ivy-league-schools-say-bringing-back-sats-will-help-underrepresented-applicants-some-critics-are-skeptical-87929683?mod=mw_rss_topstories |
North Carolina Lt. Gov. Mark Robinson. (Chris Carlson/Associated Press)”Here’s something else I’m not supposed to say, there ain’t but two genders. Ain’t nothing but men and women.”
