Exxon Mobil (XOM.N) shares dropped 4.58 percent while Chevron (CVX.N) lost 4.89 percent after reporting poor quarterly earnings due to weak oil prices. Despite the S&P’s negative close on Friday, half of the 10 major S&P 500 sectors were higher, with the utilities index’s (.SPLRCU) 0.98 percent rise leading the advancers.
Yahoo Inc said on Friday it agreed to buy fashion start-up Polyvore to help drive traffic and strengthen its mobile and social offerings. Yahoo, which did not disclose terms of the deal, said Polyvore …
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More than 7.4 million borrowers were still “seriously” underwater on their mortgages at the end of June, according to RealtyTrac.
At this rate, it won’t be anywhere near where economists expect it to be at the end of the year. Gross domestic product expanded at a 2.3 percent annualized rate in the second quarter, according to Commerce Department figures published Thursday. While that was an improvement over the 0.6 percent pace in the first three months of the year, it was less than economists had forecast.
Now that U.S. Federal Reserve chief Janet Yellen has made it clear she’s looking out for “some” improvement in the job market before voting for the first Fed interest rate rise in nearly a decade, so is everyone else. The challenge is that the U.S. economy is generating very little inflation – not to mention disinflation coming from China and nearly no inflation in Europe – leaving many questioning whether
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by market value could slash expenses. Chevron recorded its lowest profit in more than 12 years after the market rout forced
As traders, market pundits and economists jaw over whether the Federal Reserve this year will lift its benchmark lending rate for the first time in almost a decade, several corners of the U.S. bond market aren’t waiting around.
The European Commission said on Friday it had opened an in-depth investigation into Fedex’s (FDX.N) proposed 4.4 billion euro ($4.9 billion) takeover of Dutch rival TNT Express (TNTE.AS). The Commission, which oversees EU mergers and competition issues, said it had concerns that the merged entity would face insufficient competitive constraints in small package deliveries from the only two remaining players, UPS (UPS.N) and DHL [DHL.UL], owned by Deutsche Post (DPWGn.DE).
U.S. labor costs in the second quarter recorded their smallest increase in 33 years amid tepid gains in the private sector, but it likely was a temporary setback against the backdrop of diminishing labor market slack.