Economy
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Credit Suisse chairman apologizes at final shareholder meeting in 167-year history
“We wanted to put all our energy and our efforts into turning the situation around and putting the bank back on track. It pains me that we didn’t have the time to do so, and that in that fateful week in March our plans were disrupted. For that I am truly sorry. I apologize that…
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2023 has been rough so far. Use it as a wake-up call for your retirement planning.
Bank failures, interest-rate hikes and market volatility put stress on Americans and their finances during the first three months of 2023. But instead of worrying, use it as motivation to make sure you’re prepared for what’s ahead. Retirement Tip of the Week: Take the second quarter of 2023 to refresh your retirement plans — even…
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China Caixin manufacturing purchasing managers index falls to neutral level
A private gauge of China’s factory activity fell to a neutral level that separates activity expansion from contraction in March. The China Caixin manufacturing purchasing managers index fell to 50.0 in March from 51.6 in February, according to data released Monday by Caixin Media Co. and S&P Global. That is down from the eight-month high…
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Oil prices soar after Saudi Arabia leads coordinated OPEC+ cuts totaling more than 1 million barrels a day
[]Oil futures surged after Saudi Arabia led a surprise oil-production cut across several OPEC+ member countries that will remove more than 1 million barrels of oil a day from output by May. []In an announcement on Sunday, Saudi Arabia’s Ministry of Energy stated that the kingdom will implement a voluntary cut of 500,000 barrels a…
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Dow closes up by more than 300 points after surprise OPEC+ production cut
Dow industrials and the S&P 500 finished higher on Monday for the fourth straight trading session, as investors reacted to a surprise oil-production cut announced by Saudi Arabia and its allies over the weekend. What happened The Dow Jones Industrial Average DJIA, +0.98% finished up by 327 points, or 1%, at 33,601.15. The S&P 500…
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Announcing that you’re laid off is becoming common on LinkedIn: Here’s what to say—and not to say
Since late 2022, a steady stream of companies have announced layoffs, most notably in the tech sector. In recent months, the downsizing has extended to other industries, including financial services, retail and manufacturing. While the stigma of getting laid off is not what it once was, it’s still almost always a difficult experience. On top…
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Don’t make this big mistake when paying down debt
When you’re carrying a credit card balance, paying at least the minimum due each month is certainly a start. If those payments aren’t making your overall budget feel squeezed, you have all the more reason to put payments on autopilot and not think about the total cost of your debt. “Our pace of life has…
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U.S. stocks end sharply higher after inflation report, Nasdaq scores best quarter since 2020
U.S. stocks closed sharply higher Friday, following a softer-than-expected inflation report for February. The Nasdaq Composite ended March with its largest quarterly gain since 2020. How stocks traded The Dow Jones Industrial Average DJIA, +1.26% rose 415.12 points, or 1.3%, to close at 33,274.15. The S&P 500 SPX, +1.44% gained 58.48 points, or 1.4%, to…
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Money is moving out of bank accounts, but not necessarily because customers are panicking
But even before the crisis — which is hopefully subsiding — more retail banking customers said they were already pulling cash from their primary bank accounts, according to new information from J.D. Power. While inflation grinds away at account balances, rising interest rates have lured customers to take more of their money out of lower-yielding…
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Are tech stocks becoming a haven again? ‘It’s a mistake,’ say market analysts.
Volatility among banking-sector stocks caused by the quick collapse of Silicon Valley Bank earlier this month has ignited a rush into technology stocks to the extent that are now seen as a safe-haven trade. The tech-focused Nasdaq-100 index NDX, +1.68%, which tracks the top 100 nonfinancial companies listed on the Nasdaq exchange, has risen 18.5%…