Wall Street ended higher on Tuesday trading session as energy stocks rallied helped by increasing crude prices. The US crude prices reached its new height in 2016.
United States
U.S. Congress Delayed Work on Puerto Rico Debt Relief Bill, Blaming Obama Administration
The U.S. Congress has delayed work on Puerto Rico debt bill. Originally, the bill was scheduled to be the subject of hearing on Wednesday before receiving final amendments on Thursday. After that, it will be sent for debate on the House.
The NY Fed Unveils Its Own Economy Forecasting Tool Using Near Real-Time Data
The New York Fed announced its new GDP tracking and forecasting tool, the FRBNY Nowcast. The tool will use near real-time data to update U.S. economic growth daily, as the Fed will release a report weekly using the tool and data.
McCormick Withdrew From Premier Foods Acquisition, Bid Too Pricey
McCormick will no longer acquire Premier Foods as it cannot provide the offer acceptable to the latter. Due to failure of the said talks, Premier was left to "fend for itself" for the company's success while seeking alliance with Japan's Nissin Food Corporation.
Peabody Officially Files for Bankruptcy Protection
Peabody just filed for bankruptcy protection on Wednesday after it announced its situation the previous weeks. Assets in Mexico and Colorado will no longer be sold as buyer was not able to complete the deal.
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Two other Fed presidents suggested the US central bank to raise interest rate. San Fransisco's John Williams said two or three rate hike in 2016 is reasonable. While Dallas' Rob Kaplan reminded to be patient.
Crude oil prices have been witnessed to drop a little after hitting the four-month high, but still manage a few profits for the Asian oil producers. Amid such market situations, oil producers including Russia and Saudi Arabia have reached a consensus for putting cap on oil production. The output cut decision has surprised the analysts since increased market price naturally boosts up production.
Richmond and Kansas City Fed President supported to raise the interest rate during the meeting last March. While Philadelphia Fed President on Tuesday reitereated the hike delay is a prudent decision.
Ken Paxton, the Texan attorney general has been sued on Monday by the US regulators on accusation of playing role in a stock scam. In addition to the civil lawsuit, Paxton has also been sued with criminal charges for defrauding investors. The Texan Democrats as well as Republicans have called for his resignation.
The lender must pay settlement for its misconduct in selling securities backed by troubled mortgage in 2008. The agreement reached Monday.
The decision was announced on Tuesday. California administrative law judge recommended to approve acquisition of Time Warner Cable by Charter Communications with significant conditions.
Uber revealed that it has received too much data request from US law enforcement agencies and regulators. The company has provided information on its riders and drivers for most requests after reviewing its legal framework.
GM has been sued with more than 400 lawsuits over defective ignition switches, of which six have been chosen as bellwether cases. Just after settling the Yingling case last week, the automobile maker has own verdict of another suit in its Favor on Friday. The remaining two damage claims for casualties are expected to get ended by this year.
The 2016 base pay for Marc Benioff, chief executive officer of Salesforce, will be similar to that of 2015, following investors' complaints regarding his huge pay package in 2015.
