Wall Street edged nominally higher on Wednesday after stumbling out of the starting gate on the first trading day of the new year, as bargain-hunting was offset by fears of a global economic slowdown.
Weak Chinese and European economic data weighed on stocks around the world and boosted safe-haven Treasuries and the Japanese yen on Wednesday, though Wall Street shares edged higher as investors took advantage of cheaper shares to ring in the new year.
Apple Inc on Wednesday cut its current quarter revenue forecast, citing fewer iPhone upgrades and weak sales in China.
Wall Street edged nominally higher on Wednesday after stumbling out of the starting gate on the first trading day of the new year as bargain-hunting was offset by fears of a global economic slowdown.
The Treasury yield curve flattened on Wednesday afternoon as shorter-dated yields rose on higher oil prices, while at the long end, the benchmark 10-year U.S. government bond was driven to an 11-month low by concerns about a global growth slowdown.
Oil prices rose about 2 percent in choppy trading on Wednesday, supported by a slight recovery on Wall Street, even as concerns remained about weakening global economic growth which could hurt demand for oil.
Stocks recovered much of their losses on Wednesday as investors took advantage of cheaper shares to ring in the new year, but lingering economic concerns from weak Chinese and European data boosted safe-haven assets including benchmark U.S. Treasury notes and the Japanese yen.
Alphabet Inc’s Google unit won approval from U.S. regulators to deploy a radar-based motion sensing device known as Project Soli.
Wall Street struggled for direction after stumbling out of the starting gate on Wednesday as investor fears over a global economic slowdown dampened the spirit of bargain hunters on the first trading day of the new year.
Drugmakers kicked off 2019 with price increases in the United States on more than 250 prescription drugs, including the world’s top-selling medicine, Humira, although the pace of price hikes was slower than last year.
Oil prices rose about 4 percent in choppy trading on Wednesday, supported by gains in U.S. equity markets, but concerns remained about rising crude production and weakening global economic growth which could hurt demand for oil.
Wall Street edged higher in a choppy session on Wednesday, as gains in energy and bank stocks helped offset a drop in the healthcare sector and worries about a global economic slowdown.
General Motors Co hit 200,000 total electric vehicles sold in the United States by the end of 2018, reaching a threshold that triggers a phase-out of a $7,500 federal tax credit over the next 15 months, a person briefed on the matter said Wednesday.
Stocks around the world treaded water to ring in the new year while safe-haven assets including bonds, gold and the Japanese yen rallied on Wednesday as Chinese and European economic data bolstered concerns of a slowdown in global growth.
General Motors Co reached 200,000 cumulative U.S. electric vehicles sold late last year, triggering a phase-out of a $7,500 federal tax credit over the next 15 months, a person briefed on the matter said on Wednesday.
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