Category: Business News

Stocks battle back as Fed’s Powell eases inflation, economy concerns

BMO Capital Markets chief strategist Brian Belski evaluates the future of the markets.

U.S. equity markets staged a dramatic comeback Tuesday with the Dow Jones Industrial Average ending just shy of a record high after Federal Reserve Chairman Jerome Powell reassured investors the central bank would continue to support the economy and that inflation would remain in control.

HIGHLIGHTS: FED POWELL’S TESTIFYS BEFORE CONGRESS

The Dow Jones Industrial Average gained 13 points, or 0.04%, erasing an earlier decline of 363 points. The S&P 500 closed up 0.13% while the Nasdaq Composite lost 0.5% trimming steep losses.

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Home Depot, Palo Alto Networks, Shopify, AMC

Check out the companies making headlines before the bell:

Home Depot (HD) – The home improvement retailer beat quarterly estimates by 3 cents with earnings of $2.65 per share. Revenue came in above estimates as well. Comparable store sales jumped 24.5% during the fourth quarter, more than the 19.2% consensus estimate of analysts polled by FactSet. Home Depot is not providing 2021 guidance, however, due to pandemic-related uncertaint. Shares fell 2.7% premarket.

Macy’s (M) – The retailer reported an adjusted quarterly profit of 80 cents per share, well above the 12 cent consensus estimate, with revenue also coming in above

… Read More View More Home Depot, Palo Alto Networks, Shopify, AMC

‘Big Short’ investor Michael Burry says the stock market is ‘dancing on a knife’s edge’ – and fears he’s being ignored again

Christian Bale as Michael Burry in “The Big Short.”

The Big Short/Netflix


  • Michael Burry sounded the alarm on the stock market over the weekend.
  • The “Big Short” investor said extreme speculation and debt could cause a crash.
  • Burry said his warnings were being ignored as they were during the housing bubble.
  • Visit Business Insider’s homepage for more stories.

Rampant speculation and widespread betting with borrowed money have driven the stock market to the brink of collapse, Michael Burry said over the weekend.

“Speculative stock #bubbles ultimately see the gamblers take on too much debt,” the investor tweeted along with

… Read More View More ‘Big Short’ investor Michael Burry says the stock market is ‘dancing on a knife’s edge’ – and fears he’s being ignored again

Square puts “skin in the game” with $170 million more in bitcoin buy

By Shariq Khan

(Reuters) – Square Inc raised the bets on bitcoin by investing $170 million more and Chief Executive Jack Dorsey promised on Tuesday to “double down” on the payment firm’s commitment to the world’s biggest cryptocurrency.

“The Internet needs a native currency, and we believe bitcoin is it,” the longtime bitcoin enthusiast and chief executive of social media firm Twitter Inc said.

Square bought 3,318 bitcoins in the fourth quarter, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors.

“By us owning bitcoin, our incentives are aligned with skin

… Read More View More Square puts “skin in the game” with $170 million more in bitcoin buy

S&P 500 rises to end 5-session losing streak

Stocks reversed earlier losses on Tuesday, and the S&P 500 and Dow traded higher.

The S&P 500 ended a five-day losing streak, shaking off earlier losses. The Dow erased losses of as many as 360 points, or more than 1%, to push into positive territory Tuesday afternoon.

The Nasdaq, however, added to steep losses and dropped more than 2% at session lows before paring some declines, as investors rotated away from growth and tech shares. Shares of airlines, cruise lines, lodging companies and other service-based beneficiaries of a post-pandemic economic reopening added to Monday’s gains, and cyclical sectors including energy

… Read More View More S&P 500 rises to end 5-session losing streak

Dow reverses a 360-point loss and ends day higher after Powell eases inflation fears

The Dow Jones Industrial Average bounced back from steep losses and closed the session in the green on Tuesday after Federal Reserve Chair Jerome Powell relieved some of the concerns about higher interest rates and inflation.

The blue-chip Dow wiped out a 360-point loss and closed 15.66 points higher, or 0.1%, at 31,537.35. The S&P 500 also reversed a 1.8% loss and ended the day 0.1% higher at 3,881.37.The Nasdaq Composite slipped 0.5% to 13,465.20 after dropping as much as 3.9% earlier. At its session low, the tech-heavy benchmark fell below its 50-day moving average, a key technical indicator, for

… Read More View More Dow reverses a 360-point loss and ends day higher after Powell eases inflation fears