Business News

Switch it up this year: Buy in May, till November stay

NEW YORK "Sell in May and go away" is perhaps the oldest saw on Wall Street, but it appears there's no shortage of U.S. mutual funds doing exactly that this year. After all, the S&P 500 .SPX has delivered a total return, including reinvested dividends, of 10.8 percent over the last six months, essentially capturing all of the average rolling 12-month total return on the index since 1990, so why not cash in? I...

27 May 6:44 AM 0 Read More...

U.S. economy slowed less than expected in first quarter; outlook cloudier

WASHINGTON The U.S. economy slowed less than initially thought in the first quarter, but softening business investment and moderate consumer spending are clouding expectations of a sharp acceleration in the second quarter.Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said on Friday in its second GDP estimate for the first...

26 May 8:43 PM 0 Read More...

Wall St. drifts before long weekend; consumer stocks up

U.S. stocks ended little changed on Friday ahead of the long holiday weekend, though indexes ended a two-week streak of losses and consumer shares were strong for a second day.The S&P 500 and Nasdaq also eked out record closing highs, and the S&P 500 posted a seventh straight session of gains, matching a winning streak from February. Helping the consumer staples index, Costco Wholesale (COST.O) rose 1.8 p...

26 May 8:43 PM 0 Read More...

In Aramco IPO pitch, Canada plays up its natural resources expertise

TORONTO The Toronto Stock Exchange's efforts to win a slice of the massive Saudi Aramco public listing plays up the country's deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence.In pitch documents obtained by Reuters, the TSX talks up "a customized regulatory environment for resource issuers", its leading position in oil and gas equity capita...

26 May 8:43 PM 0 Read More...

OPEC ponders how to co-exist with U.S. shale oil

VIENNA First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas.The history of the relationship between OPEC and the U.S. shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil around five years ago.U.S. shale bankers came to Vienna this week and OPEC is readying a t...

26 May 8:43 PM 0 Read More...

Wall St. flat ahead of long weekend

Wall Street was flat on Friday morning, coming off six straight days of gains and ahead of a three-day holiday weekend, as another strong day for consumer stocks was offset by weakness in financial and technology companies.The consumer discretionary index .SPLRCD was up 0.11 percent and the consumer staples index .SPLRCS gained 0.6 percent, leading the gainers among the 11 major S&P sectors, after strong repo...

26 May 3:39 PM 0 Read More...

U.S. economy grows at tepid 1.2 percent; business spending softens

WASHINGTON The U.S. economy slowed less than initially thought in the first quarter, but there are signs it could struggle to rebound sharply in the second quarter amid slowing business investment and moderate consumer spending.Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said on Friday in its second GDP estimate for the...

26 May 3:39 PM 0 Read More...

Oversold: Oil traders punish OPEC for promising too much

VIENNA As OPEC's latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success.But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel."That is a disaster," he said. While OPEC has worked hard in r...

26 May 3:39 PM 0 Read More...

Exclusive: Fidelity may back climate resolutions, a milestone for activists

BOSTON Fidelity Investments may support shareholder proxy proposals calling on companies to report on sustainability matters this year, a major shift by the Boston asset manager as climate activists gain more traction at large U.S. corporations.While Fidelity will generally vote as company managers recommend on environmental or social issues, "Fidelity may support shareholder proposals calling for reports on sust...

26 May 3:39 PM 0 Read More...

Battered oil fights back, sterling hit as May’s poll lead shrinks

LONDON Battered oil prices recovered some ground on Friday as investors looked past disappointment that an OPEC meeting did not produce bigger supply cuts, while sterling slid on a poll showing the ruling Conservatives’ lead shrinking, two weeks before an election. European stock markets opened down as turbulence in oil markets following Thursday’s OPEC meeting, at which oil producers extended existing output ...

26 May 3:15 PM 0 Read More...