The S&P 500 rose Wednesday as AI stocks rebounded and risk appetite was boosted by expectations that the Federal Reserve will end the year with another rate cut next month.
At 3:14 p.m. ET (20:14 GMT), the Dow Jones Industrial Average rose 405 points, or 0.9%, the S&P 500 index gained 0.9%, and the NASDAQ Composite climbed 1%.
Read MoreKevin Hassett, a White House economic adviser, has reportedly emerged as a leader among the Trump administration’s short list to replace Jerome Powell.
US President Donald Trump is slated to choose a new Federal Reserve chair by Christmas, and the frontrunner, Kevin Hassett, could be a boon for the crypto industry.
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New York City Comptroller Brad Lander is urging city pension fund officials to re-bid $42.3 billion managed by BlackRock, saying the fund manager has deprioritized climate concerns.
It marks the first major move by a Democratic official to counter pressure on financial companies from Republican allies of the fossil-fuel industry.
Read MoreBlockchain can still serve its purpose while catering to institutional finance needs through privacy technology, says Aztec Labs’ Zac Williamson
Blockchain is being pulled between traditional finance and its decentralized ethos as the industry shifts to serve institutional products.
Zac Williamson, co-founder of Aztec Labs, said early decentralized governance failures shifted blockchain’s trajectory away from community coordination.
Read MoreThe effort is starting small, but Texas made an opening foray into a state-based crypto reserve — getting closer to the first government stockpile in the U.S.
The S&P 500 closed higher Tuesday, as a jump in health care and consumer stocks offset an Nvidia-led dip in tech.
At 4:00 p.m. ET (21:00 GMT), the Dow Jones Industrial Average gained 663 points, or 1.4%, while the S&P 500 index gained 0.9%, and the NASDAQ Composite added 0.7%.
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HP Inc said on Tuesday it expects to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a plan to streamline operations and adopt artificial intelligence to speed up product development, improve customer satisfaction and boost productivity.
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Dell forecast fourth-quarter revenue and profit above Wall Street estimates on Tuesday, as increasing investments in data centers to support artificial intelligence applications boost demand for its servers.
Shares of the company rose around 3% in extended trading.
The company, which raised its annual revenue and profit expectations, offers AI-optimized severs equipped with Nvidia’s powerful chips.
Read MoreThere is not a lot of time left for Congress to make meaningful progress this year on crypto issues.
The restarted Senate is moving forward with certain crypto initiatives, but how much time is left compared to how much work is left, really?
Now that Congress is back from the government shutdown, all eyes are on how it will proceed on crypto issues. There are a few components to this: Mike Selig’s nomination to run the Commodity Futures Trading Commission, market structure legislation and other crypto matters.
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With U.S. stocks in the midst of a grim month, investors will look in the coming week for signs of strength in the U.S. consumer with Black Friday putting the spotlight on the holiday shopping season.
The rally in stocks has stalled in November, with the benchmark S&P 500 (.SPX), declining more than 4% so far during the month. Strong quarterly results from semiconductor giant Nvidia Corp (NVDA.O), failed on Thursday to calm markets, which have been rattled by concerns about elevated valuations and questions about returns on massive corporate investments in artificial intelligence infrastructure.
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