Wall Street Ends Week On Decline As Tech Slumps
Stocks closed lower with the S&P 500 at 4,482.73 and the Dow at 34,715.39 as tech shares dragged markets. Nasdaq slid to 14,154.02 while utilities rose modestly and investors eyed higher rates amid ongoing inflation concerns. Corporates warned earnings amid supply chain and price pressures, with American Airlines and United Airlines posting Q4 losses and Peloton stock dropping after production pauses.
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Wall Street
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Dow Industrials
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Wilshire
Fussell
AMD
Kohls
At&t Inc
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Palantir
Cisco
Citigroup
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Comcast
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WalMart
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Fed studies digital currency loans and bank led management
The Federal Reserve released a report favoring an intermediated model where banks or payment firms create digital currency accounts or wallets for users rather than the Fed directly issuing digital dollars. It notes no final decision and opens a 120 day comment period while signaling potential impacts on banks, payment firms, and consumer data privacy.
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Washington
Federal Reserve
Fed
China
European Central Bank
Jerome Powell
Congress
Central Bank
Lael Brainard
Joe Biden
Christopher Waller
PayPal
Bank Policy Institute
Ivanka Trump Urged to Meet With Jan 6 Committee
The House panel requests Ivanka Trump to voluntarily meet in February as it seeks her understanding of her father's actions on January 6 2021. The inquiry notes she was in contact with Trump during key moments and witnessed a call pressuring Mike Pence.
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U.S. Capitol
Ivanka Trump
Donald Trump
Trump
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December home sales dip as inventory tightens housing market
Existing home sales fell 4.6 percent in December to about 6.2 million annual rate, the NAR reported, amid tight supply with just 910,000 homes for sale the lowest since 1999. Prices rose about 16 percent to a median of 358000, while average sale time remained 19 days.
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Washington
National Association of Realtors
Kwame Donaldson
Zillow
Donaldson
Mortgage rates keep climbing with 30 year above 3.5 percent
Freddie Mac data show the 30 year fixed mortgage rising to 3.56 percent from 3.45 percent, with the 15 year at 2.79 percent. Analysts note inflation surges and strong growth expectations as the Fed plans to reduce bond purchases, keeping rates historically low yet trending higher this year.
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U.S
Freddie Mac
Federal Reserve
Fed
Labor Department
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