The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Walmart said Monday it's relaunching the once-beloved trendy New York fashion brand, Scoop NYC, on its website nationwide and in select stores.Retailread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
The subpoeana from Manhattan District Attorney's Cyrus Vance Jr.'s , for President Donald Trump's tax returns, was issued last month to Trump's accounting firm, Mazars.Politicsread more
U.S. retail sales increased less than expected in June as receipts at automobiles dealerships surprisingly fell, but details of Tuesday's report suggested the economy was on a solid footing at the end of the second quarter.
The Commerce Department said retail sales rose 0.2 percent last month after an upwardly revised 0.5 percent advance in May.
Economists polled by Reuters had forecast retail sales, which account for a third of consumer spending, rising 0.6 percent after a previously reported 0.3 percent gain in May.
So-called core sales, which strip out automobiles, gasoline, building materials and food services, and correspond most closely with the consumer spending component of gross domestic product, increased a solid 0.6 percent in June.
Core sales rose by a revised 0.2 percent in May. They were previously reported as being flat and economists had expected them to rise 0.5 percent in June.
Despite the below-expectations rise in overall sales, June's retail sales report was the latest sign of the economy's strengthening fundamentals, which could buoy optimism the recovery is on a self-sustaining path.
The economy contracted sharply in the first quarter, but that was probably just a temporary setback.
From employment to manufacturing, the economy appears to be firing on nearly all cylinders with even housing appearing to be regaining its footing after slumping in late 2013 following a run-up in mortgage rates. Growth estimates for the second-quarter top a 3.0 percent annual rate.
Overall retail sales last month were held back by a 0.3 percent fall in receipts at auto dealerships. The decline is surprising given that automakers reported a surge in motor vehicle sales in June. Auto sales had increased 0.8 percent in May. Excluding autos, sales increased 0.4 percent after rising by the same margin in May.
Sales at nonstore retailers, which include online sales, increased 0.9 percent. Receipts at gasoline stations gained 0.3 percent, and sales at clothing retailers advanced 0.8 percent. Receipts at sporting goods shops rose 0.6 percent and sales at electronics and appliances stores gained 0.1 percent.
But sales at building materials and garden equipment suppliers fell 1.0 percent.