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 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 sectors this year, spiked 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
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread 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
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread 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
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Treasury Secretary Steven Mnuchin said Thursday the stock market's plunge after the rate hike announced by Federal Reserve Chairman Jerome Powell was "completely overblown."
The major indexes reached new lows for the year following the Fed's decision, with the Dow falling more than 350 points.
Mnuchin's comments came during an interview on Fox Business. The Dow Jones Industrial Average, which was down before Mnuchin's interview, fell further following his comments, sinking more than 350 points on the day. The Dow has lost more than 1000 points this week.
Mnuchin said it would be inappropriate for him to say whether he believed the Fed made the right decision by raising its benchmark interest rate a quarter point. But he said that the market was "disappointed" in Powell's comments and "overreacted" to the news.
"The market was clearly expecting them to have a rate hike. That was priced into the bond market and into the Fed funds market," Mnuchin said. "I think that the market was disappointed in the chairman's comments."
But Mnuchin said he was looking beyond the prediction of two more rate hikes, and pointed to the interest rate forecasts outlined by Fed officials in its "dot plot."
"There's clearly people on the committee who think that they don't need to raise rates much here, and I think you've got to put this in perspective. We've had 5 and 6 percent interest rates. The Fed has said they are close to done. [Powell] said they are data dependent," Mnuchin said. "I think the market has overreacted, and U.S. equities are a tremendous value."
Mnuchin said he was "still optimistic" that the U.S. economy would grow at 3 percent in 2019, but he pointed to the Fed's projection on inflation as "really the more important issue" for the stock market.
"The Fed lowered their expectation for inflation, which is a good thing. We've seen inflation come down, we've seen the oil markets come down. So I think you're looking at a very attractive investment market for the next year," he said.