Bezos's comments give a rare glimpse into his interest in the auto industry. Amazon recently invested in two self-driving start-ups.Technologyread more
While investing often seems like a contrarian game where going against the flow feels like the better bet, the reality is that investors who bought the most-favored stocks...Hedge Fundsread more
"We are now embarking on a new Long March, and we must start all over again!" Xi Jinping said.Marketsread more
The launch comes as Apple's laptops have been criticized for a keyboard design that users say breaks easily and results in key presses resulting in doubled-up characters or...Tech Driversread more
Craig Irwin of Roth Capital Partners said Apple tried to buy Tesla six years ago for a higher price than where the stock now trades.Technologyread more
The White House has threatened to slap tariffs on apparel and footwear, leading retailers to speak out about how this would hurt business.Retailread more
Connecticut state Sen. Alex Bergstein's divorce case with her husband, Morgan Stanley managing director Seth Bergstein, has exposed her new romantic relationship with her...Politicsread more
Stock pickers are having their best year in a decade, according to Bank of America Merrill Lynch.Marketsread more
Comcast is working on a device to monitor people's health at home, as well as some media and communications services, according to people familiar with the plans.Technologyread more
As shopping has shifted online and styles have evolved, Ascena has been grappling with sagging sales and a large debt-load. Looking to stem the losses, Ascena is turning to...Retailread more
Binky Chadha, chief equity strategist at the firm, expects the market to pull back over the next three months before quickly bouncing back up.Investingread more
The dollar rallied from three-month lows on Thursday, extending gains against the euro and yen, after Federal Reserve Chairman Jerome Powell said the U.S. central bank intends to further shrink the balance sheet, suggesting it is not done tightening monetary policy just yet.
The greenback hit session highs against the euro, yen, and Swiss franc following Powell's comments. The Fed chairman also said he sees no near-term risk of a U.S. recession and expects continued momentum in economic data. However, he reiterated that the Fed can be patient on monetary policy and can move "flexibly and quickly" if economic data warrants it.
"Mr. Powell came across as cool and composed and appears to have a glass half-full mentality when it comes to the U.S. economy," said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington. "There were hawkish elements to his comments, particularly those on the balance sheet, which means that the Fed will continue to tighten policy. On the surface, that's dollar-positive and risk-negative," he added.
In afternoon trading, the dollar index rose 0.3 percent to 95.535, after earlier dropping to a three-month trough. It has weakened though in four of the last six sessions as traders bet U.S. interest rates will stay steady in 2019.
Minutes from the Federal Reserve's Dec. 18-19 meeting showed several policymakers were in favor of keeping rates steady this year. On Thursday, Fed officials echoed the minutes' cautious stance. St. Louis Fed President James Bullard, a voter on the Federal Open Market Committee this year, said the U.S. central bank's policy stance may be too hawkish and it should listen to market signals and stop raising interest rates.
Charles Evans, president of the Federal Reserve Bank of Chicago, another FOMC voter in 2019, repeated his view on Thursday that the Fed has "good capacity to wait" before delivering what he expects will be three more rate hikes.
Richmond Federal Reserve President Thomas Barkin was also cautious on Thursday, saying his contacts are worried about how long strong U.S. economic growth can continue. The euro, meanwhile, dropped 0.4 percent to $1.1498, while the dollar rose 0.3 percent versus the yen to 108.42 yen
Data out of Europe has been fairly tepid. French industrial production fell more than expected in November while Swedish private-sector production data was fairly flat.
On the trade front, China and the United States extended trade talks in Beijing, boosting oil prices and broader sentiment. Overall, investors remained on a wait-and-see mode, as they awaited resolution of three key issues: U.S.-China trade negotiations, the U.S. government shutdown, and Britain's exit from the European Union.