The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Former Federal Reserve Chairman Alan Greenspan said Wednesday the stock market will determine whether the U.S. is headed for a recession.
"Strangely enough, it's going to depend in large part on the stock market," Greenspan said on CNBC's "Squawk on the Street." "We underestimate the wealth effect on the economy and this type of volatile stock market moves, it has an impact which I don't think we fully understand nor measure correctly." Wealth effect suggests people spend more when the value of their assets rise.
"I think it's important to recognize that if we get a major stock market adjustment, we are going to feel it in the economy, which has very short lag," Greenspan said.
The 93-year-old former Fed chief also said the U.S.-China trade war is a "major global issue" and is "eroding" the global economy. The tit-for-tat tariffs roiled the stock market in August with the Dow Jones Industrial Average suffering its worst month since May. The U.S. manufacturing contracted for the first time in three years in August, the latest sign the trade war is exacerbating the economic slowdown.
The bond market had repeatedly flashed its biggest recession warning last month amid the trade war escalation. The so-called yield curve inversion has been a reliable recession indicator historically, watched by many market experts and the Fed.
"Remember that we are in a period where if you are a chartist, you are probably getting a bit nervous where the market is headed," said Greenspan, who led the central bank from 1987 to 2006.
"I find it difficult to pick something out of the market that it does not already know," he added.
Despite the tariff-induced sell-off last month and in May, the S&P 500 is still up more than 16% in 2019.