Stocks bounce, oil surges, ADP jobs, Fed's Powell on rate hikes: LIVE UPDATES
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| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $33,990.71 | +695.76 | +2.09% |
| SP500 | $4,398.32 | +92.06 | +2.14% |
| I:COMP | $13,778.94 | +246.48 | +1.82% |
U.S. stocks rallied across the board Wednesday as the Dow's gain nears 700 points...
A source familiar tells FOX Business the banks that will be cut off from SWIFT are VTB, Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank and VEB.
Neither Sberbank, Russia’s biggest bank, nor Gazprombank, its third-largest lender which is closely linked to the energy sector, are included. The agreement also includes a 10-day grace period.
US Attorney General Merrick Garland (Photo by NICHOLAS KAMM/POOL/AFP via Getty Images)
Attorney General Merrick Garland announced the launch of Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the export restrictions and economic countermeasures President Biden placed on Russia.
Russian billionaire and businessman Roman Abramovich (Photo by Mikhail Svetlov/Getty Images)
Chelsea FC owner Roman Abramovich announced Wednesday he’s decided to sell the club.
Abramovic says in a statement: "The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club. Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery."
U.S. Stocks
Powell says he will propose 25-basis point rate hike at Fed's March meeting
Fed Chairman Jerome Powell: "With inflation well above 2 percent and a strong labor market, we expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month."
The U.S. and its allies released 60M barrels of oil into the market, with America pushing the lion's share of 30M on Tuesday, to temper rising crude prices. The problem is, it didn't work.
Fed Chair Jay Powell reminded the market that inflation is hot and rates hikes are coming even though the Russia-Ukraine situation presents uncertainty.
ADP February Jobs Report
Private sector companies added 475,000 workers in February, more than expected according to ADP.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| F | $16.70 | -0.86 | -4.90% |
Ford CEO Jim Farley, who has been driving the automaker's turnaround, is separating two key units to further drive growth by giving the automaker nimbleness of a start-up.
Ford Blue will build out company’s iconic portfolio of ICE vehicles to drive growth and profitability – relentlessly attacking costs, simplifying operations and improving quality; will provide world-class hardware engineering and manufacturing capabilities for all of Ford
Ford Model e will accelerate innovation and delivery of breakthrough electric vehicles at scale, and develop software and connected vehicle technologies and services for all of Ford
Ford Blue and Ford Model e will operate as distinct businesses, but share relevant technology and best practices to leverage scale and drive operating improvements; along with Ford Pro, all three businesses are expected to have discrete P&Ls by 2023
NYSE trader (FBN)
U.S. equity futures spent the overnight hours bouncing between gains and losses. The major futures indexes suggested a gain when the opening bell rings.
Oil prices surged more than $5 per barrel as Russian forces stepped up attacks on Ukrainian cities. Continue reading
An oilfield drilling rig (Larry MacDougal via AP)
Oil prices continue to rise as Russia's attack on Ukraine rages on.
Oil surged another $5 per barrel on Wednesday despite an agreement from the United States and other major governments to release supplies from strategic stockpiles aimed at calming market anxiety. Continue reading
An illustration of Bitcoin (iStock)
The advance in Bitcoin and other major cryptocurrencies paused Wednesday morning as Russia escalated its efforts to take control of Ukraine.
Bitcoin had traded as high as $44,000 on Tuesday night, highlighting a gain of 17% since Sunday night, according to CoinDesk. Continue reading
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