Jane Onyanga-Omara, USA TODAY 4:16 p.m. EDT May 6, 2015
Traders work on the floor of the New York Stock Exchange.(Photo: Spencer Platt, Getty Images)
An early rally on Wall Street quickly evaporated Wednesday, as the combination of rising oil prices and higher interest rates took a toll on stocks for a second straight session.
After rallying more than 90 points in the opening minutes of trading, the Dow Jones industrial average did an abrupt about-face and dived into the red, losing triple digits. By the closing bell it had moved off session lows to end down 86 points.
The Dow not stands at 17,841.98 — just a few points in the black for 2015. It ended 2014 at 17,823.07.
The Standard & Poor’s 500 index lost 0.5% and the Nasdaq composite closed down 0.4%.
Oil prices jumped above $ 61 a barrel as U.S. benchmark rose 2.1% to $ 61.65 on the New York Mercantile Exchange, as concerns about rising demand and easing supply stoked the recent rally in crude prices.
STOCKS: Live markets blog
The latest news on the jobs front added to the general angst. Businesses added just 169,000 jobs in April, payroll processor ADP said Wednesday. Economists had expected 198,000 new jobs. ADP revised down its March report to 175,000 jobs from 189,000.The survey measures only private employment and excludes government hiring. The jobs trend has been downward since November.
Meanwhile, Federal Reserve Chair Janet Yellen said Wednesday that stock values are elevated but don’t pose excessive risk to the economy and financial system. “Equity market values are quite high,” Yellen told International Monetary Fund Managing Director Christine Lagarde at a conference on finance sponsored by the Institute for New Economic Thinking. Lagarde asked Yellen if near-zero interest rates are “distorting incentives and leading to a buildup of risk to financial stability.” Yellen responded that “it is true that a low-interest rate environment increases the need to be sensitive and watchful for risks to financial stability,”
Yet even as Yellen spoke, U.S. interest rates continued their recent steady climb. The yield on the benchmark U.S. 10-year Treasury note was at 2.24%, up from 2.18% on Tuesday, following a global trend of surging yields.
Earlier, Asian stock markets were down Wednesday, dented by weak earnings in Australia and doubts about Greece’s ability to repay debts due to the IMF this month. Chinese markets turned lower after a brief rebound from the previous day’s sell-off.
Hong Kong’s Hang Seng index dropped 0.4% and the Shanghai Composite fell 1.6%. Japanese markets were closed Wednesday.
European shares were slightly higher as Britain’s FTSE 100 rose 0.1% and Germany’s DAX index gained 0.2%.
Contributing: David Carrig, Associated Press
VIDEO: THE DAY IN MONEY3 casinos to add to your portfolio right now | 01:25 Part of the reason casinos have been struggling is due to the economy. Many folks haven’t had much disposable income and, therefore, they have been less willing to ‘let it ride.’ The Street
1 of 57
VIDEO: THE DAY IN MONEYThe 4 investments Millennials need to make | 01:22 Taking a long term view on your investments means having a strategy. As time ticks by Millennials should try to reach some key milestones. Here are the big 4 investments to make before you hit 40. If you’ve started a family you’ll most likely need t The Street
2 of 57
VIDEO: THE DAY IN MONEYNew robotic bartender is ‘the Keurig of cocktails’ | 01:42 Visual Vertigo promises to revolutionize the ability to take 360 degree images and experience them in virtual reality. The company showcased their product to USA Today at TechCrunch Disrupt in New York City. Michael Monday
3 of 57
VIDEO: THE DAY IN MONEYWhy Buffett’s Kraft deal could mean big things | 03:00 B&G Foods will potentially be a buyer of any smaller brands that get spun off in Warren Buffett’s purchase of Kraft Foods Group, said B&G CEO Robert Cantwell. The Street
4 of 57
VIDEO: THE DAY IN MONEYGoogle's diversity push started with its founders | 03:09 Nancy Lee, Google’s vice president of people operations, explains why the Internet giant will spend $ 150 million this year to make the workforce at Google
and in the tech industry more diverse. USA TODAY
5 of 57
VIDEO: THE DAY IN MONEYPanera nixes 150 artificial ingredients | 02:17 Panera’s new “No No List” includes artificial preservatives, sweeteners and other items that the company says will be removed from its restaurants.
Video provided by Newsy Newsy
6 of 57
VIDEO: THE DAY IN MONEYRaw: Tech figures mourn popular executive Dave Goldberg | 01:13 Tech industry luminaries and friends gathered Tuesday for a memorial service honoring David Goldberg, a popular business leader whose marriage to Facebook executive Sheryl Sandberg made them one of Silicon Valley’s most prominent couples. (May 5) AP
7 of 57
VIDEO: THE DAY IN MONEYFiorina makes case for president, defends past | 02:11 At a tech conference in New York City, Republican candidate and former technology executive Carly Fiorina explained why she feels qualified to run for president and defended her performance at Hewlitt-Packard. (May 5) AP
8 of 57
VIDEO: THE DAY IN MONEYTo curb huge housing shortage, NY turns to apartments’ | 02:32 To meet the already huge demand for affordable housing, New York has found a mini solution: pre-fabricated micro-apartments that range from 250 to 360 square feet.
Video provided by AFP AFP
9 of 57
VIDEO: THE DAY IN MONEYSheryl Sandberg’s husband’s death a bizarre accident | 00:56 Details surrounding the death of SurveyMonkey CEO Dave Goldberg’s death have emerged. The husband of Facebook COO Sheryl Sandberg died from accidental blunt force trauma while exercising. Wochit
10 of 57
VIDEO: THE DAY IN MONEYFinancial musts for soon-to-be college grads | 03:01 USA TODAY’s Hadley Malcolm dishes on the five things every college grad should be doing with their money. Jack Gruber
11 of 57
VIDEO: THE DAY IN MONEYWhat to watch on Wall Street | 01:05 For Tuesday, May 5th we outline notable earnings and the key economic data to keep an eye on. On the earnings front, we point out reports from HSBC Holdings plc (HSBC), DirecTV (DTV), Kellogg Company (K) and Discovery Communications (DISCA). The Street
12 of 57
VIDEO: THE DAY IN MONEYDavid Letterman, President Obama talk retirement plans | 01:19 On the ‘Late Show’ Monday, David Letterman and President Barack Obama discovered they have similar plans for when they retire. Video provided by Newsy Newslook
13 of 57
VIDEO: THE DAY IN MONEYDon’t be a millennial with a bad credit score | 01:00 A good credit score can take years to build, and when we make mistakes that jeopardize our credit, it can be challenging to recover. Here are five ways to boost your credit score by 100 points or more.
14 of 57
VIDEO: THE DAY IN MONEYHow McDonald’s plans to reverse slide | 02:29 McDonald’s CEO Steve Easterbrook laid out several steps Monday that he said will help the restaurant chain with its turnaround.
Video provided by Newsy Newslook
15 of 57
VIDEO: THE DAY IN MONEYIs Apple targeting Spotify? | 01:50 A report says Apple is unfairly targeting Spotify and others as it tries to clear the road for its own music-streaming service.
Video provided by Newsy Newsy
16 of 57
VIDEO: THE DAY IN MONEYDomino’s is now letting you track your pizza with GPS | 01:01 Domino’s Pizza introduced a new app that lets customers track their delivery driver. Gillian Pensavalle (@GillianWithaG) explains. Buzz60
17 of 57
VIDEO: THE DAY IN MONEYNew issues making municipal bonds more attractive | 03:00 A surge in new municipal bond issuance is creating an opportunity for buyers, said Jim Grabovac, Portfolio Manager for the McDonell Intermediate Municipal Bond Fund. Grabovac added that municipal bond issuers are taking advantage of the current low The Street
18 of 57
VIDEO: THE DAY IN MONEYAetna CEO helping employees with wellness | 02:42 Aetna CEO Mark Bertolini discusses how his company tries to help employees think about their own wellness. USA TODAY
19 of 57
VIDEO: THE DAY IN MONEYGeneral motors milestone: 500 millionth vehicle produced | 04:04 General Motors (GM) 500 millionth vehicle has now rolled off the assembly line and it is increasing investments in plants across the U.S. this year to satisfy demand. The Street
20 of 57
VIDEO: THE DAY IN MONEYMillennials don’t trust Wall Street | 01:50 Millennials don’t trust Wall Street — and they’re showing it by not investing in the stock market. Just 14 percent of respondents ages 18 to 29 say they trust Wall Street to ‘do the right thing all or most of the time.’ The Street
21 of 57
VIDEO: THE DAY IN MONEYMake your own Chipotle guacamole, and never pay extra again | 00:39 Any self-respecting Millennial is well aware that guacamole costs extra when you order it at Chipotle. But now, the fast-casual Mexican restaurant is sharing the recipe behind its secret sauce. As it turns out, there’s nothing fancy about it. Wochit
22 of 57
VIDEO: THE DAY IN MONEYTea gaining ground on coffee sales | 02:05 America’s passionate love affair with coffee may be cooling as younger generations turn to tea. VPC
23 of 57
VIDEO: THE DAY IN MONEYTwitter sell off: Attractive long-term investment? | 06:53 Twitter shares took it on the chin last week due to a disappointing quarter, not to mention earnings were leaked on the platform itself before the scheduled release time. The Street
24 of 57
VIDEO: THE DAY IN MONEYStocks could fare unusually well this May | 01:59 Despite the old adage “sell in may and stay away” USA Today’s Matt Krantz takes a look at thy the market could have one of it’s best Mays ever. USA TODAY
25 of 57
VIDEO: THE DAY IN MONEY’38 Chevy makes a great hot rod | 02:14 USA TODAY’s Chris Woodyard takes to Gene Winings of San Clemente, Calif., about his ’38 Chevy hot rod Video by Michael Kofsky/USA TODAY
26 of 57
VIDEO: THE DAY IN MONEYFord GT packs future tech | 02:07 Ford execs touted a range of technological strengths of the company’s new supercar during a presentation at its technology lab in Palo Alto, Calif.
27 of 57
VIDEO: THE DAY IN MONEYElon Musk is selling battery packs for houses | 01:35 Tesla CEO Elon Musk unveils Powerwall, a device that stores energy absorbed by solar panels, for use when the sun is down. The technology is based on the electric batteries that run Teslas. Laura Mandaro reports.
28 of 57
VIDEO: THE DAY IN MONEYStates with the most McDonald’s | 01:02 24/7 Wall St.'s Douglas McIntyre talks about the states that have the most McDonald’s and their correlation with obesity.
29 of 57
VIDEO: THE DAY IN MONEYFirst Look: Honda breaks into the subcompact SUV market with the HR-V | 01:23 USA TODAY’s Chris Woodyard goes hands-on with Honda’s new HR-V–their first entry in the fast-growing subcompact SUV segment. Sean Fujiwara for USA TODAY.
30 of 57
VIDEO: THE DAY IN MONEYOil majors Exxon, Shell report lower results | 01:28 Oil majors Exxon (XOM), Royal Dutch Shell (RDS-A) and ConocoPhillips (COP) all reported lower results from a year ago on Thursday, weighed down by the plunge in oil prices. Exxon posted a 46% drop in first-quarter profit. The Street
31 of 57
VIDEO: THE DAY IN MONEYYelp hit with downgrades | 01:11 In Thursday’s Analysts’ Actions, Yelp (YELP) gets hit with three downgrades, while Staples (SPLS) and Buffalo Wild Wings (BWLD) receive a thumbs up from analysts. The Street
32 of 57
VIDEO: THE DAY IN MONEYTips to ensure you’re not driving a recalled vehicle | 01:18 Automakers recalled record numbers of cars in 2014, and a lot of those recalls haven’t been fixed. Use these tips to ensure that your car is safe. VPC
33 of 57
VIDEO: THE DAY IN MONEYAll in one credit card solution Stratos Card begins shipping | 01:09 Early adopters of the all in one credit card will soon get to test out the technology. Today, the new Stratos electronic credit card has started shipping to consumers. Smart credit cards allow you to consolidate your entire wallet into one credit ca The Street
34 of 57
VIDEO: THE DAY IN MONEYTallywackers: All-male version of Hooters to open | 00:34 Have you been longing for a male-version of Hooters? Well, the wait is over! Tallywackers is the name and sex appeal is the game. It’s no “breastraunt” but it’s a place for someone who is looking for male eye candy with their burgers. Wochit
35 of 57
VIDEO: THE DAY IN MONEYeBay’s envisions more experiential E-Commerce experience | 03:15 eBay recently surprised analysts with a nice earnings beat, but the company faces a number of challenges ahead as its nears the spinoff of PayPal. The Street
36 of 57
VIDEO: THE DAY IN MONEY3 mid-cap energy companies you should sell | 01:36 With oil prices plummeting over the past eight months, many energy companies have taken a hit, let’s take a look at some energy companies TheStreet Quant Ratings says you should sell right now. The Street
37 of 57
VIDEO: THE DAY IN MONEYWhat to watch on Wall Street Thursday | 01:12 Thursday, April 30th is the last day of the month, and traders are still watching quarterly earnings reports. Wall Street awaits results from companies including Exxon Mobil Corp (XOM), ConocoPhillips (COP), Royal Dutch Shell (RDS.A). The Street
38 of 57
VIDEO: THE DAY IN MONEYRhonda Abrams – Small Business Week 2015 promo | 01:45 Rhonda Abrams: Welcome to Small Business Week. Video by Jason Allen, USA TODAY
39 of 57
VIDEO: THE DAY IN MONEYSalesforce could be in play | 00:50 Software Company Salesforce (CRM) could be in play. Bloomberg reports that it has hired financial advisors to evaluate and field possible offers to buy the company. The stock soared on the news and continues to gain this morning. Newslook
40 of 57
VIDEO: THE DAY IN MONEYFired Popeyes manager suing for $ 5.5 million | 00:55 The pregnant Popeyes manager who was fired after an armed robbery is suing the company for $ 5.5 million. Marrisa Holcomb, through her attorney, says the money is for emotional distress she experienced. VPC
41 of 57
VIDEO: THE DAY IN MONEYImpact investing no longer reserved for country club crowd | 03:15 Impact investing used to be reserved for wealthy accredited investors, but it is now available to investors of all stripes, said Fran Seegull, Chief Investment Officer for ImpactAssets. Seegull added that impact investing opportunities are now offer The Street
42 of 57
VIDEO: THE DAY IN MONEYHow to use the ‘3% Signal’ to profit | 03:23 Investors seeking a trading strategy to profit from volatility in the small cap arena should subscribe to ‘The 3% Signal’, said author Jason Kelly. The Street
43 of 57
VIDEO: THE DAY IN MONEYThe average ‘promposal’ will cost $ 324 this year | 01:06 A Visa prom survey shows the average teen will spend $ 919 on prom in 2015, with $ 324 going just to the promposal. Mara Montalbano (@maramontalbano) has more. Buzz60
44 of 57
VIDEO: THE DAY IN MONEYWalmart, Yahoo, Google leading charge on going green | 05:47 CEO of Christensen Global Strategies Aimee Christensen is bullish on clean energy and says she thinks more of the world’s biggest companies should be too. ‘Energy efficiency is good for companies’ bottom line,’ explains Christensen, and increasingly The Street
45 of 57
VIDEO: THE DAY IN MONEYApple Watch doesn’t seem to work on tattooed wrists | 01:03 Days after the launch of the Apple Watch, users on Reddit and Twitter began reporting the watch doesn’t seem to work so well on tattooed wrists. Jen Markham (@jenmarkham) explains. Buzz60
46 of 57
VIDEO: THE DAY IN MONEY7 tricks retailers use to get your money | 01:46 Money-man Matt Granite wants you to know the seven tricks that retailers use to get you to overspend. Arm yourself with this information and save yourself some money! VPC
47 of 57
VIDEO: THE DAY IN MONEYWhat’s the best and worst font to use on a resume? | 01:10 A group of professional typographers is advising job seekers there are certain fonts they should be using for their resumes and ones they should avoid at all costs. Mike Janela (@mikejanela) has the details. Buzz60
48 of 57
VIDEO: THE DAY IN MONEY3 payments companies to add to your portfolio | 01:27 With MasterCard reporting earnings today, let’s take a look at some of the best payments companies TheStreet Quant Ratings says you should add to your portfolio, immediately. The Street
49 of 57
VIDEO: THE DAY IN MONEYAP Analysis: NFL relinquishing tax-exempt status | 01:40 The National Football League is giving up its tax-exempt status, which Commissioner Roger Goodell called a “distraction.” (April 29) AP
50 of 57
VIDEO: THE DAY IN MONEYWorld business leaders head to Beverly Hills | 01:19 USA Today’s Matt Krantz takes a look at the Milken Global Conference in Beverly Hills where the world’s top businessmen gather to discuss economic issues. USA TODAY
51 of 57
VIDEO: THE DAY IN MONEYWhat to watch on Wall Street Wednesday | 01:06 On Wednesday, April 29th the Federal Open Market Committee meeting wraps us with an announcement. In March, the group said an interest rate increase at this session ‘remains unlikely.’ Newslook
52 of 57
VIDEO: THE DAY IN MONEYMexico’s fruit pickers demand an end to “modern slavery” | 02:28 Around 80,000 fruit pickers in northwest Mexico, who work in slave-like conditions for a pittance, are starting to stand up for their rights.
Video provided by AFP AFP
53 of 57
VIDEO: THE DAY IN MONEYWhat’s behind Twitter’s stock tumble? | 01:13 After Twitter’s lackluster first-quarter earnings ironically leaked on Twitter, its stock price decline by nearly 20 percent.
Video provided by Newsy Newsy
54 of 57
VIDEO: THE DAY IN MONEYSen. Lindsey Graham say foreign oil threatens national security | 02:35 Senator Lindsey Graham say America’s dependence foreign oil threatens national security and recommends exporting natural gas to U.S. allies. He speaks with USA Today’s Chris Woodyard at the Milken Global Conference.
55 of 57
VIDEO: THE DAY IN MONEYDerivatives still pose major threats to economy, says Gen Wesley Clark | 02:55 Former NATO head Wesley Clark says derivatives trading still poses a major threat to the U.S. economy. He talks with USA Today’s Chris Woodyard at the Milken Global Conference in Beverly Hills.
56 of 57
VIDEO: THE DAY IN MONEYJust Cool Cars: ’68 Dodge Dart | 02:08 USA TODAY’s Chris Woodyard gets a tour of a restored ’68 Dodge Dart in this edition of Just Cool Cars. Video by Andria Chamberlin and Michael Kofsky
57 of 57
Last VideoNext Video
3 casinos to add to your portfolio right now
The 4 investments Millennials need to make
New robotic bartender is ‘the Keurig of cocktails’
Why Buffett’s Kraft deal could mean big things
Google's diversity push started with its founders
Panera nixes 150 artificial ingredients
Raw: Tech figures mourn popular executive Dave Goldberg
Fiorina makes case for president, defends past
To curb huge housing shortage, NY turns to apartments’
Sheryl Sandberg’s husband’s death a bizarre accident
Financial musts for soon-to-be college grads
What to watch on Wall Street
David Letterman, President Obama talk retirement plans
Don’t be a millennial with a bad credit score
How McDonald’s plans to reverse slide
Is Apple targeting Spotify?
Domino’s is now letting you track your pizza with GPS
New issues making municipal bonds more attractive
Aetna CEO helping employees with wellness
General motors milestone: 500 millionth vehicle produced
Millennials don’t trust Wall Street
Make your own Chipotle guacamole, and never pay extra again
Tea gaining ground on coffee sales
Twitter sell off: Attractive long-term investment?
Stocks could fare unusually well this May
’38 Chevy makes a great hot rod
Ford GT packs future tech
Elon Musk is selling battery packs for houses
States with the most McDonald’s
First Look: Honda breaks into the subcompact SUV market with the HR-V
Oil majors Exxon, Shell report lower results
Yelp hit with downgrades
Tips to ensure you’re not driving a recalled vehicle
All in one credit card solution Stratos Card begins shipping
Tallywackers: All-male version of Hooters to open
eBay’s envisions more experiential E-Commerce experience
3 mid-cap energy companies you should sell
What to watch on Wall Street Thursday
Rhonda Abrams – Small Business Week 2015 promo
Salesforce could be in play
Fired Popeyes manager suing for $ 5.5 million
Impact investing no longer reserved for country club crowd
How to use the ‘3% Signal’ to profit
The average ‘promposal’ will cost $ 324 this year
Walmart, Yahoo, Google leading charge on going green
Apple Watch doesn’t seem to work on tattooed wrists
7 tricks retailers use to get your money
What’s the best and worst font to use on a resume?
3 payments companies to add to your portfolio
AP Analysis: NFL relinquishing tax-exempt status
World business leaders head to Beverly Hills
What to watch on Wall Street Wednesday
Mexico’s fruit pickers demand an end to “modern slavery”
What’s behind Twitter’s stock tumble?
Sen. Lindsey Graham say foreign oil threatens national security
Derivatives still pose major threats to economy, says Gen Wesley Clark
Just Cool Cars: ’68 Dodge Dart
Read or Share this story: http://usat.ly/1PoJiRR


No comments:
Post a Comment