U.S. oil producers on Wednesday cut nearly a third of offshore Gulf of Mexico crude output as what could be one of the first major storms of the Atlantic hurricane season threatened production.
The benchmark S&P 500 briefly crossed the 3,000-point mark for the first time on Wednesday after dovish remarks from Federal Reserve Chairman Jerome Powell boosted the case for an interest rate cut later this month.
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook's plan to build a digital currency called Libra "cannot go forward" until serious concerns were addressed, piling further pressure on the controversial project.
Many U.S. Federal Reserve officials at their last meeting thought more stimulus would be needed soon if risks to the U.S. economy did not let up, and several others leaned in that direction, records from the meeting showed.
Federal Reserve Chairman Jerome Powell on Wednesday rejected the idea of returning the United States to the gold standard even as he asserted that his remarks should not be seen as criticism of a proposed presidential nominee to the Fed Board.
Crude production in the U.S. Gulf of Mexico on Wednesday was cut by nearly a third, or 602,715 barrels per day (bpd), as a storm threatened offshore oil production, according to figures released by a U.S. regulator.
Powell told Congress that he doesn't think a return to the gold standard in the U.S. would be a good idea.
Federal Reserve Chairman Jerome Powell says Facebook's cryptocurrency project raises serious concerns.
Federal Reserve Chairman Jerome Powell on Wednesday set the stage for the first U.S. interest rate cut in a decade later this month, pledging to "act as appropriate" to defend an economic expansion threatened by trade disputes and a global slowdown.
Oil prices rose 4.5% a barrel on Wednesday to their highest level in more than a month after U.S. crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.
A broad index of world stock markets edged higher on Wednesday while the U.S. dollar fell as comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut from the U.S. central bank this month.
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook's plan to build a digital currency called Libra "cannot go forward" until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin.
The S&P 500, the benchmark index that investors tend to rely on as a proxy for the U.S. stock market, topped 3,000 for the first time on Wednesday.
German carmaker Volkswagen will begin producing the Tarek sport utility vehicle (SUV) at its plant in the Mexican state of Puebla in 2020 and sales will start by the end of 2021, Steffen Reiche, the chief executive of Volkswagen de Mexico said on Wednesday.
A top strategist at J.P. Morgan Asset Management said on CNBC's "Power Lunch" that the Fed will be "fundamentally making a mistake" by cutting rates this month.