Wall Street stocks end volatile week at record high

Equities updates

US stocks ended Friday at a new high, reversing steep losses at the start of the week, as fears about the Delta variant of coronavirus were soothed by strong corporate earnings and continued central bank support for financial markets.

The S&P 500 climbed 1 per cent, lifting the index’s weekly gain to 2 per cent and its advance for the year above 17 per cent. The technology-focused Nasdaq Composite rose just over 1 per cent, giving the index its strongest weekly advance since

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Demand for loan ETFs ‘skyrockets’ as inflation worries intensify

Exchange traded funds updates

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Demand for exchange traded funds investing in senior loans has rocketed this year as investors hunt for respite from rising inflation.

A net $7.3bn has been pumped into the sector so far this year, according to CFRA Research, almost doubling its asset base to $16bn.

The trend is linked to rising inflation and

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Biden to Tap Former Hill Aide for Top Treasury Post Overseeing Financial Rules

WASHINGTON—President Biden plans to nominate Graham Steele as assistant Treasury secretary for financial institutions, a move that would put a long-time congressional staffer with ties to progressives at the center of efforts to refocus financial rules on issues such as climate change and racial equity.

Mr. Steele, a former Democratic chief counsel on the Senate Banking Committee and aide to Sen. Sherrod Brown (D., Ohio), would oversee the Biden administration’s plans to tighten regulations on Wall Street firms. That could include heightened scrutiny of cryptocurrencies; open-end mutual funds and hedge funds and their roles in market turbulence last year; and

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Over 1,000 Cryptocurrency Rigs Destroyed By Malaysian Authorities Using A Steamroller

Authorities in Malaysia have destroyed 1,069 cryptocurrency rigs after they were confiscated in raids earlier this year. A steamroller was used to crush the hardware in the city of Sarawak, after the electric utility company of the Malaysian province accused the mining operators of stealing electricity for their activities.

The operators allegedly stole RM8.4 million ($2-million) worth of energy from the company. Authorities say the operation was scattered across four locations and six suspects have been arrested, between the ages of 24 and 64. The police chief of Sarawak says mining operations are becoming rampant in the city, and three

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Wall Street eyes COVID-19 Delta variant as return to office looms

As the Dow Jones Industrial Average posted its worst day since October of last year over pandemic fears, FOX Business has learned that top executives at the Big Banks are closely monitoring the spread of the coronavirus Delta variant and how it may impact plans to re-open offices particularly in large urban areas such as New York City. 

People at banks such as JPMorgan, Morgan Stanley and Goldman Sachs say that so far they’ve made no changes

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Wall Street rallies to record-breaking end of turbulent week

NEW YORK (AP) — Stocks rallied to records on Wall Street Friday, and the Dow Jones Industrial Average closed above the 35,000 level for the first time, as the market continued to roar back from its short-lived swoon at the start of the week.

The S&P 500 index climbed 44.31, or 1 percent, to 4,411.79 to top its prior all-time high, set early last week. The Dow rose 238.20, or 0.7 percent, to 35,061.55, and the Nasdaq composite gained 152.39, or 1 percent, to 14,836.99.

All three indexes finished with gains of better than 1 percent for the week, completely

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New scams are targeting VA home loans

TEMPLE, Texas (KWTX) – The Department of Veterans Affairs is warning veterans about a new scam targeting money for VA guaranteed home loans.

The scammers are claiming to be with the VA or a mortgage company, attempting to convince veterans to refinance their homes, agree to loan modification or even start sending their mortgage payments to a new address. They’re also using fear tactics, trying to convince veterans that their homes are facing foreclosure or they owe late fees.

“One of the biggest things nowadays is that since everyone has smart ID, the scammers can find a new way to

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Today’s obits: Kevin Sinclair graduated from Bishop Ludden, worked as finance consultant

Kevin M. Sinclair, 40, died Tuesday, July 13, 2021.

Born and raised in Syracuse, he attended St. Patrick’s Elementary School and graduated from Bishop Ludden Jr./Sr. High School in 1999, according to his obituary.

He received a degree in finance from State University of New York at Binghamton where he was a member of the Chi Phi fraternity. He had lived in New York City and San Francisco for extended periods.

Sinclair worked in finance as a consultant for HarperCollins Publishers, Bank of America and most recently Wells Fargo.

He enjoyed traveling and had visited various countries including Vietnam, Japan

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Accountants, Lawmakers Urge Rules on Crypto Accounting

Accountants and lawmakers are urging standard-setters to fill a void and write concrete rules telling companies how to account for bitcoin and other cryptocurrency assets.

The assets, for which there are no binding U.S. accounting requirements, have drawn regulators’ interest after sharp swings in recent months and investments by companies such as electric-car maker

Tesla Inc.

and payment provider Square Inc. Bitcoin, which rose to a record of $63,381 in April, has roughly halved in value since then, mirroring volatility in other digital currency assets.

The Securities and Exchange Commission, which oversees U.S. securities markets, is considering new regulation for

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Goldman Sachs: Biden’s antitrust crackdown could slow the deal boom on Wall Street

“It will be more onerous to complete deals as regulators scrutinize transactions,” Goldman Sachs analysts wrote in a note to clients.

For now, dealmaking is alive and well on Wall Street. US-based companies have announced a staggering $1.9 trillion in acquisitions so far this year, according to Goldman Sachs. That’s the fastest pace of M&A activity since at least 2000, according to the bank.

In one prominent example, popular video-conferencing company Zoom (ZM) announced a $14.7 billion deal Sunday to buy cloud-based software company Five9. It marks Zoom’s largest purchase in company history.
But such deals could come
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