U.S. stocks ended July with a more than 300-point selloff for the Dow Jones Industrial Average, a swoon that snapped a five-month winning streak for the broader market.
Traders said there was no single catalyst for the stumble, though selling started early and accelerated into Thursday’s closing bell, dragging the Dow into negative territory, down 0.1%, for 2014.
Federal Reserve Bank of St. Louis President James Bullard predicted the central bank will raise interest rates starting in the first quarter of 2015, sooner than most of his colleagues think, as unemployment falls and inflation quickens.
Asked about his forecast for the timing of the first interest-rate increase since 2006, he said: “I’ve left mine at the end of the first quarter of next year.”
The Islamic State of Iraq and al-Shams (Isis) has become the richest terror group ever after looting 500 billion Iraqi dinars – the equivalent of $429m (£256m) – from Mosul’s central bank, according to the regional governor.
Nineveh governor Atheel al-Nujaifi confirmed Kurdish televison reports that Isis militants had stolen millions from numerous banks across Mosul. A large quantity of gold bullion is also believed to have been stolen.
The Federal Reserve has sharply cut its forecast for U.S. growth this year, reflecting a shrinking economy last quarter caused mostly by harsh weather.
At the same time, the Fed has barely increased its estimate of inflation despite signs that consumer price increases are picking up. Its benign inflation outlook suggests that the Fed doesn’t feel rising pressure to raise short-term interest rates.
The Fed updated its economic forecasts Wednesday after a two-day policy meeting.
The arrival of a Liberian-flagged freighter with Ukrainian, Arab and Filipino sailors spells one thing for Elena — dollars. And greenbacks are king in Venezuela, the 32-year-old prostitute says.
Within hours of hearing of the ship’s imminent arrival, she has packed her bags and is heading to the crumbling city of Puerto Cabello. It is a 450-kilometer (280-mile) journey from her home in the Western state of Zulia that Elena finds herself doing more often now as Venezuela’s economy contracts, the bolivar slumps and prices soar.