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News Highlights: Top Global Markets News of the Day

06/30/2020 | 05:16 pm
Fed Chairman Says Economy Faces New Challenges From Coronavirus 

Federal Reserve Chairman Jerome Powell told lawmakers that the reopening of the U.S. economy and recent upturn in spending and hiring came sooner than central bank officials expected.

Gold Rallies Above $1,800 to Cap Strong Quarter 

Gold prices extended a recent rally Tuesday, closing out their best quarter in four years with uncertainty about the economic recovery and ultralow interest rates lifting demand for the haven metal.

U.S. Stocks Finish Best Quarter in More Than 20 Years 

U.S. stocks wrapped up their best quarter in more than two decades, a remarkable rally after the coronavirus pandemic brought business around the world to a virtual standstill.

Fed's Williams: Economy Has Likely Seen 'Low Point' in Continuing Crisis 

Federal Reserve Bank of New York leader John Williams said the economy may have already seen the worst of the impact of the coronavirus pandemic, even as significant uncertainty looms.

Hog Futures Sink as Supply Overhang Lingers 

Hog prices have fallen for nearly two months, a decline that accelerated in recent sessions after a government report confirmed that U.S. swine production has bounced back from Covid-19 faster than anticipated.

Canada GDP Plunged 11.6% in April 

The monthly plunge in economic output marks the worst damage stemming from the new coronavirus and sets the stage for a hefty drop in the second quarter that could take years to recoup.

Fauci Warns Coronavirus Cases Could Reach 100,000 a Day, as Surge Delays Reopenings 

Anthony Fauci said the U.S. is now recording about 40,000 new cases a day of the new coronavirus, and that "it could go up to 100,000 a day" if people continue to flout advice on social distancing and face masks.

Labor Department Proposes Fiduciary Exemption for Retirement Plans 

The proposed new rule for retirement accounts would allow brokers and other types of financial advisers to provide fiduciary advice and still receive commissions in some cases. Consumer advocates say the proposed regulation would weaken standards.

Fed Backstop Fueled Corporate Bond Surge 

The Fed's intervention to cushion the economy this spring created an unusual paradox in the corporate bond market, with investors buying record amounts of new bonds from U.S. companies even as defaults and ratings downgrades surged.

Dollar's Volatile Stretch Turns Into Tentative Calm 

The U.S. dollar has mirrored the swings in the stock market since the March selloff. Looking ahead, the outlook may be as murky for the currency as it is for the S&P 500 index.


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