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The Saks Fifth Avenue and Lord & Taylor department-store chains have suffered a security breach that has compromised shoppers’ personal and financial information.Hackers claim to have stolen five million credit-card and debit-card records from the stores and have been releasing them for sale on dark web forums, according to a notice published Sunday by Gemini Advisory LLC, a New York-based cybersecurity firm.A spokesman for Hudson’s Bay Co. HBC 3.60% , which owns the two chains, confirmed a data security breach involving customer payment card data at its Saks Fifth Avenue, Saks Off 5th and Lord & Taylor chains in North America.
The economy added 313,000 jobs in February, crushing expectations, while the unemployment rate remained at 4.1 percent, according to a Labor Department report Friday that could help quell inflation fears.Economists surveyed by Reuters had been expecting nonfarm payroll growth of 200,000 and the unemployment rate to decline one-tenth of a percent to 4 percent.An increase in the labor force participation rate to its highest level since September 2017 helped keep the headline unemployment number steady, as the number of those counted as not in the workforce tumbled by 653,000 to just over 95 million.The total counted as “employed” in the household survey surged by 785,000 to a record 155.2 million.
Alan Greenspan: We are in a bond market bubble 24 Mins Ago | 01:11 Former Federal Reserve Chariman Alan Greenspan told CNBC on Thursday the decadeslong bull market in bond prices is coming to an end. “We are in a bond market bubble” that’s beginning to unwind, he said on “Squawk on the Street,” as new Fed Chairman Jerome Powell appeared on Capitol Hill for the second time this week. “Prices are too high” on bonds, Greenspan added. Bond prices move inversely to bond yields, which spiked higher in the new year, recently hitting four-year highs of just under 3 percent. Greenspan is in good company in predicting a bond price bubble.
Small-business confidence is surging in 2018 as optimism rises among small-business owners about the newly enacted tax-reform package, according to the latest CNBC/SurveyMonkey Small Business Survey, released Tuesday.The CNBC/SurveyMonkey Q1 Small Business Confidence Index saw an increase of five points, from 57 to 62, a record high and the largest quarter-to-quarter move the index has seen since CNBC and SurveyMonkey began measuring last year. This is the first survey since President Donald Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017.In the Q4 survey, small-business owners were split evenly on the core question about the effect that tax policy would have on their business. Opinions have shifted significantly: Twice as many now expect changes in tax policy to have a positive rather than negative effect on their businesses. Forty-six percent of those surveyed say tax policy changes will have a positive effect, up from 38 percent in the fourth quarter. The number of those saying tax policy changes will have a negative impact fell sharply, from 36 percent in the fourth quarter to 23 percent in the most recent survey.Half of small-business owners are now expecting to see tax cuts in 2018.
One of the most popular measures of volatility is being manipulated, charges one individual who submitted a letter anonymously to the Securities and Exchange Commission and the Commodity Futures Trading Commission.The letter makes the claim to regulators that fake quotes for the S&P 500 index SPX, +0.26% are skewing levels of the Cboe Volatility Index VIX, -2.50% which reflects bearish and bullish options bets 30-days in the future on the S&P 500 to gauge implied stock-market volatility (see excerpt from the letter below).
U.S. stocks plunged the most in 6 1/2 years, with the Dow Jones Industrial Average sinking more than 1,100 points, as the equity selloff reached a fever pitch amid rising concern that inflation will force interest rates higher. Treasuries rallied and gold rose on haven demand.
China added to bond investors’ jitters on Wednesday as traders braced for what they feared could be the end of a three-decade bull market.Senior government officials in Beijing reviewing the nation’s foreign-exchange holdings have recommended slowing or halting purchases of U.S. Treasuries, according to people familiar with the matter. The news comes as global debt markets were already selling off amid signs that central banks are starting to step back after years of bond-buying stimulus. Yields on 10-year Treasuries rose for a fifth day, touching the highest since March.
he Dow Jones Industrial Average jumped past 25000 for the first time Thursday, possibly notching the fastest 1,000-point gain in its history, should it close above that mark.The blue-chip index, which heavily weights industrial giants like Boeing Co. and Caterpillar Inc., was recently up 97 points, or 0.4%, at 25019.Thursday’s moves marked the latest feat for a rally that has repeatedly wrong-footed skeptics and sent stock indexes around the world to multiyear highs. The Dow industrials hit five thousand-point milestones last year, its most such records in its 120-year history.Faster economic growth around the globe and improving sentiment from both consumers and businesses—both of which were elusive for many years since the financial crisis a decade ago—have helped power this rally in recent weeks.
President Trump lauded the opening of the nation’s first new coal mine in recent memory.Corsa Coal Company will operate the mine in Somerset County, Pa. – outside of Pittsburgh.Corsa CEO George Dethlefsen said the mine will be a boon to the struggling local economy.He praised Trump’s easing of regulations and encouragement for fossil fuel exploration.Dethlefsen told Leland Vittert that for the 70 positions available in the mine, 400 people applied.”It’s a hard day’s work every day, but it’s worth it,” one miner said.
Chinese firm halves worker costs by hiring army of robots to sort out 200,000 packages a day | South China Morning Post
U.S. stocks began the week on the wrong foot, trading sharply lower on Monday as enthusiasm about President Donald Trump’s agenda dwindled.The Dow Jones industrial average fell about 130 points, with Goldman Sachs contributing the most losses. The 30-stock index was also on track to post an eight-session losing streak.The S&P 500 pulled back 0.6 percent, with financials falling 1.4 percent to lead decliners. Financials were dragged by bank stocks, as the SPDR S&P Bank ETF (KBE) and the Regional Banking ETF (KRE) both fell more than 2 percent.The Nasdaq composite dropped 0.6 percent after briefly falling 1 percent.”I don’t think this is the beginning of a full-blown correction, but it’s definitely a reversal in market sentiment,” said Peter Cardillo, chief market economist at First Standard Financial.
U.S. companies added a whopping 298,000 new jobs in February, beating economists’ expectations by more than 100,000.The report from ADP, a global human resources and payroll firm, provides the first hard economic numbers from Donald Trump’s first full month as president.Trump wrote Wednesday on Twitter about another similar measure, citing numbers from a new LinkedIn workforce report that showed strong job-adding numbers from January and February.Those months ‘were the strongest consecutive months for hiring since August and September 2015,’ the president tweeted, mirroring the report’s language.
Two weeks after David Stockman warned that “the market is apparently pricing in a huge Trump stimulus. But if you just look at the real world out there, the only thing that’s going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S. history” and exclaimed that, when looking at markets, “what’s going on today is complete insanity” he is back with another interview, this time with Greg Hunter of USAWatchdog in which he, once again warns, that a giant fiscal bloodbatch is coming soon, and urges listeners to pay especially close attention to the March 15, 2017 debt ceiling deadling, at which point everything could “grind to a halt.”
A strong majority of Americans say the U.S. economy is running strong, and most believe the upward trend will continue under President Trump, according to a Harvard-Harris poll provided exclusively to The Hill.The survey found that 61 percent view the economy as strong, against 39 percent who say it is weak.A plurality, 42 percent, said they believe the economy is on the right track, versus 39 percent who said it is on the wrong track.