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Wall Street shares dive amid growth fears

Wall Street shares dive amid growth fears

Business
Wall Street shares tumbled on Tuesday, sending all three major indexes down more than 3% in some of the steepest declines in weeks.The Dow Jones index shed almost 800 points, or 3.1%, to close at 25,027.07. The S&P 500 ended at 2,700.07, down more than 90 points or 3.24%, while the Nasdaq dropped more than 283 points or 3.8% to 7,158.43.The falls came as a closely-watched financial measure caused alarm about US economic prospects.Increasing doubts that talks between the US and China would defuse trade tensions also fuelled the losses, reversing Monday's rise, which followed optimism about those prospects. The declines extended a period of market turbulence that started...
Wall Street sees red as tech shares plunge

Wall Street sees red as tech shares plunge

Business
Shares in some of the world's largest technology stocks plunged on Monday, dragging the Nasdaq down by 3% to drive a wider market sell-off.The Dow Jones Industrial Average closed 1.5% lower while the S&P 500 index ended down 1.6%.The declines were driven by Apple and Facebook.Investors dumped stock on fears of a slowdown in iPhone sales as well as continuing tensions over trade between the US and China.Apple's share price closed down nearly 4%.The Wall Street Journal reported that lower demand for Apple's new iPhones had impacted on the firms that make the handsets and components after the US company reduced its production orders.Facebook, which is grappling with continued controversy over its handling of user data and the crisis over Russian election...
Wall Street bull says a near-term pullback is coming

Wall Street bull says a near-term pullback is coming

Finance
The economy is booming, but one of Wall Street's biggest bulls says a near-term pullback is coming. "History shows that, when the rate of change for the S&P is where it recently got to on this bump up, you have a 2 to 5 percent pullback in the context of the bull market, the uptrend that started in April," Tony Dwyer, chief market strategist at Canaccord Genuity, said Tuesday on "Fast Money." The S&P 500 added about 0.5 percent, closing at 2,820.40 on Tuesday, with gains in materials, telecommunications and energy stocks. Still, Dwyer predicte...
A former top Wall Street regulator turns to the blockchain

A former top Wall Street regulator turns to the blockchain

Finance
SAN FRANCISCO — Gary Gensler was one of the top financial regulators in the Obama administration, the finance chief for Hillary Clinton's 2016 presidential campaign and, before both of those jobs, a partner at Goldman Sachs.Now, like many other big names from business and government, he is plunging into the world of the blockchain, the data-tracking technology introduced by Bitcoin.Mr. Gensler, 60, has recently gone to work at the Massachusetts Institute of Technology, where he will write and teach about the potential he sees for blockchains to change the financial world.More from the New York Times: Subpoenas signal S.E.C. crackdown on initial coin offeringsHow Trump consultants exploited the Facebook data of millionsAn explanation of initial coin offeringsHe will also use his position to
Spotify valued at $30bn in Wall Street debut

Spotify valued at $30bn in Wall Street debut

Technology
Spotify made its stock market debut on Tuesday, valuing the loss-making music streaming service at more than $ 30bn.Its stock opened at $ 169.90, up more than 25%, before slipping back to close at $ 149.01. On Monday, the New York Stock Exchange set the company's stock reference price at $ 132.The Swedish company took an unusual step listing directly onto the New York Stock Exchange, which could make the stock volatile.Typically, companies seeking a stock market listing hire investment banks to sell shares on their behalf and brokers help match buyers and sellers to make sure that the stock does not have a volatile debut.:: Analysis: Why is Spotify taking this unorthodox route to market?"Spotify is floating on the stock market at a pretty inauspicious time for the tech industry, which has ...