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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 ...
Kylie Jenner 'sooo over' Snapchat – and Wall Street panics

Kylie Jenner 'sooo over' Snapchat – and Wall Street panics

Technology
The stock market value of Snap, owner of the Snapchat messaging app, fell $ 1.5bn after reality TV star Kylie Jenner said she no longer used it.Ms Jenner told her 24.5 million Twitter followers: "sooo does anyone else not open Snapchat anymore?"She was adding her powerful social media voice to the growing criticism of Snapchat's re-design.Snap boss Evan Spiegel had something to soften the blow, though, with news his total pay was a huge $ 600m last year.Shares in Snap fell more than 8.4% to $ 17.8, falling back close to the $ 17 price at which the shares were listed when the company floated on Wall Street.The disappearing messaging app was re-designed in November. But many users criticised the change, and one million people signed a petition.Ms Jenner, the half-sister of celebrity Kim Kar...
Wall Street on front foot after volatile week

Wall Street on front foot after volatile week

Business
Wall Street made strong gains on Monday as technology and financial shares helped it recover from its worst week in two years.New York's Dow Jones Industrial Average closed more than 400 points, or 1.7%, higher - also helped by details of Donald Trump's budget. The gain built on a 1.4% upturn in the previous session.The FTSE 100 started the week on the front foot too, adding more than 1% after falling by a similar amount on Friday.Markets have been enduring a volatile spell since 2 February, when strong US jobs and wage growth figures raised the spectre of rising inflation and accelerating interest rate hikes.The fear that the era of cheap money could be coming to an end proved the catalyst for a major sell-off for stock indices both in the US and across the globe - widely seen as a "corre...