Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

12 Jan 2022

Tech Stocks Bounce Back after Powell Assumes Less Hawkish Stance

The Index Today

On Wednesday, stocks and commodities soared while the dollar plummeted to a six-week low after Fed Chair Jerome Powell maintained a less hawkish stance before Congress in view of the COVID-informed monetary policy for the year.

Tech stocks in Hong Kong climbed by 3.5% while MSCI's broadest index of Asia-Pacific shares outside Japan inched up by 1%. Japan’s Nikkei increased by 1%.


The S&P 500 futures hit their highest record of 2022 with a rise by 0.9%. Nasdaq also soared high at 1.4%.

Powell reassured Congress about the central bank’s ability to handle a more stringent monetary policy as well as the ongoing coronavirus crisis and its continued impact on the world economy.

Clay pottery with table linens