U.S. stocks snap losing streak as Turkey's currency slide abates

U.S. stocks closed Tuesday’s session solidly in the green, halting a multiday tumble for the three main equity benchmarks, which advanced as Turkey’s currency slide abated, allowing investors to focus instead on a healthy domestic economy and strong corporate results. The Dow Jones Industrial Average DJIA, +0.45% rose 0.5% at 25,300 (on a preliminary basis), the S&P 500 index SPX, +0.64% added 0.6% to 2,839, with all 11 sectors of the broad-based index finishing in positive territory. Both the Dow and the S&P 500 had fallen in the past four sessions. The technology-laden Nasdaq Composite Index COMP, +0.65% meanwhile, finished with a 0.7% higher at 7,871. In corporate news, shares of Tesla Inc. TSLA, -2.46% ended 2.3% lower after CEO Elon Musk late Monday said in a tweet that he was working with Goldman Sachs and private-equity firm Silver Lake on the electric-car maker’s go-private plan. And shares of Shares of fashion retailer Tapestry Inc. TPR, +12.01% jumped 11% after the parent of Coach and Kate Spade reported fiscal fourth-quarter earnings. The day’s action was supported by a rebound in the Turkish lira USDTRY, +0.4249% which had fallen to a historic low against the dollar on Monday on intensifying concerns about the country’s economic health.

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U.S. stocks snap losing streak as Turkey's currency slide abates

U.S. stocks closed Tuesday’s session solidly in the green, halting a multiday tumble for the three main equity benchmarks, which advanced as Turkey’s currency slide abated, allowing investors to focus instead on a healthy domestic economy and strong corporate results. The Dow Jones Industrial Average DJIA, +0.45% rose 0.5% at 25,300 (on a preliminary basis), the S&P 500 index SPX, +0.64% added 0.6% to 2,839, with all 11 sectors of the broad-based index finishing in positive territory. Both the Dow and the S&P 500 had fallen in the past four sessions. The technology-laden Nasdaq Composite Index COMP, +0.65% meanwhile, finished with a 0.7% higher at 7,871. In corporate news, shares of Tesla Inc. TSLA, -2.46% ended 2.3% lower after CEO Elon Musk late Monday said in a tweet that he was working with Goldman Sachs and private-equity firm Silver Lake on the electric-car maker’s go-private plan. And shares of Shares of fashion retailer Tapestry Inc. TPR, +12.01% jumped 11% after the parent of Coach and Kate Spade reported fiscal fourth-quarter earnings. The day’s action was supported by a rebound in the Turkish lira USDTRY, +0.6012% which had fallen to a historic low against the dollar on Monday on intensifying concerns about the country’s economic health.

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Tinder founders, employees sue New York-based IAC, Match Group

Early this year Crain’s called bitcoin frenzy a “textbook investment bubble.” Since then the cryptocurrency has shed most of its value. Bitcoin and its brethren are well on their way to securing their place in history with other infamous market bubbles.

Here’s the carnage so far: The value of all 17.2 million bitcoins in circulation is now $104 billion, according to CoinMarketCap, down from a dizzying high of $314 billion in December. That’s a 67% decline in about nine months. Ouch.

Bitcoin look-alikes have done even worse. Ethereum, the No. 2 cryptocurrency, is now worth a cumulative $26 billion, 80% less than at its December peak. Litecoin has dropped 85%, to about $3 billion. The total value of all cryptocurrencies, which topped out at over $800 billion in early January, is now under $200 billion.

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There are many explanations for why this is happening, but the chief beneficiary is clear: The old U.S. dollar, which has soared in value this year. It now costs $1.13 to buy a euro, down from $1.25 in February, while a British pound costs $1.27 compared with $1.43 in April. Those are big moves in the enormous, highly liquid global currency markets. They even could spell trouble for the domestic economy because the stronger dollar makes U.S. exports more expensive for overseas customers. It could also trigger a decline in tourism, especially among European visitors.

Bitcoin, of course, could quickly reverse its decline and start another wild run. After all, it is worth whatever people are willing to pay for it and has no intrinsic value, just like the dollar. One important difference between the currencies, however, is the Internal Revenue Service accepts payment

Read More Here...

GLOBAL MARKETS-Shares rebound as Turkish lira pulls out of dive

(Adds gold, oil settlement prices)

* Wall Street stocks rise, follow climb in Europe

* Lira rebounds 5 pct after three week-long thrashing

* Rand, ruble and Mexican peso all recover

* China data mostly softer, but German data bounces

* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh

By Herbert Lash

NEW YORK, Aug 14 (Reuters) – World share markets rebounded on Tuesday as Turkey’s lira pulled out of a recent nosedive and reassuring data from Germany helped offset the latest wobbles in China’s giant economy.

After three weeks of heavy pounding, the lira on Tuesday recovered some ground, trading at about 6.32 to the dollar, up almost 8 percent from the previous day’s close after earlier touching 6.2995.

It was supported by news of a planned conference call in which the finance minister will seek to reassure investors concerned by President Tayyip Erdogan’s influence over the economy and his resistance to interest rate hikes to tackle double-digit inflation.

The dollar advanced to a 13-month peak against a basket of major currencies as traders increased their safe-haven holdings of the U.S. currency on worries about the lira-related fallout.

The Turkish currency lost almost 10 percent on Monday and nerves were briefly tested again as Erdogan urged Turks to boycott U.S. electronic products in response to recent criticism from Washington.

“I don’t believe it’s all over,” said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California. “We are just getting a bit of reprieve from the recent down move.”

The Turks have exhausted the possibility of interest rate hikes and are backed into a corner by their inadequate level of currency reserves, Paul McNamara, emerging markets investment director at GAM Investments in London, said in a note.

A much-needed demand slowdown in Turkey is causing asset quality

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Cryptocurrencies' collapse is one for the history books

Early this year Crain’s called bitcoin frenzy a “textbook investment bubble.” Since then the cryptocurrency has shed most of its value. Bitcoin and its brethren are well on their way to securing their place in history with other infamous market bubbles.

Here’s the carnage so far: The value of all 17.2 million bitcoins in circulation is now $104 billion, according to CoinMarketCap, down from a dizzying high of $314 billion in December. That’s a 67% decline in about nine months. Ouch.

Bitcoin look-alikes have done even worse. Ethereum, the No. 2 cryptocurrency, is now worth a cumulative $26 billion, 80% less than at its December peak. Litecoin has dropped 85%, to about $3 billion. The total value of all cryptocurrencies, which topped out at over $800 billion in early January, is now under $200 billion.

article continues below advertisement

There are many explanations for why this is happening, but the chief beneficiary is clear: The fusty old U.S. dollar, which has soared in value this year. It now costs $1.13 to buy a euro, down from $1.25 in February, while a British pound costs $1.27 compared with $1.43 in April. Those are big moves in the enormous, highly liquid global currency markets. They even could spell trouble for the domestic economy because the stronger dollar makes U.S. exports more expensive for overseas customers. It could also trigger a decline in tourism, especially among European visitors.

Bitcoin, of course, could quickly reverse its decline and start another wild run. After all, it is worth whatever people are willing to pay for it and has no intrinsic value, just like the dollar. One important difference between the currencies, however, is the Internal Revenue Service accepts

Read More Here...

Cryptocurrencies' collapse is one for the history books

Early this year Crain’s called bitcoin frenzy a “textbook investment bubble.” Since then the cryptocurrency has shed most of its value. Bitcoin and its brethren are well on their way to securing their place in history with other infamous market bubbles.

Here’s the carnage so far: The value of all 17.2 million bitcoins in circulation is now $104 billion, according to CoinMarketCap, down from a dizzying high of $314 billion in December. That’s a 67% decline in about nine months. Ouch.

Bitcoin look-alikes have done even worse. Ethereum, the No. 2 cryptocurrency, is now worth a cumulative $26 billion, 80% less than at its December peak. Litecoin has dropped 85%, to about $3 billion. The total value of all cryptocurrencies, which topped out at over $800 billion in early January, is now under $200 billion.

article continues below advertisement

There are many explanations for why this is happening, but the chief beneficiary is clear: The old U.S. dollar, which has soared in value this year. It now costs $1.13 to buy a euro, down from $1.25 in February, while a British pound costs $1.27 compared with $1.43 in April. Those are big moves in the enormous, highly liquid global currency markets. They even could spell trouble for the domestic economy because the stronger dollar makes U.S. exports more expensive for overseas customers. It could also trigger a decline in tourism, especially among European visitors.

Bitcoin, of course, could quickly reverse its decline and start another wild run. After all, it is worth whatever people are willing to pay for it and has no intrinsic value, just like the dollar. One important difference between the currencies, however, is the Internal Revenue Service accepts payment

Read More Here...

Cryptocurrencies' collapse is one for the history books

Early this year Crain’s called bitcoin frenzy a “textbook investment bubble.” Since then the cryptocurrency has shed most of its value. Bitcoin and its brethren are well on their way to securing their place in history with other infamous market bubbles.

Here’s the carnage so far: The value of all 17.2 million bitcoins in circulation is now $104 billion, according to CoinMarketCap, down from a dizzying high of $314 billion in December. That’s a 67% decline in about nine months. Ouch.

Bitcoin look-alikes have done even worse. Ethereum, the No. 2 cryptocurrency, is now worth a cumulative $26 billion, 80% less than at its December peak. Litecoin has dropped 85%, to about $3 billion. The total value of all cryptocurrencies, which topped out at over $800 billion in early January, is now under $200 billion.

article continues below advertisement

There are many explanations for why this is happening, but the chief beneficiary is clear: The old U.S. dollar, which has soared in value this year. It now costs $1.13 to buy a euro, down from $1.25 in February, while a British pound costs $1.27 compared with $1.43 in April. Those are big moves in the enormous, highly liquid global currency markets. They even could spell trouble for the domestic economy because the stronger dollar makes U.S. exports more expensive for overseas customers. It could also trigger a decline in tourism, especially among European visitors.

Bitcoin, of course, could quickly reverse its decline and start another wild run. After all, it is worth whatever people are willing to pay for it and has no intrinsic value, just like the dollar. One important difference between the currencies, however, is the Internal Revenue Service accepts payment

Read More Here...

Cryptocurrencies' collapse is one for the history books

Early this year Crain’s called bitcoin frenzy a “textbook investment bubble.” Since then the cryptocurrency has shed most of its value. Bitcoin and its brethren are well on their way to securing their place in history with other infamous market bubbles.

Here’s the carnage so far: The value of all 17.2 million bitcoins in circulation is now $104 billion, according to CoinMarketCap, down from a dizzying high of $314 billion in December. That’s a 67% decline in about nine months. Ouch.

Bitcoin look-alikes have done even worse. Ethereum, the No. 2 cryptocurrency, is now worth a cumulative $26 billion, 80% less than at its December peak. Litecoin has dropped 85%, to about $3 billion. The total value of all cryptocurrencies, which topped out at over $800 billion in early January, is now under $200 billion.

article continues below advertisement

There are many explanations for why this is happening, but the chief beneficiary is clear: The old U.S. dollar, which has soared in value this year. It now costs $1.13 to buy a euro, down from $1.25 in February, while a British pound costs $1.27 compared with $1.43 in April. Those are big moves in the enormous, highly liquid global currency markets. They even could spell trouble for the domestic economy because the stronger dollar makes U.S. exports more expensive for overseas customers. It could also trigger a decline in tourism, especially among European visitors.

Bitcoin, of course, could quickly reverse its decline and start another wild run. After all, it is worth whatever people are willing to pay for it and has no intrinsic value, just like the dollar. One important difference between the currencies, however, is the Internal Revenue Service accepts payment

Read More Here...

Cryptocurrencies' collapse is one for the history books

Early this year Crain’s called bitcoin frenzy a “textbook investment bubble.” Since then the cryptocurrency has shed most of its value. Bitcoin and its brethren are well on their way to securing their place in history with other infamous market bubbles.

Here’s the carnage so far: The value of all 17.2 million bitcoins in circulation is now $104 billion, according to CoinMarketCap, down from a dizzying high of $314 billion in December. That’s a 67% decline in about nine months. Ouch.

Bitcoin look-alikes have done even worse. Ethereum, the No. 2 cryptocurrency, is now worth a cumulative $26 billion, 80% less than at its December peak. Litecoin has dropped 85%, to about $3 billion. The total value of all cryptocurrencies, which topped out at over $800 billion in early January, is now under $200 billion.

article continues below advertisement

There are many explanations for why this is happening, but the chief beneficiary is clear: The fusty old U.S. dollar, which has soared in value this year. It now costs $1.13 to buy a euro, down from $1.25 in February, while a British pound costs $1.27 compared with $1.43 in April. Those are big moves in the enormous, highly liquid global currency markets. They even could spell trouble for the domestic economy because the stronger dollar makes U.S. exports more expensive for overseas customers. It could also trigger a decline in tourism, especially among European visitors.

Bitcoin, of course, could quickly reverse its decline and start another wild run. After all, it is worth whatever people are willing to pay for it and has no intrinsic value, just like the dollar. One important difference between the currencies, however, is the Internal Revenue Service accepts

Read More Here...

Nasdaq, FINRA to boost reporting fees for dark pool trades

NEW YORK (Reuters) – Nasdaq Inc (NDAQ.O) and a Wall Street watchdog will raise fees for private stock trading platforms, such as “dark pools,” that report trade executions to a Nasdaq-run entity, in response to higher operational costs and off-exchange trading volumes, according to a recent regulatory filing.

FILE PHOTO: A woman passes by the Nasdaq Market Site in Times Square in New York City, U.S., February 7, 2018. REUTERS/Brendan McDermid/File Photo

The fee increases, which kick in Sept. 1, could amount to more than $3.5 million annually and are aimed at non-retail trades reported to a facility run by Nasdaq and the Financial Industry Regulatory Authority (FINRA), the U.S. Securities and Exchange Commission filing said. (bit.ly/2P2w98Z)

The higher fees would affect brokers that run dark pools and other types of private trading venues, but could be passed on to investors.

Nearly every major bank runs a dark pool, a trading venue that does not have to provide information such as trade sizes or prices to the public prior to trades taking place.

The trading platforms were originally started with the aim of getting large orders done with minimal price movement, but have also attracted smaller trades because their execution costs are generally cheaper than on exchanges.

Under SEC rules, every stock transaction must be reported to a consolidated data feed, whether it occurs on an exchange, like the Nasdaq or Intercontinental Exchange Inc’s (ICE.N) New York Stock Exchange (NYSE), or in a dark pool. Off-exchange trades are reported through Trade Reporting Facilities (TRFs) run by Nasdaq and NYSE in conjunction with FINRA.

Since 2012, off-exchange trades reported to the FINRA/Nasdaq TRF have risen around 47 percent, while Nasdaq’s operating costs for the facility have risen around 16 percent, the filing said.

FINRA said it analyzed data from 545 FINRA/Nasdaq TRF

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