Wall St. set to extend record run as ‘Trump trade’ rekindles

The three main U.S. stock indexes closed at record highs on Thursday and Friday as optimism about the economy rose after President Donald Trump vowed to make a major tax announcement in the next few weeks. The S&P 500 has surged 8.3 percent since Trump's Nov. 8 election, fueled by expectations he will lower corporate taxes, reduce regulations and increase infrastructure spending. The rally had stalled amid concerns over Trump's protectionist stance and lack of clarity on policy reforms.

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Wall St. set to extend record run as ‘Trump trade’ rekindles

Oil up 2 percent on short covering, hope for producer action

Oil rose about 2 percent on Friday, clinching its biggest weekly gains since April, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market. On Thursday, crude surged nearly 5 percent after Saudi Arabia's energy minister said oil producers would discuss potential action to stabilize oil prices during a meeting next month in Algeria. Oil prices have recovered since U.S. crude fell below $40 last week, but are still more than 12 percent below their last peak in June, as brimming storage tanks and production that exceeds consumption weighs on markets.

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Oil up 2 percent on short covering, hope for producer action

Global monetary taps still open wide, Fed minutes in focus

The glue binding a still-aggressive global monetary policy response to a struggling world economy and almost daily record highs for world stock markets along with record low bond yields is set to remain intact in the coming week. The one thing that could unstick it, apart from divine intervention, would be a change in tune from the U.S. Federal Reserve, which is still toying with when to deliver a follow-up interest rate hike to last December's baby step-up from zero. Minutes to the Fed's July policy meeting due on Wednesday may come under more scrutiny than normal given the central bank really only has one opportunity left, at its meeting next month, to raise rates before the November presidential election.

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Global monetary taps still open wide, Fed minutes in focus

Wall Street flat; GE leads industrials lower

The stock was the biggest loser on the Dow and the biggest drag on the S&P 500. The S&P 500 and Dow are trading at record highs on upbeat sentiment over second-quarter corporate earnings, with analysts now expecting smaller profit declines and more companies topping those estimates. “The market is digesting a very strong post-Brexit rally,” said Adam Sarhan, Chief Executive of Sarhan Capital.

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Wall Street flat; GE leads industrials lower

Verizon emerges as front-runner in Yahoo auction: sources

Yahoo Inc is focused on selling its core business to U.S. telecommunications company Verizon Communications Inc after reviewing final bids that it received this week, people familiar with the matter said on Friday. A deal would boost Verizon's AOL internet business, which it acquired last year for $4.4 billion, by giving it access to Yahoo's advertising technology tools, as well other assets such as search, mail, messenger and real estate. It would also mark the end of Yahoo as an operating company, leaving it only as the owner of a 35.5 percent stake in Yahoo Japan, as well as its 15 percent interest in Chinese e-commerce company Alibaba Group Holding Ltd .

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Verizon emerges as front-runner in Yahoo auction: sources

GE profit beats estimates as power revenue jumps

By Alwyn Scott NEW YORK (Reuters) – General Electric Co on Friday reported a sharp rise in adjusted net income in the second quarter, as its aviation, healthcare and power businesses countered weak demand for oil and gas and transportation equipment. GE, long considered a bellwether for the U.S. economy, posted adjusted earnings of 51 cents a share, topping the 46 cents that analysts expected, according to Thomson Reuters I/B/E/S. The figure included a gain of 20 cents a share from the sale of GE's appliances business to Qingdao Haier Co Ltd , which closed in June. “The diversity and scale of our portfolio enabled the company to perform well despite a volatile and slow-growth economy,” GE Chief Executive Officer Jeffrey Immelt said in a statement.

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GE profit beats estimates as power revenue jumps

Oil down 3 percent; rally snaps on supply worry, Goldman caution

Oil prices fell 3 percent on Tuesday, retreating after six days of gains for benchmark Brent crude, as Goldman Sachs suggested the rally was unsustainable and analysts predicted U.S. stockpiles reached record highs again last week. “The comments out of Kuwait have encouraged the selloff and it appears likely that a focus on weekly oil inventories will encourage prices lower,” said Matt Smith, director of commodity research at New York-based Clipper Data.

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Oil down 3 percent; rally snaps on supply worry, Goldman caution

VW faces Allianz suit over share drop; jobs under threat after scandal

German insurer Allianz plans to sue Volkswagen over the sharp drop in its shares as a result of the carmaker's diesel emissions scandal, a source familiar with the situation told Reuters. If successful, the lawsuit would add to financial pressures on Volkswagen that its chief executive said on Tuesday would be “substantial and painful”. At the same time, the company's labour leader warned that the extent of possible job cuts at VW would depend “decisively” on the level of U.S. fines for its cheating of emissions tests.

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VW faces Allianz suit over share drop; jobs under threat after scandal