Commerse, Stock quotes and Business :: Market news

Wall Street slips on weak oil prices; Fed minutes in focus


´╗┐U.S. stocks slipped Wednesday as a drop in oil prices weighed on the energy sector, while investors awaited the minutes of the Federal Reserve's most recent policy meeting for clues on the timing of the next interest rate hike. Oil prices fell 1.2 percent to $55.99 as the dollar gained in strength. The S&P 500 energy sector . SPNY slipped 0.64 percent and was the top drag on the broader index. Investors were focused on the minutes of the Fed's Jan. 31-Feb. 1 meeting, expected at 2:00 p.m. ET (1900 GMT). Policymakers, including Fed Chair Janet Yellen, have been hinting at the possibility of a rate hike sooner than later. But traders have priced in slim chances of a move until June, even with the backdrop of strong economic data. The odds of a rate hike stand at 22 percent for March, 47 percent for May and 69 percent for June, according to Thomson Reuters data."The market has priced in rate hikes and is welcoming it," said Andre Bakhos, managing director at Janlyn capital in Bernardsville, New Jersey. "But the one thing that could derail it is if it comes all of a sudden."

Also on investors' minds is how the Fed views uncertainty regarding economic policy under President Donald Trump. Trump's promises of tax and regulatory reforms as well as fiscal stimulus have boosted investors' confidence, helping send Wall Street to record highs. At 9:41 a.m. ET, the Dow Jones industrial average . DJI was down 43.27 points, or 0.21 percent, at 20,699.73, the S&P 500 . SPX was down 6.28 points, or 0.26 percent, at 2,359.1 and the Nasdaq Composite . IXIC was down 14.64 points, or 0.25 percent, at 5,851.31. Seven of the 11 major S&P sectors were lower, with financials . SPSY adding to the decline. Real estate . SPLRCR, utilities . SPLRCU and health . SPXHC were the outliers.

Exxon Mobil (XOM. N) was down 0.6 percent, making the stock the top drag on the S&P. Garmin (GRMN. O) jumped nearly 9 percent to $55 after the GPS-devices maker posted its fifth-straight quarterly profit and sales beat. Bristol-Myers (BMY. N) was the top stock on the S&P, with a 1.9 percent gain after billionaire investors Carl Icahn took a stake in the company.

Peugeot seeks up to 2 billion euros savings from Opel deal: sources LONDON/FRANKFURT French carmaker PSA Group aims to generate annual cost savings of between 1.5 billion and 2 billion euros ($1.6 billion-$2.1 billion) from its proposed acquisition of Opel from General Motors , two sources told Reuters on Wednesday.

Saudi Aramco recruits JPMorgan, Morgan Stanley for IPO, HSBC a contender: source Oil giant Saudi Aramco [IPO-ARMO. SE] has asked JPMorgan Chase & Co and Morgan Stanley to assist with its mammoth initial public share offer and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said.

Exclusive: China state firm in preliminary deal to buy Chevron's Bangladesh gas fields - oil executives BEIJING/DHAKA China's state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the U.S. oil major's natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based Chinese oil executives said.

Your money first jobs of finance gurus


´╗┐Universe now - but they weren't then. In fact, many of the nation's foremost financial minds had distinctly humble beginnings. Berkshire Hathaway's Warren Buffett, for instance, wasn't always the famed Oracle of Omaha. Once he was a fresh-faced delivery boy, tossing newspapers into people's front yards. Reuters asked four Wall Street legends how their estimable careers started out. Junior investment bankers and equity analysts they were not. Instead, these Masters-in-the-Making were a ragtag collection of shoeblacks, stockboys and peanut slingers. They say the lessons they carried away from those formative gigs were as important as any gleaned later on Wall Street. Here are their stories. Name: Brian RogersTitle: Chairman and chief investment officer, T. Rowe PriceFirst job: Retail stockboy"This was back in 1971, and I worked at a little store called Suburban Quality Shop in Danvers, Massachusetts. This was before the days of Staples and Office Depot, and they sold stationery and office products and greeting cards. My job was to basically unpack products, price them with hand-applied labels and keep the shelves stocked."Probably the most exciting day of my life was when I got a raise from the minimum wage of $1.60 an hour to $1.75. It seemed like such a huge increase back then. It was way better than my best bonus at T. Rowe Price. I also remember getting my first paycheck, which was around $40 for the week: I may have saved a little of it, but I probably spent most of it at the pizza place next store.

"I don't think the owners thought they had hired anyone special. They just thought I was reliable, someone who showed up and worked hard, and who probably wouldn't steal from them."Name: Charles BobrinskoyTitle: Vice-chairman and director of research, Ariel InvestmentsFirst job: Coca-Cola vendor at Chicago Cubs and White Sox baseball games"I was 16 when I started, and when you first got into the union, you sold cups of Coke. You spilled sticky soda over yourself all day long, so by the end of the game you were a sugary, sweaty mess. It was really unpleasant.

"After that you graduated to peanuts, then to hot dogs, and then when you turned 21, to beer. That's when you could really make the big bucks, maybe $200 on a good Friday night. At Wrigley Field people liked Old Style, and at Comiskey Park they liked Falstaff. Nobody ever wanted Schlitz."Ariel's chairman, John Rogers, was a vendor at the same time, and he was spectacular. He was incredibly competitive and a great athlete, always running the stairs to get to the best locations. At the time, we had been given some stock as Christmas presents: He owned some General Motors, I owned a few shares of the auto-parts supplier BorgWarner. We used to sit in the stands together as we waited for the fans to come in, talking about the stock market."Name: Karen FinermanTitle: Co-founder and president, Metropolitan Capital Advisors; author, "Finerman's Rules"

First job: Gofer at Creative Artists Agency"I worked for $5 an hour, which seemed like so much money at the time. I did everything from filing scripts, to cataloging art for Michael Ovitz, to working as an assistant for Richard Lovett, who had just been made an agent and now runs the whole show there. But basically my job involved a whole lot of nothing."I did learn a lot about client management, though, and handling all those huge egos. I remember once I heard an agent talking on the phone to her client, saying, 'I know when you got on location, they gave you a Jeep. Now, where is that Jeep?' With some of these stars, you had to talk to them like a kindergarten teacher."I realized that summer that Hollywood was not going to be a long-term fit, and that I really wanted to come to Wall Street."Name: Jim CahillTitle: President, Drexel HamiltonFirst job: Shoeshine boy"I grew up on 30th Street between 9th and 10th Avenue, in Manhattan, and I used to shine shoes in the garment district. I would make 10 cents a shine, and had my own shine box and my own polish. I was around 12 or 13, and used to hear my clients talk about things like sales and fur coats."I also sold newspapers: I would buy 50 or 100 editions in Penn Station of the Daily News or the New York Mirror. I would get them for 2 cents each, walk along the bars and restaurants of 8th Avenue, and sell them for 5 cents each. Sometimes a guy coming out of a bar would give me a dollar, and I thought I was rich."I also used to drag a red wagon along the Manhattan piers. I would pick up all the bottles the dockworkers would leave behind, and bring them back to the store for the 2-cent deposit. Later, I would go on to work on Wall Street for Salomon Brothers, and Lehman Brothers, and Keefe, Bruyette & Woods. But it all started because I was an inner-city kid who didn't want to have to ask his mom for money."

If you need sasmar , then the team of professionals from sasmar is here to help you.