There’s always someone somewhere who is worse off than you. Often, you can find them on Reddit. Some people are betting big on bitcoin, others are fretting over the Dow Jones Industrial Average DJIA, -1.63% and S&P 500 SPX, -1.32% Meanwhile, millions of Americans continue to lose their shirt the old-fashioned way. This Reddit user, the appropriately named MaxedOut79, is 28-year-old independent contractor who earns $80,000 to $90,000 per year. He’s doing pretty well for a man of his years, given that he earns 50% more than the median U.S. household. And this week, it all went horribly wrong. “Before this past week, I was only an occasional gambler,” he wrote. “I’d buy $5 to $10 in scratch off
Cramer blames this week's crazy market on a 'group of complete morons' 3 Hours Ago | 01:37 This week's crazy market swings are largely due to a band of uninformed investors who got caught speculating, CNBC's Jim Cramer said Thursday. "A group of complete morons" who traded little-known, leveraged products that bet on volatility is "blowing up" everything, Cramer said on "Squawk on the Street." Cramer has been particularly critical of the VelocityShares Daily Inverse VIX Short-Term exchange-traded note, which is traded under the symbol XIV, and those who put money into it. The XIV is supposed to give the opposite return of the VIX, Cboe's volatility index, which is often referred to as the
Before President Donald Trump tweets any more about the stock market, perhaps a lesson is in order. On Wednesday, the president addressed the equity market on Twitter for the first time since a brutal sell-off that, at its darkest depths, saw more than $2 trillion of US market cap erased. "In the 'old days,' when good news was reported, the Stock Market would go up," Trump wrote.
The Boeing Co. announced this week at the Singapore Airshow that the largest member of its 737 MAX family has hit a new milestone that helps keep it on track for delivery to airline customers around 2020. The company says in a press release that the 737 MAX 10 has achieved firm configuration, meaning its engineers now have all the design requirements in place for the new narrow-body variant. The aircraft has major production ties to Wichita, where Spirit AeroSystems Inc. (NYSE: SPR) builds about 70 percent of every 737 that Boeing delivers. It is also part of the MAX family that is increasing production rates on the 737 and helping drive growth plans at Spirit and other local suppliers tied
Cryptocurrencies rebounded on Wednesday after their recent collapse, but according to Goldman Sachs, they have no hope of regaining their recent peaks. In fact, the investment bank said in a research report that they will most likely end up being worthless
Chesapeake Energy Corporation CHK recently provided a glimpse of its fourth-quarter 2017 production update. The upstream firm also provided details on deals signed for divesting non-core assets.Details on ProductionThe company projects fourth-quarter
Bitcoin picked up more than 12% in afternoon trading, and the cryptocurrency market added $40 billion in value. Lawmakers pressed the two top financial regulators during a morning hearing on cryptocurrency — and now the market for digital currency is storming back.
Leon Cooperman on 'crazy' securities destroying world's best market 1 Hour Ago | 01:05 Billionaire Leon Cooperman, chairman and CEO of Omega Advisors, blasted the creators of the volatility-related securities that imploded earlier this week. "I'd implore ... the regulators and the financial services industry to deal with the crazy instruments that have been created that are destroying the best capital market in the world," he said Wednesday on CNBC's "Halftime Report." The VelocityShares Daily Inverse VIX Short-Term, which trades under the ticker symbol XIV, declined 93 percent on Tuesday, a day after the CBOE volatility index, or VIX, surged by 115.6 percent. XIV is issued by Credit Suisse
Russian cyberspies pursuing the secrets of military drones and other sensitive U.S. defense technology tricked key contract workers into exposing their email to theft, an Associated Press investigation has found. The hackers known as Fancy Bear, who also intruded in the U.S. election, went after at least 87 people working on militarized drones, missiles, rockets, stealth fighter jets, cloud-computing platforms or other sensitive activities, the AP found. Employees at both small companies and defense giants like Lockheed Martin Corp., Raytheon Co., Boeing Co., Airbus Group and General Atomics were targeted by the hackers.
The long-expected clash between the Federal Reserve and the White House over interest rate policy kept getting postponed over the past year. The stock market climbed, the economy grew, and nothing the Fed did dampened the animal spirits. President Trump got along famously with Fed Chair Janet Yellen.