1 in 3 consumers fear they will max out a credit card

To that point, more than 1 in 3 Americans — or 91 million people— said they’re afraid they’ll max out their credit card when making a large purchase, according to a new WalletHub credit cards survey. WalletHub polled more than 700 people in January.Still, most Americans continue to take on ever-increasing amounts of debt. According to data from the Federal Reserve, the U.S. surpassed $1 trillion in credit card debt — the highest level since the Great Recession. U.S. households with revolving cr


To that point, more than 1 in 3 Americans — or 91 million people— said they’re afraid they’ll max out their credit card when making a large purchase, according to a new WalletHub credit cards survey.
WalletHub polled more than 700 people in January.Still, most Americans continue to take on ever-increasing amounts of debt.
According to data from the Federal Reserve, the U.S. surpassed $1 trillion in credit card debt — the highest level since the Great Recession.
U.S. households with revolving cr
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Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: jessica dickler
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1 in 3 consumers fear they will max out a credit card

Despite the dangers of high-interest debt, more consumers are testing the limits of plastic.

To that point, more than 1 in 3 Americans — or 91 million people— said they’re afraid they’ll max out their credit card when making a large purchase, according to a new WalletHub credit cards survey. (Most of those polled considered a large purchase as anything over $100.)

“A healthy amount of fear is justified,” said Odysseas Papadimitriou, CEO of WalletHub. “Issues stemming from large purchases more often concern people making too many of them, for the wrong reasons.”

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One in 5 fear they’ll owe the IRS money this spring

More than one-third, or 37%, also said they have already maxed out their credit card and 14% said they have maxed it out more than once. WalletHub polled more than 700 people in January.

Still, most Americans continue to take on ever-increasing amounts of debt. According to data from the Federal Reserve, the U.S. surpassed $1 trillion in credit card debt — the highest level since the Great Recession.

U.S. households with revolving credit card debt owe nearly $7,000, on average, costing them roughly $1,100 a year in interest payments, according to NerdWallet’s 2019 household debt study.

At the same time, about 35% of cardholders are starting 2020 with more credit card debt than they had in the beginning of 2019, according to a separate CompareCards survey.

And fewer cardholders said they paid their monthly balance in full in each of the past six months than compared to one year ago, CompareCards found.

However, more cardholders said they felt “very confident” about their ability to pay their credit cards’ monthly statement balance in full going forward.


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: jessica dickler
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Investors urged to beware of the Tesla ‘fear of missing out’ mania

“Buying a single stock is not an investment strategy — it’s a wager,” she said. The previous day, Tesla’s stock closed 19.9% higher, its biggest one-day gain in six years. Tesla’s share price is still up around 82% since the beginning of the year. How to diversify with TeslaInvestors should consider buying Tesla stock as part of a well-diversified portfolio of investments, according to financial advisors. “Leading up to dot-com bust [in the early 2000s] people would say they were diversified bec


“Buying a single stock is not an investment strategy — it’s a wager,” she said.
The previous day, Tesla’s stock closed 19.9% higher, its biggest one-day gain in six years.
Tesla’s share price is still up around 82% since the beginning of the year.
How to diversify with TeslaInvestors should consider buying Tesla stock as part of a well-diversified portfolio of investments, according to financial advisors.
“Leading up to dot-com bust [in the early 2000s] people would say they were diversified bec
Investors urged to beware of the Tesla ‘fear of missing out’ mania Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: greg iacurci
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Investors urged to beware of the Tesla 'fear of missing out' mania

Low-angle view of the facade of Tesla Motors dealership with logo and sign in Pleasanton, California, July 23, 2018. (Photo by Smith Collection/Gado/Getty Images) Smith Collection/Gado

This week’s mania around Tesla stock, which saw the share price of the automaker and sustainable energy company hit its biggest one-day gain in six years, likely has some investors feeling they should hop on that bandwagon. The resounding response from financial advisors is that investors need to resist the urge to shovel money into the company. “It’s 100% ‘FOMO,'” said Neela Hummel, a partner at Abacus Wealth Partners in Santa Monica, California, referring to “fear of missing out” anxiety. “People are afraid of missing the great jump.” “Buying a single stock is not an investment strategy — it’s a wager,” she said.

On Tuesday, Tesla’s stock hit an intraday record of $968.99 a share. More than 50 million shares changed hands — the most for a single day of Tesla trading. The previous day, Tesla’s stock closed 19.9% higher, its biggest one-day gain in six years. Some market analysts have cautioned that Tesla’s shares are overvalued and resemble a bubble, which could have disastrous consequences for investors if it implodes. Barclays, for example, has a target price of $300 per share — well below its current level of around $750. Analysts have an average 12-month price target of $495.04, according to FactSet. “It very well could be [a bubble],” Hummel said. “It rhymes of Enron, various gold crazes and crypto — whether Bitcoin or Ethereum.” Bitcoin, for example, had a run-up in price to around $20,000 in 2017, followed by a 65% crash the month after.

Investors seized by the Tesla mania appear to have rushed into the stock. Traders on SoFi Invest — a stock and exchange-traded fund investing platform used mostly by millennials age 25 to 40 — bought 20 times the amount of Tesla stock this week relative to history. The top result in Google’s search engine after typing the words “Should I” is “should I buy Tesla stock,” suggesting that a large number of people are interested in getting a share of the company.

It’s 100% FOMO. People are afraid of missing the great jump. Neela Hummel partner at Abacus Wealth Partners

However, Tesla’s stock cratered Wednesday, dipping 17%, and hinted at the risk of chasing a hot stock. “For those who just got in after a [big] increase, they’re out of luck because they just lost half of it,” said Philip Chao, chief investment officer at Experiential Wealth, based in Vienna, Virginia. Tesla’s share price is still up around 82% since the beginning of the year.

How to diversify with Tesla

Investors should consider buying Tesla stock as part of a well-diversified portfolio of investments, according to financial advisors. “The idea is: Don’t put all your eggs in one basket, but some eggs in many baskets,” Chao said. “Over time, you’ll get a better experience.” Holding a single company’s stock is the least-diversified a portfolio can be — it’s like going to the casino and putting all your money on one number at the roulette table, Chao said. Investors should also be wary of buying several stocks in one sector of the economy (such as auto or energy companies) and thinking they’re well-diversified by virtue of holding a bunch of stocks. “Leading up to dot-com bust [in the early 2000s] people would say they were diversified because they had 30 stocks,” Hummel said. “They were all tech stocks. That’s hardly diversified.”


Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: greg iacurci
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Coronavirus updates: China accuses US of spreading ‘fear’ over outbreak

Russia, which reported two coronavirus cases last week, has suspended direct passenger trains to China, as well as direct flights. 1:30 pm: Coronavirus deaths in mainland China overtake SARSThe number of deaths in mainland China has now surpassed that of SARS. 10:40 am: Vietnam confirms three new casesVietnam confirmed three new coronavirus cases, according to Reuters citing the country’s ministry of health. 9:32 am: Mainland Chinese stocks plunge almost 9%Mainland Chinese markets plunged on the


Russia, which reported two coronavirus cases last week, has suspended direct passenger trains to China, as well as direct flights.
1:30 pm: Coronavirus deaths in mainland China overtake SARSThe number of deaths in mainland China has now surpassed that of SARS.
10:40 am: Vietnam confirms three new casesVietnam confirmed three new coronavirus cases, according to Reuters citing the country’s ministry of health.
9:32 am: Mainland Chinese stocks plunge almost 9%Mainland Chinese markets plunged on the
Coronavirus updates: China accuses US of spreading ‘fear’ over outbreak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: weizhen tan evelyn cheng christine wang, weizhen tan, evelyn cheng, christine wang
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Coronavirus updates: China accuses US of spreading 'fear' over outbreak

A woman wears a protective mask to prevent the spread of the SARS-like virus as she walks outside of the Forbidden city (back) after a snowfall in Beijing on February 2, 2020. Nicolas Asfouri | AFP | Getty Images

This is a live blog. Please check back for updates. All times below in Beijing time.

3:30 pm: China says some countries have overreacted to virus outbreak

China’s foreign ministry on Monday said some countries, especially the U.S., have overreacted to the coronavirus outbreak, according to Reuters. The U.S., in particular, has spread fear instead of offering significant assistance, the Chinese foreign ministry said. It was the first country to impose a travel ban on Chinese travelers, it said. U.S. President Donald Trump last week signed an order for the U.S. to deny entry to any foreign nationals who have traveled in China within the past two weeks. “All it has done could only create and spread fear, which is a bad example,” ministry spokesperson Hua Chunying said, according to Reuters. The ministry added that it is unreasonable to prevent people from entering borders. Several other countries have also placed travel restrictions on Chinese nationals, or those with travel history in China.

3:15 pm: Chinese stocks dive by the close

Mainland Chinese markets plunged on their return from the extended Lunar New Year holiday, and maintained steep declines by the close. The Shanghai composite fell 7.72% while the Shenzhen component dropped 8.45%. The Shenzhen composite dived 8.41%. Earlier, they fell by as much as nearly 9%. The onshore Chinese yuan touched a low of 7.0223 against the greenback, last trading at 7.0141 while its offshore counterpart was at 7.0132 per dollar.

2:30 pm: Russia to start evacuating citizens from Wuhan

Russia plans to start evacuating its citizens from Wuhan on Monday. There are more than 600 Russians in the Chinese city, according to a Reuters report citing Russia’s deputy prime minister. Russia, which reported two coronavirus cases last week, has suspended direct passenger trains to China, as well as direct flights.

1:30 pm: Coronavirus deaths in mainland China overtake SARS

The number of deaths in mainland China has now surpassed that of SARS. Officials said earlier that the current coronavirus outbreak had killed 361 people through the end of Sunday. According to the World Health Organization, the first case of novel coronavirus in Wuhan, China was reported Dec. 31.That number is greater than the 349 deaths during the SARS epidemic which lasted from 2002 to 2003.

12:50 pm: China says mask production capacity doubled, virus impact on economy ‘temporary’

China’s production capacity of face masks has doubled as of Sunday night, said Lian Weiliang, deputy head of the National Development and Reform Commission, at a briefing in Beijing Monday morning. After the threat of the virus passes, the government will purchase the excess masks, Lian said, noting businesses’ concerns about overproduction. Meanwhile, the inventory of vegetables in Wuhan, the epicenter of the outbreak, has returned to “normal levels,” according to Wang Bingnan, a vice minister of the Ministry of Commerce, at the same briefing. Lian added that the impact of the virus on the economy, especially consumption, is increasing, but the overall impact to the economy is “temporary.”

12:00 pm: Thousands of healthcare workers in Hong Kong go on strike

Thousands of medical workers in Hong Kong went on strike starting Monday to compel the city’s government to accede to a demand for a complete shutdown of its borders with mainland China to keep out the spread of the virus. Around 2,400 employees took part in a strike on Monday, according to a Reuters report. If the government does not respond by 6:00 p.m HK/SIN, all staff — including more than 6,000 workers in essential services — would go on a full strike from Tuesday, according to a report by the South China Morning Post.

11:10 am: Huawei resumes production

Chinese tech giant Huawei said Monday it has resumed production of goods, including consumer devices and other telecoms equipment. The move was in line with a government directive that allows certain critical industries to remain in operation, amid the government’s decision to extend a shutdown in more than half of China’s provinces and regions in a bid to control the outbreak.

10:40 am: Vietnam confirms three new cases

Vietnam confirmed three new coronavirus cases, according to Reuters citing the country’s ministry of health. That brings its total to eight cases. The country had declared a public health emergency on Saturday and suspended all flights to and from mainland China.

9:50 am: US reports two more cases

Two more cases — a couple — were confirmed in San Benito in California late on Sunday. The husband recently traveled to Wuhan, while the wife did not. That made the total number of cases in the U.S. at 11.

9:32 am: Mainland Chinese stocks plunge almost 9%

Mainland Chinese markets plunged on their return from the extended Lunar New Year holiday. The Shenzhen component dived 8.69%, and the Shenzhen composite plunged 8.65% in early trading. The Shanghai composite tumbled more than 8%. Both the onshore and offshore yuan weakened past the 7 level against the dollar on Monday morning, a key psychological level. The People’s Bank of China, however, announced Sunday that it will inject 1.2 trillion yuan ($174 billion) worth of liquidity into the markets via open market reverse repo operations. That will make the total liquidity in the banking system around 900 billion yuan more as compared to a year ago, it added. The China Securities Regulatory Commission told the state-owned People’s Daily on Sunday, however, that it believed the outbreak’s impact on markets would be short lived. To support firms, it said it would call on corporate bond investors to extend the debt maturity dates, and consider launching hedging tools for the A-share market to ease market panic.

8:45 am: More Chinese provinces or regions extend shutdown

As of Monday morning, at least 24 provinces, municipalities and other regions in have told businesses not to resume work before Feb. 10 at the earliest. That’s according to publicly available statements from the governments. Last year, those parts of China accounted for more than 80% of national GDP, and 90% of exports, according to CNBC calculations of data accessed through Wind Information. Beijing: encouraged companies to have employees work from home until Feb. 10. Hubei: businesses are not to reopen until at least Feb. 14. However, officials said Friday that Hubei would further extend the holiday to an “appropriate extent,” according to state-owned newspaper People’s Daily. Tianjin: Businesses and schools are not to reopen until further notice. Anhui, Chongqing, Fujian, Guangdong, Guangxi, Guizhou, Hebei, Heilongjiang, Henan, Hunan, Inner Mongolia, Jiangsu, Jiangxi, Jilin, Liaoning, Ningxia, Shaanxi, Shandong, Shanghai, Shanxi, Suzhou, Xi’an, Yunnan, Zhejiang: work is to resume no earlier than midnight on Feb. 9.

8:10 am: China markets set to reopen on Monday

Investors are bracing for the reopening of mainland Chinese markets at 9:30 a.m. after the extended holiday, with expectations they will take a battering amid the virus outbreak. The People’s Bank of China, however, announced Sunday that it will inject 1.2 trillion yuan ($173 billion) worth of liquidity into the markets via open market reverse repo operations. Meanwhile, other Asia markets tumbled at Monday’s open, with Japan, Australia and South Korea all dropping more than 1%.

7:50 am: China confirms 57 additional deaths and 2,829 new cases

China’s National Health Commission said there were an additional 57 deaths and 2,829 new confirmed cases, as of the end of Sunday. That brings the country’s total to 361 deaths and 17,205 confirmed cases, the government said.

6:54 am: China’s Hubei province confirms additional 56 deaths and 2,103 new cases

The Hubei Provincial Health Committee confirmed 2,103 new cases and an additional 56 deaths in the province through the end of Feb. 2. It said that brings total confirmed cases in the region to 11,177 as the death toll rises to 350 deaths in the province. Wuhan, China is the capital city of Hubei province and the epicenter of the coronavirus outbreak. All times below in U.S. eastern standard time.

5 pm: California county reports ninth US case of coronavirus

The ninth U.S. case of coronavirus was confirmed in Santa Clara County on Sunday. It’s the second case in the San Francisco Bay area. The case is in a woman who was recently in Wuhan, China, and visited the U.S. to see family on Jan. 23, according to the County of Santa Clara Public Health Department.

3 pm: Russian Railways halts passenger trains to China

Russian Railways said on Sunday that it would temporarily suspend passenger trains to China from midnight until further notice, including rail services along the Moscow-Beijing route.

2 pm: China finishes building new hospital in 10 days


Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: weizhen tan evelyn cheng christine wang, weizhen tan, evelyn cheng, christine wang
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China accuses US of spreading fear and panic over coronavirus outbreak

China’s Foreign Ministry accused the U.S. on Monday of setting a “very bad example” when it comes to tackling the fast-spreading coronavirus outbreak, saying President Donald Trump’s administration is spreading fear instead of providing much-needed assistance. A ministry spokesperson said it’s unreasonable for countries around the world to try to prevent people from crossing borders. The ministry singled out the U.S., saying it was spreading panic instead of offering significant assistance to ha


China’s Foreign Ministry accused the U.S. on Monday of setting a “very bad example” when it comes to tackling the fast-spreading coronavirus outbreak, saying President Donald Trump’s administration is spreading fear instead of providing much-needed assistance.
A ministry spokesperson said it’s unreasonable for countries around the world to try to prevent people from crossing borders.
The ministry singled out the U.S., saying it was spreading panic instead of offering significant assistance to ha
China accuses US of spreading fear and panic over coronavirus outbreak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: sam meredith
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China accuses US of spreading fear and panic over coronavirus outbreak

Pedestrians wear face masks as they walk outside the New Orient Landmark hotel in Macau on January 22, 2020.

China’s Foreign Ministry accused the U.S. on Monday of setting a “very bad example” when it comes to tackling the fast-spreading coronavirus outbreak, saying President Donald Trump’s administration is spreading fear instead of providing much-needed assistance.

A ministry spokesperson said it’s unreasonable for countries around the world to try to prevent people from crossing borders.

The ministry singled out the U.S., saying it was spreading panic instead of offering significant assistance to halt the coronavirus outbreak.

“The U.S. government hasn’t provided any substantive assistance to us,” ministry spokesperson Hua Chunying said.

“What it has done could only create and spread fear, which is a very bad example.”

The White House was not immediately available for comment when contacted by CNBC.

China’s National Health Commission on Monday confirmed 17,205 cases of the coronavirus in the country and 361 deaths.

The number of deaths in mainland China as a result of the virus has now surpassed that of the SARS epidemic, which lasted from 2002 to 2003.

Late last week, Trump signed an order temporarily barring entry to foreign nationals who had traveled to China within the past two weeks. Australia, Italy, Japan, Pakistan, Russia and Singapore have announced similar restrictions.

The World Health Organization has advised against imposing such measures, warning that travel restrictions can cause more harm than good.

“In a globalized world, the destinies of all countries are closely linked,” Hua said, emphasizing that the Trump administration’s decision to impose travel restrictions “could create and spread panic.”

“In the face of a public health crisis, countries should work together to overcome the difficulties, rather than resort to beggar-thy-neighbor practice, let alone take advantage of others’ difficulties.”


Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: sam meredith
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Coronavirus live updates: China accuses US of spreading fear, Saudis reportedly weigh oil cuts

China told the World Health Organization that channels of communication with Taiwan had been”unblocked,” with Beijing sharing full information on the coronavirus with authorities across the Strait. Taiwan, which is not a WHO member due to China’s objections, has 10 confirmed cases of the coronavirus . Saudi Arabia is debating a short-term oil product cut as the deadly coronavirus continues to spread, the Wall Street Journal reported, citing OPEC officials. China’s Foreign Ministry accused the U.


China told the World Health Organization that channels of communication with Taiwan had been”unblocked,” with Beijing sharing full information on the coronavirus with authorities across the Strait.
Taiwan, which is not a WHO member due to China’s objections, has 10 confirmed cases of the coronavirus .
Saudi Arabia is debating a short-term oil product cut as the deadly coronavirus continues to spread, the Wall Street Journal reported, citing OPEC officials.
China’s Foreign Ministry accused the U.
Coronavirus live updates: China accuses US of spreading fear, Saudis reportedly weigh oil cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: berkeley lovelace jr william feuer, berkeley lovelace jr, william feuer
Keywords: news, cnbc, companies, shenyang, reportedly, organization, cuts, health, coronavirus, fear, taiwan, oil, chinas, updates, weigh, outbreak, china, members, saudis, live, confirmed, spreading


Coronavirus live updates: China accuses US of spreading fear, Saudis reportedly weigh oil cuts

This photo taken on February 2, 2020 shows medical staff members from Shenyang bidding farewell with family members and friends before leaving for Wuhan, where a novel virus originally outbreak, at Xiantao International Airport in Shenyang in China’s northeastern Liaoning province.

All times below are in Eastern time.

This is a live blog. Please check back for updates.

China told the World Health Organization that channels of communication with Taiwan had been”unblocked,” with Beijing sharing full information on the coronavirus with authorities across the Strait. Taiwan, which is not a WHO member due to China’s objections, has 10 confirmed cases of the coronavirus . China considers self-governing Taiwan a wayward province to be brought under its control.

Saudi Arabia is debating a short-term oil product cut as the deadly coronavirus continues to spread, the Wall Street Journal reported, citing OPEC officials. The Organization of the Petroleum Exporting Countries and its allies are expected to meet Tuesday and Wednesday to discuss the possible actions, according to the Journal.

China’s Foreign Ministry accused the U.S. of setting a “very bad example” when it comes to tackling the fast-spreading coronavirus outbreak, saying President Donald Trump’s administration is spreading fear instead of providing much-needed assistance. China’s National Health Commission earlier confirmed 17,205 cases of the coronavirus in the country and 361 deaths.

Read CNBC’s coverage from our Asia-Pacific team overnight: Hong Kong closes most border crossings with mainland China, death toll at 362

—CNBC’s Sam Meredith contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: berkeley lovelace jr william feuer, berkeley lovelace jr, william feuer
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Oil drops more than 2% for 7th negative session in 8 as coronavirus fear escalates

U.S. West Texas Intermediate crude fell $1.19, or 2.2%, to settle at $52.14 per barrel. Prices have steadied in recent days at three-month lows as investors tried to assess what economic damage the virus might inflict and to demand for crude oil and its products. The only thing that can change the current trend is an emergency OPEC meeting,” said Olivier Jakob of consultancy Petromatrix. Algeria’s energy minister Mohamed Arkab said on Wednesday it was very possible that an OPEC meeting could be


U.S. West Texas Intermediate crude fell $1.19, or 2.2%, to settle at $52.14 per barrel.
Prices have steadied in recent days at three-month lows as investors tried to assess what economic damage the virus might inflict and to demand for crude oil and its products.
The only thing that can change the current trend is an emergency OPEC meeting,” said Olivier Jakob of consultancy Petromatrix.
Algeria’s energy minister Mohamed Arkab said on Wednesday it was very possible that an OPEC meeting could be
Oil drops more than 2% for 7th negative session in 8 as coronavirus fear escalates Cached Page below :
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Oil drops more than 2% for 7th negative session in 8 as coronavirus fear escalates

Oil prices fell more than 2% on Thursday on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting.

Brent fell $1.52, or 2.5%, to settle at $58.29 per barrel, having risen 0.5% on Wednesday. U.S. West Texas Intermediate crude fell $1.19, or 2.2%, to settle at $52.14 per barrel.

Countries have started isolating hundreds of citizens evacuated from the Chinese city of Wuhan on Thursday to stop the spread of an epidemic that has killed 170 people as worry about the impact on the world’s second-biggest economy rattled markets.

Prices have steadied in recent days at three-month lows as investors tried to assess what economic damage the virus might inflict and to demand for crude oil and its products.

But now the rising death toll from the virus and its spread has again turned screens red, with global equities falling. The MSCI world equity index, which tracks shares in 49 countries, fell 0.5% as European shares followed Asian indexes down.

“The market is really driven by Asia and the China virus. The only thing that can change the current trend is an emergency OPEC meeting,” said Olivier Jakob of consultancy Petromatrix.

“The Libyan outage is not providing much of a floor. Only an additional OPEC cut could change things.”

The World Health Organisation’s Emergency Committee is set for another meeting later on Thursday to reconsider whether the rapid spread of the virus should be considered a global emergency.

Major multinationals are closing operations in China and Airlines around the world are suspending or reducing direct flights to China as travel warnings are issued by governments and passenger numbers drop.

Algeria’s energy minister Mohamed Arkab said on Wednesday it was very possible that an OPEC meeting could be advanced to February instead of the scheduled meeting in March.

ING cautioned that outages in Libya – where production has been steadily declining amid a blockade – should not be discounted.

“While demand is a real concern, it’s important not to forget about the supply disruptions from Libya – if these losses persist, it would be enough to swing the market into deficit this quarter,” ING said in a note.

The bigger than expected build in U.S. crude oil inventories last week also kept pressure on prices.

Crude stocks rose by more than seven times market expectations, gaining 3.5 million barrels in the week to Jan. 24, the U.S. Energy Information Administration (EIA) said on Wednesday.

Gasoline stocks rose to a record high, increasing for a 12th consecutive week to 261.1 million barrels, the EIA said.


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One in five fear they’ll owe the IRS money this spring

PeopleImages | E+ | Getty ImagesTax season is starting off with a whimper, as 1 in 5 people predict they will owe the IRS this tax season. Taxpayers who think they’ll owe the government expect to pay an average of $2,667, according to the survey. Taxpayers often didn’t grasp the full impact of those changes until they filed their 2018 returns last spring. The IRS also changed Form W-4, a key piece of paperwork you can use to fine tune the amount of tax withheld from your pay. It’s too late to ad


PeopleImages | E+ | Getty ImagesTax season is starting off with a whimper, as 1 in 5 people predict they will owe the IRS this tax season.
Taxpayers who think they’ll owe the government expect to pay an average of $2,667, according to the survey.
Taxpayers often didn’t grasp the full impact of those changes until they filed their 2018 returns last spring.
The IRS also changed Form W-4, a key piece of paperwork you can use to fine tune the amount of tax withheld from your pay.
It’s too late to ad
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One in five fear they'll owe the IRS money this spring

PeopleImages | E+ | Getty Images

Tax season is starting off with a whimper, as 1 in 5 people predict they will owe the IRS this tax season. Those were the findings from a recent survey by NerdWallet. The personal finance website polled 2,002 adults online from Nov. 18 through Nov. 20, 2019. Taxpayers who think they’ll owe the government expect to pay an average of $2,667, according to the survey. “One of the things we think is happening is that it’s partially due to the tax law changes we saw last year,” said Andrea Coombes, a tax specialist at NerdWallet.

Indeed, the Tax Cuts and Jobs Act went into effect in 2018, resulting in a nearly doubled standard deduction, curbs on certain itemized deductions and the elimination of personal exemptions. Taxpayers often didn’t grasp the full impact of those changes until they filed their 2018 returns last spring.

Only half expect refunds

Meanwhile, just over half of participants said they expect to receive a refund when they file their 2019 returns, NerdWallet found. That’s down sharply from the 86% of participants who last year had anticipated getting money back from Uncle Sam after filing their 2018 tax paperwork. This may not necessarily be a bad thing. In fact, it may be a sign that taxpayers are better understanding how the Tax Cuts and Jobs Act affects the taxes withheld from their pay. Overall, the new law reduced individual income tax rates and led to an overhaul of the withholding tables employers use to deduct income taxes from employees’ paychecks. See below for the 2020 tax rates. The IRS also changed Form W-4, a key piece of paperwork you can use to fine tune the amount of tax withheld from your pay. Not all taxpayers were prepared for these updates. Those who failed to review their withholding at work may have been having too little in taxes pulled from their pay, meaning they risked owing the IRS the following year. Still, these people took home more money during the year. The flip side is having too much withheld, which leaves you with a possible big refund from the IRS, along with a smaller paycheck. It’s too late to address your withholding for 2019, but now is a good time to course correct for 2020. “Think about where you will be next year,” said Coombes. “This is a great time to look at your Form W-4 and make sure you aren’t underpaying or overpaying your taxes.”

File early if you can

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Company: cnbc, Activity: cnbc, Date: 2020-01-29  Authors: darla mercado
Keywords: news, cnbc, companies, tax, pay, money, spring, withholding, taxes, 2019, irs, theyll, fear, withheld, expect, owe, taxpayers, think


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The sell-off in oil isn’t ‘entirely comparable’ to what happened with SARS, says CEO

There’s a “bear stampede” in the oil market as a new coronavirus spreads, but that may not be directly comparable to the sell-off in 2003 associated with the outbreak of severe acute respiratory syndrome (SARS), according to an energy analyst. Oil futures slid for a sixth session on Tuesday amid reports of a rising number of cases and casualties. “However, when it comes to the oil market, I don’t think it’s entirely comparable.” Energy prices also slumped during the SARS outbreak in 2003. But sh


There’s a “bear stampede” in the oil market as a new coronavirus spreads, but that may not be directly comparable to the sell-off in 2003 associated with the outbreak of severe acute respiratory syndrome (SARS), according to an energy analyst.
Oil futures slid for a sixth session on Tuesday amid reports of a rising number of cases and casualties.
“However, when it comes to the oil market, I don’t think it’s entirely comparable.”
Energy prices also slumped during the SARS outbreak in 2003.
But sh
The sell-off in oil isn’t ‘entirely comparable’ to what happened with SARS, says CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-28  Authors: abigail ng
Keywords: news, cnbc, companies, outbreak, energy, happened, isnt, entirely, market, panic, invasion, selloff, oil, sars, comparable, fear, coronavirus, severe, ceo


The sell-off in oil isn't 'entirely comparable' to what happened with SARS, says CEO

There’s a “bear stampede” in the oil market as a new coronavirus spreads, but that may not be directly comparable to the sell-off in 2003 associated with the outbreak of severe acute respiratory syndrome (SARS), according to an energy analyst.

Oil futures slid for a sixth session on Tuesday amid reports of a rising number of cases and casualties.

“It is based on a lot of fear and panic,” Vandana Hari, founder and CEO of energy markets consultancy Vanda Insights, told CNBC’s “Capital Connection” on Tuesday. “That fear and panic will probably not die down anytime soon.”

“It’s natural, very human to … hark back to SARS,” she said. “However, when it comes to the oil market, I don’t think it’s entirely comparable.”

Energy prices also slumped during the SARS outbreak in 2003. But she said there was “another, much bigger influence” in the oil market back then — the U.S. invasion of Iraq.

Brent crude went down from the mid-$30s to the mid-$20s at the time, she said. “The fear premium just before the invasion had peaked, then suddenly it dropped off quite rapidly when it realized that, though Iraqi production was affected, OPEC members rallied and pumped enough oil.”

The novel coronavirus also appears to be less severe, she said, noting that the virus has not spread the way SARS did outside of China.


Company: cnbc, Activity: cnbc, Date: 2020-01-28  Authors: abigail ng
Keywords: news, cnbc, companies, outbreak, energy, happened, isnt, entirely, market, panic, invasion, selloff, oil, sars, comparable, fear, coronavirus, severe, ceo


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Jim Cramer: Fundamentals versus fear is the new dynamic in this market

Jim Cramer: Fundamentals versus fear is the new dynamic in this marketCNBC’s Jim Cramer breaks down how quarterly reports from United Technologies and Apple help buck the negative sentiments in the market.


Jim Cramer: Fundamentals versus fear is the new dynamic in this marketCNBC’s Jim Cramer breaks down how quarterly reports from United Technologies and Apple help buck the negative sentiments in the market.
Jim Cramer: Fundamentals versus fear is the new dynamic in this market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-28
Keywords: news, cnbc, companies, versus, technologies, dynamic, sentiments, fear, negative, quarterly, reports, market, united, jim, marketcnbcs, fundamentals, cramer


Jim Cramer: Fundamentals versus fear is the new dynamic in this market

Jim Cramer: Fundamentals versus fear is the new dynamic in this market

CNBC’s Jim Cramer breaks down how quarterly reports from United Technologies and Apple help buck the negative sentiments in the market.


Company: cnbc, Activity: cnbc, Date: 2020-01-28
Keywords: news, cnbc, companies, versus, technologies, dynamic, sentiments, fear, negative, quarterly, reports, market, united, jim, marketcnbcs, fundamentals, cramer


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Stock market live updates: Dow down 400, coronavirus hits Apple & Nike, fear gauge spike

That includes higher contributions to Social Security by higher income tax payers and a higher individual tax rate. — Hum9:31 am: Dow opens down more than 500 pointsThe Dow Jones Industrial Average open was even worse than futures were signaling. — Pound9:08 am: Macau visits down 60% from coronavirusVisits to the Chinese territory Macau, known for its Las Vegas-like casino and gaming businesses, are declining as the Chinese coronavirus continues to spread throughout Asia. –Fitzgerald8:11 am: Tra


That includes higher contributions to Social Security by higher income tax payers and a higher individual tax rate.
— Hum9:31 am: Dow opens down more than 500 pointsThe Dow Jones Industrial Average open was even worse than futures were signaling.
— Pound9:08 am: Macau visits down 60% from coronavirusVisits to the Chinese territory Macau, known for its Las Vegas-like casino and gaming businesses, are declining as the Chinese coronavirus continues to spread throughout Asia.
–Fitzgerald8:11 am: Tra
Stock market live updates: Dow down 400, coronavirus hits Apple & Nike, fear gauge spike Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-27  Authors: fred imbert maggie fitzgerald yun li, fred imbert, maggie fitzgerald, yun li
Keywords: news, cnbc, companies, dow, virus, lower, coronavirus, lowest, nike, live, spike, gauge, fear, updates, shares, market, hits, chinese, american, higher, stock


Stock market live updates: Dow down 400, coronavirus hits Apple & Nike, fear gauge spike

A traveller wearing a mask, sits at Vancouver International Airport (YVR) as Canada’s Public Health Agency added a screening question for visitors and began displaying messages in several airports urging travellers to report flu-like symptoms in efforts to prevent any introduction of coronavirus, in Richmond, British Columbia, Canada January 24, 2020. Jennifer Gauthier | Reuters

This is a live blog. Check back for updates.

10:33 am: Trader anxiety over Sanders tax plan builds as poll momentum rises

Market pros have been getting increasingly nervous about Vermont Sen. Bernie Sanders rise in the polls, as the Iowa caucuses approach. A chart by Cornerstone Macro analyzing the tax plans of the Democratic candidates is adding to that angst. The chart was published in The Wall Street Journal. The tax plans of all top Democratic candidates show a sharp jump to an overall marginal rate above 50%, from the current 40.2%. That includes higher contributions to Social Security by higher income tax payers and a higher individual tax rate. Sanders’ proposals is by far the biggest jump, boosting the overall top marginal rate to 69.2%. His top individual tax rate would jump to 52% (from 37%). “With this virus, people have tuned out the U.S. elections, which is a relief. But they’ll be back quickly,” said one strategist. “If Bernie’s the potential front runner, markets get a little spooked by that.” Over the weekend, Doubleline’s Jeff Gundlach tweeted: “Bernie getting close to Joe on Predicit. Here comes Iowa!” —Domm

10:23 am: Health insurers slump as Bernie Sanders sees Iowa support top Biden’s

Top health insurers traded lower as new polls released over the weekend showed Sen. Bernie Sanders, I-Vt., surpassing former Vice President Joe Biden in key early states as both vie for Democrats’ support in the 2020 primary. Stocks including Anthem, UnitedHealth, Cigna and Humana all traded down at least 2%. Sanders, a lifelong democratic socialist and avowed opponent of private-sector health care, has been his support among Iowa voters rise in recent days ahead of the state’s critical caucus next week. His support swelled by six points since October and he’s now garnering 25% of the Iowa vote, according to a New York Times/Siena College poll. —Franck

10:03 am: American Express slides as analyst sees strong run ending

Shares of American Express fell 4.4% in after Stephens downgraded the stock to equal-weight from overweight, saying the company’s “excellent performance is now the market expectation.” While Stephens expects American Express to continue to perform well, the firm said it doesn’t see any “material catalysts for 2020” to drive the stock higher. Piper Sandler also called out American Express’ strong execution in a note but highlighted a different risk: The impact of coronavirus on American Express from a potential decrease in travel and tourism spending. Piper Sandler said so far, the coronavirus risk for American Express is small. —Sheetz

10 am: Copper prices sink to their lowest level since October

Copper dropped more than 2% to its lowest level since October as investors fretted over the economic impact of the coronavirus. The metal traded around $2.62 per pound. Earlier in the session, it hit a low of $ 2.612 per pound, its lowest since Oct. 18. Copper is widely considered a bellwether for the global economy since it is used in everything from building houses to consumer goods. Declining copper prices may signal an economic slowdown is ahead. —Imbert, Francolla

9:57 am: Dow briefly turned negative for 2020

The Dow was negative for the year at its session lows shortly after the open. Breakeven for year is 28,538.44. The Dow hadn’t been lower for the year on an intraday basis since January 8. The S&P 500 is still modestly higher for 2020 (breakeven 3.230.78), while the Nasdaq is still solidly higher for the year (breakeven 8,972.61). — Hum

9:31 am: Dow opens down more than 500 points

The Dow Jones Industrial Average open was even worse than futures were signaling. The Dow dropped more than 500 points in the first minute as traders sold first and asked questions later on fears of the coronavirus hitting global business activity. Nike, which has big revenue exposure to the China consumer, was the worst performer in the Dow, losing 3%. It was the worst percentage Dow drop since October with the average off more than 1.5%. The S&P 500 lost 1.5%. Apple shares were off by 3% as well. —Melloy

9:25 am: J&J is ‘pretty confident’ it can create a coronavirus vaccine

Johnson & Johnson’s chief scientific officer told CNBC on Monday that he believes the drugmaker can create a vaccine in the coming months to fight against the fast-spreading coronavirus. However, Dr. Paul Stoffels said it could take up to a year to bring it to market. “We have dozens of scientists working on this,” he told “Squawk Box,” confirming J&J started working on a coronavirus vaccine two weeks ago. Johnson & Johnson shares were off by just 0.6%, outperforming the broader market as some investors hid out in the stocks in the steady industry. —Bursztynsky

9:22 am: ‘Fear gauge’ surges as markets slump on virus fears

The Cboe Market Volatility Index surged above 18 on Monday morning as the broader stock market pointed toward a lower open. The index, often called Wall Street’s ‘fear gauge’, is about 4 points above where it closed on Friday and is at its highest level since October. Volatility has been abnormally low during the latest stretch for this bull market. The index means more investors are buying put options to protect from a market slide. — Pound

9:08 am: Macau visits down 60% from coronavirus

Visits to the Chinese territory Macau, known for its Las Vegas-like casino and gaming businesses, are declining as the Chinese coronavirus continues to spread throughout Asia. Through the third day of the Chinese New Year holiday, Macau visits were down 60% year-over-year, according to Deutsche Bank. Wynn Resorts, Las Vegas Sands and MGM Resorts International all have revenues coming from Macau. Wynn dropped 8%, Las Vegas Sands fell 7% and MGM ticked 5% lower in premarket trading on Monday. –Fitzgerald

9:06 am: 10-year Treasury yield slides to lowest since October

The heightened concerns about the deadly coronavirus continued to drive investors to safe assets like government bonds. The benchmark 10-year Treasury yield, which moves inversely with prices, touched a low of 1.603% Monday, its lowest level since Oct. 10. The yield on 2-year Treasury note also hit a low of 1.429%, its lowest level in more than three months. —Li

9:02 am: Oil’s slide continues, heads for 5-day losing streak

Oil moved lower again on Monday — pacing for the fifth straight session of losses — as fears over a potential slowdown in crude demand, sparked by the coronavirus outbreak, continued to pressure prices. U.S. West Texas Intermediate crude dropped more than 3% to $52.13, its lowest level since Oct. 10. International benchmark Brent crude also hit a more than 3-month low, after posting its worst week since Dec. 2018. “The corona virus has quickly morphed from being a curiosity to a potentially more ominous threat to the global economic and oil demand outlook for 2020,” Simmons Energy analyst Bill Herbert said in a note to clients Sunday. — Stevens

8:34 am: Oppenheimer downgrades Estee Lauder as coronavirus threat looms

Oppenheimer downgraded shares of cosmetic company Estee Lauder to perform from outperform and lowered their price target to $210 per share from $230 per share, as the death toll and infection rate of the Chinese virus continued to rise. In recent years, the Chinese consumer has represented a key driver in Estee Lauder’s business, offsetting weakness in the United States, said Oppenheimer. Credit Suisse estimates the makeup company has about 17% revenue exposure in China. “Although difficult to measure the precise impact and the length at which the coronavirus-related challenges could persist within the Chinese economy, we now expect EL’s higher margin travel-retail segment to be adversely impacted at least in Q3 (Mar.) and potentially longer,” Oppenheimer analyst Rupesh Parikh said in a note. After falling more than 10% last week, Estée Lauder ticked lower again on Monday. –Fitzgerald

8:27 am: Boeing shares under pressure as plane crash details to unfold

Shares of Boeing are down 1.6% in volatile trading as investors grapple with conflicting information about a passenger plane crash in Afghanistan on Monday. It was initially reported to be a plane from the state-owned Ariana Afghan Airlines. However, the airline’s acting CEO Mirwais Mirzakwal has since denied that one of its planes had crashed. It’s still unclear if it was a Boeing plane that went down. —Li

8:21 am: Bank of America downgrades Wynn Resorts on virus fears

Bank of America downgraded shares of hotel and casino chain Wynn Resorts to neutral from buy and lowered its price target to $150 per share from $160 per share as the Chinese coronavirus continues to spread, threatening travel and tourism-related stocks (see below). The deadly virus, which has killed more than 80 people and infected over 2,800 people, is getting stronger, forcing China to restricted travel for at least 35 million people across 15 cities. “Understandably, the Macau focused gaming names have traded off more than the broader market as they are 1) highly exposed to domestic Chinese travel, 2) the timing is concurrent with Chinese New Year,” Bank of America equity analyst Shaun Kelley said in a note to clients Monday. After falling more than 11% last week, Wynn shares dropped once again on Monday. –Fitzgerald

8:11 am: Travel and consumer stocks take a hit amid increasing coronavirus worries

Travel and gaming stocks are leading the broader market lower as fears over the coronavirus escalate. Las Vegas Sands, Wynn Resorts and MGM Resorts, which have big China gaming operations, all dropped at least 4.5% in the premarket. Airline shares such as American, Delta and United each slid at least 3% on fears of a slowdown in global travel because of virus fears. Expedia was off by 4% and Marriott International by 3%. Estee Lauder and Nike, two consumer stocks with high China sales exposure, fell 4.1% and 2.5%, respectively. Disney and Apple both dipped more than 2%. —Imbert

8:10 am: Dow set to drop more than 400 points as coronavirus fears permeate


Company: cnbc, Activity: cnbc, Date: 2020-01-27  Authors: fred imbert maggie fitzgerald yun li, fred imbert, maggie fitzgerald, yun li
Keywords: news, cnbc, companies, dow, virus, lower, coronavirus, lowest, nike, live, spike, gauge, fear, updates, shares, market, hits, chinese, american, higher, stock


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