In the holiday-shortened week, investors are looking ahead to speeches from Federal Reserve presidents and an ECB rate hike due out later this week.
raised its quarterly dividend to 65.25 cents per share from 64 cents per share — a 2% increase. The new dividend will be payable Nov. 1. The move comes as Verizon shares struggle this year, losing 20% in 2022. The stock is also off by 7% over the past month and 25% below its 52-week high.U.S. stocks rose at Tuesday's open as Wall Street looks to snap a three-week losing streak. The Dow Jones Industrial average ticked up 117 points or 0.
Counting back from 1994 to calendar year 2021, Stoltzfus counted 13 Septembers that saw a negative return for the S&P 500 and 15 Septembers when the S&P 500 delivered a positive return. Billionaire investor Bill Ackman has said the Federal Reserve needed to be more aggressive in its rate hiking plan to tame inflation. Now, he says it's on well on that track and there are some indications that inflation is calming.
"Ultimately if you own great businesses, you can ride through a challenging time like this," he said.The S&P 500's roughly -16.1% year-to-date "hides sharp underlying moves," Credit Suisse's Jonathan Golub wrote in a Monday note. Returns have been -22.5% year-to-date through mid-June, up 17.7% to mid-August and -8.1% to month-end.
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