Stocks Rebound as Powell Hints at 2024 Rate Cuts; NY Community Bank Plunges 45% Then Pares Losses on $1B Investment
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Stocks rebounded on Wednesday after a sell-off, with the Nasdaq jumping 0.6% and S&P 500 adding 0.5%. Gains came as investors digested Fed Chair Powell's testimony that rate cuts are still likely in 2024.
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New York Community Bank stock plunged 45% on report it was seeking new investors, then pared losses after announcing $1B investment and new CEO.
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Powell told Congress rate cuts will likely be warranted "at some point" in 2024 if economy evolves as expected. Comments offered little new guidance ahead of Thursday testimony.
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Streaming services will likely continue raising prices, Paramount CFO said, noting future hikes planned after increases across the industry in 2023.
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ADP data showed wage gains increased month-over-month for job switchers in February for the first time since November, signaling labor market tightness.