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WALL STREET EDGES UP ON GAINS IN TECH, BANK STOCKS

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US FINANCIAL MARKET
| US ECONOMY & POLITICS
 EUROPE & WORLD | TODAY IN HISTORY

DAILY MARKET REPORTS

  •  The central bank on Wednesday raised rates by a quarter point to 0.75-1.00 percent.
  • The Fed stuck to its outlook for two more rate hikes this year and three in 2018.
  • The yield on the 10-year U.S. Treasury note rose to 2.524%.
  • Homebuilding jumped in February as unseasonably warm weather boosted the construction of single-family houses.
  • The number of Americans filing for unemployment benefits fell last week.
  • Dutch Prime Minister Mark Rutte’s center-right People’s Party for Freedom and Democracy gained the most votes in the general election.
  • Oracle issued a better-than-expected quarterly profit.
  • Tesla raised about $1.15 billion as the company speeds up the launch of its Model 3 sedan.

US FINANCIAL MARKET

Fed Raises Interest Rates, Remains on Track to Keep Tightening  

  • Ms. Yellen was careful to note that the Fed hadn’t significantly changed its forecasts for economic growth, unemployment or inflation, but it expected continued improvement.

Oracle’s Cloud Business Drives Revenue Growth  

  • Oracle reported a profit of $2.24 billion, up from $2.14 billion a year earlier.
  • Quarterly revenue grew 2.1% to $9.21 billion.
  • Oracle’s growth in web-based, on-demand applications and other services is offsetting declines in revenue from the company’s legacy software-licensing operations.

Dollar General beats sales estimates, to hike store managers’ pay  

  • The company said sales rose 13.7 percent to $6.01 billion.
  • Net income rose to $414.2 million or $1.49 per share in the fourth quarter.

Tesla Raises Additional Funds for Model 3 Debut  

  • Tesla said it is on track to launch a more affordable car this year, but it needs to raise $1 billion to make sure it happens.
  • Tesla is offering $250 million in common stock and $750 million in convertible notes due in 2022.

3M to buy Johnson Controls’ safety gear business for $2 billion  

  •  Scott Safety makes respiratory and protective equipment and other safety products for firefighters, industrial workers, police squads and the U.S. military.

GoPro expects first-quarter revenue at top end of previous forecast  

  •  GoPro had previously forecast its revenue to be $190 million to $210 million for the quarter ended March 31.

McDonald’s Says Account Was Compromised Before Anti-Trump Tweet  

 

Hacked Tweet that has since been deleted.

 

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US ECONOMY & POLITICS

Trump Budget Seeks Big Cuts to Environment, Arts, Foreign Aid  

  • President Donald Trump called for sharp cuts to spending on foreign aid, the arts, environmental protection and public broadcasting to pay for a bigger military and a more secure border in a fiscal 2018 budget blueprint released Thursday.
  • The budget proposal is the Trump administration’s first stab at translating some of the president’s campaign promises into hard numbers.

Fed Sees Two More Rate Increases in 2017  

  • The Fed’s new projections suggest officials remain confident the economy will evolve as they expect.
  • Nine of the 17 Fed officials who submitted projections indicated three rate increases would be appropriate in 2017, up from six officials in December.
  • Wednesday’s projections show Fed officials see the economy growing 2.1% in 2017, the same pace as in December.
  • They see growth at 2.1% in 2018 and 1.9% in 2019 before settling at its longer-run average of 1.8%.

Housing Starts Rise to 10-Year High  

  • Rise on warm weather, buyers getting ahead of rising mortgage rates.
  • Housing starts rose 3% in February from the previous month to a seasonally adjusted annual rate of 1.288 million.
  • Permits, an indication of how much construction is in the pipeline, fell 6.2% to 1.213 million.

U.S. Jobless Claims Fell Last Week to 241,000  

  • Initial jobless claims, a proxy for layoffs across the U.S. economy, declined by 2,000 to a seasonally adjusted 241,000.
  • Jobless claims have remained below 300,000 for 106 consecutive weeks, the longest such streak since 1970.

Trump Says He Based Charge of Obama Wiretapping on Media Reports  

  • Trump said Wednesday that he based claims that former President Barack Obama had wiretapped Trump Tower at least partially on media reports, and remained confident that information emerging in the coming weeks would vindicate his so-far unsubstantiated charge.
  • “Let’s see whether or not I prove it,” Trump said. “I just don’t choose to do it right now.”

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EUROPE & WORLD

Dutch Voters Rebuff Anti-Immigration Candidate  

  • Prime Minister Mark Rutte achieved goal of finishing ahead of anti-Islam firebrand Geert Wilders.
  • Preliminary results based on counting 94% of votes put the premier’s center-right party on track to win 33 seats, an 8-seat drop compared with 2012 elections but still ahead of Mr. Wilders’s group, which came second with 20 seats, followed closely by the conservative Christian Democratic Appeal and the centrist D66, both with 19 seats. Turnout was at 77.6%.

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TODAY in HISTORY

  • Ferdinand Magellan reached the Philippines (1521)
  • The first liquid-fuel rocket was successfully launched by Prof. Robert Goddard at Auburn, Massachusetts. The rocket traveled 184 feet in 2.5 seconds (1926)
  • Adolf Hitler cancelled the military clauses of the Treaty of Versailles (1935)

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