Exxon signals big Q2 with potential $5.5B surge in refining profit (NYSE:XOM)

David McNew/Getty Images News Exxon Mobil (NYSE:XOM) expects Q2 refining profits jumped by as much as $5.5B, while earnings from its oil and gas production climbed as much as $3.3B, pointing to very strong results when the company releases its quarterly earnings report in four weeks. In an SEC filing released on Friday, the company … Read more

Stocks Surge as Bullard, Data Ease Recession Fears: Markets Wrap

(Bloomberg) — US stocks surged and a rally in Treasuries waned after a reading on inflation expectations eased and the Federal Reserve’s James Bullard suggested recession fears are overdone. Most Read from Bloomberg The S&P 500 jumped more than 2%, putting it on track to snap a three-week decline. Sentiment improved further after the University … Read more

Inflation drives surge in interest payments on UK public debt

Interest payments on UK government debt hit one of the highest levels on record last month as rising inflation limited an expected fall in public sector borrowing. Interest costs rose to £7.6bn in May, well above the figure for last year and higher than a £5.1bn forecast from the Office for Budget Responsibility, following a … Read more

JPMorgan lays off hundreds in mortgage business after rate surge

JPMorgan Chase is laying off hundreds of home-lending employees and reassigning hundreds more this week as rapidly rising mortgage rates drive down demand in what had been a red-hot housing market.  The total affected will be more than 1,000 workers, with about half moved to different divisions within the biggest U.S. bank, according to people … Read more

Reverse mortgage lenders vie for baby boomers amid rate surge

Home equity conversion mortgage endorsements declined in April, as surging rates could be shifting some business from the Federal Housing Administration product toward proprietary reverse mortgage offerings. Home Equity Conversion Mortgage endorsement totals fell 3.7% month over month to 6,253 from 6,495 in March, as both retail/direct lending and wholesale/broker channels saw a drop, according … Read more

Dow Futures Surge as Wall Street Rebounds From Last Week’s Steep Selloff

Text size Traders work on the floor of the New York Stock Exchange. Spencer Platt/Getty Images Stock futures traded sharply higher Tuesday as investors returned from a three-day weekend feeling a bit more optimistic after last week’s steep selloff. Contracts linked to the Dow Jones Industrial Average rose 493 points, or 1.7%, to 30,365, S&P … Read more