Strong U.S. economic data raised hopes of the Federal Reserve rate hike pushing the dollar and Treasury yields higher, while fading major indexes’ rally. Oil prices fell on profit taking and gold dropped.
• U.S. consumer spending, inflation data keep rate hikes on table
U.S. consumer spending rose solidly in January and underlying inflation picked up by the most in four years, keeping Federal Reserve interest rate increases on the table this year.
• United Tech rejects Honeywell’s $90.7 billion offer
U.S. industrial conglomerate United Technologies rejected a $90.7 billion offer by rival aerospace supplier Honeywell International, saying that pursuing a merger would be “irresponsible” toward its shareholders.
• Apple CEO Tim Cook commits to annual dividend raise
Chief Executive Tim Cook said Apple is committed to raising its dividend annually, a move designed to please investors but also a sign the world’s most famous technology company may no longer be a growth stock.
Data from Reuters