Wall Street's main indexes hit their lowest in nearly seven weeks Monday as concerns about fresh coronavirus-driven lockdowns and the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. Fred Katayama reports.
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
On Thursday, US stocks sank in turbulent trading. Falling tech giants dragged on benchmark indexes. Tech names had rebounded on Wednesday. However, they resumed their downward spiral as investors shunned their still lofty valuations. Traders also mulled weekly jobless-claims data that signaled lasting pain in the US labor market. Jobless claims totaled 884,000 for the week that ended on Saturday, missing the economist estimate of 850,000.
Donald Trump refused to commit to accepting poll results, saying he isconcerned that mail-in voting will lead to a "fraudulent election". Thepresident made the comments during Tuesday night's first presidential debatewith Joe Biden.
Credit: PA - Press Association STUDIO Duration: 01:37Published
There were heated clashes over the president's handling of the COVID-19 pandemic, the integrity of the election results, personal attacks about Biden's family and how the Supreme Court will shape the future of the nation’s health care.
US President Donald Trump went after former Vice President Joe Biden over his son Hunter's business dealings and alleged he had earned billions from work related to China and Ukraine. During the presidential debate, Trump said: "China ate your lunch, Joe. And no wonder: your son goes in and takes out billions of dollars, and he makes millions of dollars." Biden defended his son and said Trump's attacks had been "totally, thoroughly discredited." He also took a jab at the Trump family: "We don't want to talk about family ethics, we could talk about his family all night." Claims about Biden Hunter earning billions from a Chinese government-owned state bank have previously been discredited by independent fact-checkers, and Hunter Biden's attorney said in 2017 he took an equity stake worth $420,000, The Wall Street Journal.
The first debate between US President Donald Trump and Democratic challengerJoe Biden deteriorated into a bitter showdown. The president repeatedlyinterrupted his opponent with angry and personal taunts that sometimesovershadowed the sharply different visions each man has of a nation facinghistoric crises.
Credit: PA - Press Association STUDIO Duration: 01:00Published
The drug giant said it would begin a stage three trial of a single-shot vaccine, which could prove easier to administer than rivals that require two inoculations. This report produced by Zachary Goelman.
Moderna Inc said on Wednesday that an analysis of the early-stage data of its experimental COVID-19 vaccine showed it induced immune responses in older adults that were similar to younger participants. Conway G. Gittens has the details
Gizmodo reports that FedEx is partnering with Reliable Robotics to incorporate the firm’s unmanned aircraft into its delivery fleet. Reliable Robotics is an aviation startup run by former Tesla and SpaceX engineers. FedEx isn’t phasing out its existing delivery aircraft fleet just yet, however. FedEx CEO Fred Smith told stockholders that the company’s aircraft crews don’t need to worry about their jobs becoming automated “for the foreseeable future—decades, I would say.