Getty Images US stocks extended losses into Monday's close as a lack of stimulus progress cut into hopes for a pre-election deal. House Speaker Nancy Pelosi expedited talks on Sunday, setting a 48-hour deadline for the White House and Democrats to ink a deal. She later told Democrats that significant obstacles in reaching a compromise remain. Even if an agreement is reached, the bill is set to die in the Senate as Republicans push a $500 billion measure.
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market. Fred Katayama reports.
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.
[NFA] U.S. House of Representatives Speaker Nancy Pelosi on Thursday said legislation to help airline companies survive the fallout could only move through Congress with guarantees that lawmakers will work on a more comprehensive aid bill to help the unemployed, small businesses and revenue-depleted state and local governments. Conway G. Gittens reports.
On Thursday, the S&P 500 extended its record highs. Federal Reserve Chair Jerome Powell spoke at this year's virtual Jackson Hole symposium. Business Insider reports that Powell outlined the central bank's overhauled strategy for controlling inflation and avoiding future crises. He also signaled that the Fed's monetary policy will remain accommodative as it seeks to stimulate the US economy. Jobless claims came in at 1 million for the week that ended on Saturday, in line with consensus estimates. Abbott Laboratories produced a COVID-19 test that received emergency use authorization from the Food and Drug Administration. Oil prices traded lower. West Texas Intermediate crude fell as much as 2.4%, to $42.36 per barrel.
On Saturday, Sen. Lisa Murkowski said that will vote to confirm Amy Coney Barrett to the Supreme Court. Murkowski was opposed to confirming a Supreme Court judge to the court so close to the election. She decided to back Barrett due to her judicial philosophy. "I have concluded that she is the sort of person we want on the Supreme Court," Murkowski said. "I have no doubt about her intellect," she said from the Senate floor. Business Insider reports that Barrett is on the verge of confirmation.
On Monday, Dunkin' Brands surged 18%. The New York Times reported that Dunkin' Brands held preliminary talks to go private in a deal worth at least $8.8 billion. Dunkin' confirmed that it is in talks to go private. Inspire Brands would buy out Dunkin' for $106.50 per share. Business Insider reports that increase represents a potential upside of 20% from Friday's close. Inspire Brands is a private-equity backed firm that owns Arby's, Buffalo Wild Wings, Sonic Drive-In, and Jimmy John's.
America's coronavirus deaths could surpass 511,000 by the end of February. According to Business Insider, the staggering number comes from a new University of Washington model. The model also found that nearly 130,000 of those lives could be saved if 95% of Americans wore masks. The problem officials found is that only 60% of Americans say they always wear a mask in public. Researchers found that mask-wearing could also delay the need for lockdowns.
Former state legislator Jaime Harrison is challenging GOP Sen. Lindsey Graham. He is hoping to take Lindsey Graham's spot for US Senate in South Carolina. Graham is one of the most high-profile Republican Senators and a vocal supporter of Trump. Graham is seeking a fourth term to office in 2020, according to Business Insider. Harrison is putting up a formidable fight in deep-red South Carolina, narrowly outpacing Graham.
If you've managed to get your bachelor's degree, congratulations! And if you're thinking about grad school, get your piggy bank out and start saving. According to Business Insider, getting a master's degree or Ph.D. in your chosen field can be a smart career move, but it can also be a financial time bomb. If you want to go to grad school five years from now, start saving. First, research schools, tuition, and determine your monthly and annual living expenses.
The Federal Reserve is targeting above 2% inflation. Scott Minerd, Guggenheim global CIO told Bloomberg on Wednesday it is "virtually impossible" for the Fed to achieve that without creating a bubble in asset prices. "The reality is that the inefficiencies that are building up in the system." Minerd said misinformation and mistaken investments will pose a challenge to investors.
Equity benchmark indices traded lower during early hours on Thursday on the back of weak global cues after the US Federal Reserve indicated the interest rate could stay close to zero for years. At 10:15 am, the BSE S-P Sensex was down by 141 points or 0.36 per cent at 39,162 while the Nifty 50 lost by 39 points or 0.34 per cent at 11,565. Except for Nifty IT and pharma, all sectoral indices at the National Stock Exchange were in the negative terrain with Nifty private bank losing by 1 per cent and financial service by 0.9 per cent. Among stocks, ICICI Bank dropped by 1.3 per cent to Rs 369.85 per share while HDFC Bank lowered by 1 per cent. The other major losers were Hindalco, Tata Consultancy Services, Bajaj Auto and Tata Motors.However, HCL Technologies moved up by 2 per cent to Rs 811.20 per share and Tech Mahindra by 1.7 per cent. Dr Reddy's, Hero MotoCorp, Grasim and Asian Paints also traded with a positive bias.