[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, 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, 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.
Mahagathbandhan's CM candidate Tejashwi Yadav lashed out at BJP and Bihar CM Nitish Kumar. Tejashwi mocked BJP saying that the world's largest party does not have a CM face. The RJD leader said if he's inexperienced then why are they using full force against him. "BJP is the largest party in the world but they don't have a CM candidate," he said. Tejashwi added, "I have been an MLA, Leader of Opposition and also held deputy CM's post. My five years of experience is equivalent to 50 years of experience." Earlier, Tejashwi challenged Bihar CM to debate on any of his achievements in last five years. The RJD-led Mahagathbandhan in Bihar comprises Congress and Left parties. BJP-JDU alliance has agreed upon sharing 121-122 seats in the assembly polls. Bihar elections will be conducted in three phases starting October 28. Results of the state assembly polls will be declared on November 10.
Credit: HT Digital Content Duration: 03:58Published
Bharatiya Janata Party (BJP) candidate from Anuppur, Bisahu Lal Sahu, alleged that Congress candidate, Vishwanath Singh has mentioned his "mistress" and not his wife in the election form. While, Congress candidate Vishwanath Singh declined the allegation and said, "He (Bisahu Lal Sahu, BJP candidate from Anuppur) is speaking irrelevant things as he is losing election. I married my wife 15 years ago and we have two children. I'll file defamation case against him." Both are contesting in the upcoming Anuppur Assembly bypolls.
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.
Republicans Friday said they would push forward with Senate Judiciary Committee hearings on Trump's Supreme Court replacement, even after Trump tested positive for COVID-19 and went into isolation. Gavino Garay has more.
Former chair of the US Federal Reserve Janet Yellen is on the same page as current Fed chair Jay Powell. Markets Insider reports Yellen echoes Powell, in that the Fed has 'already done a huge amount,'..
Fed Chair Jay Powell warned on Tuesday that the US economy would suffer if another stimulus package isn't passed, which remains stalled in Congress. House Democrats passed a $2.2 trillion stimulus plan..