[NFA] President-elect Biden was formally given the go-ahead by a key federal agency to begin his transition to the White House, shortly after Michigan certified him as the state's winner. This report produced by Chris Dignam.
On Monday, US stocks rose. AstraZeneca said its COVID-19 vaccine candidate demonstrated an average efficacy rate of 70%. This is the third COVID-19 vaccine said to have surpassed the Food and Drug Administration's requirement of 50% effectiveness. S&P 500: 3,580.82, up 0.7% Dow Jones industrial average: 29,473.41, up 0.7% (210 points) Nasdaq composite: 11,929.04, up 0.6%
The Dow jumped more than 800 points and the S&P 500 ended higher but closed just shy of a record on Monday as investors bet that a full economic reopening was finally in sight following the first positive data from a late-stage COVID-19 vaccine trial. Fred Katayama reports.
On Monday, phrama giant Pfizer revealed positive COVID-19 vaccine news. The news sent shares of stay-at-home stocks like Netflix plummeting on Monday. Netflix itself fell as much as 9%, even as major indexes like the S&P 500 and Dow Jones industrial average soared to record highs. Consumers flocked to entertainment alternatives amid the lengthy stay-at-home orders. Netflix saw a spike in subscribers due to the COVID-19 pandemic.
U.S. stocks jumped on Thursday, as investors bet Republicans would retain control of the Senate and block any major policy changes under a possible Joe Biden White House that could dampen corporate profits. Fred Katayama reports.
Irene Jiang/Business Insider This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. McDonald's is a top restaurant pick from analysts at Wells Fargo and Stifel, thanks in part to the chain's successful Travis Scott partnership. Well's Fargo's Jon Tower writes that McDonald's "is the best positioned restaurant to re-capture sales and re-establish habits as consumers resume food-away from home spending.
One of the highlights of Donald Trump's Presidency was the confrontation with China on various accounts - from trade to territory. Beijing will continue to be one of the biggest challenges facing US President-elect Joe Biden. How he counters the 'dragon' will be of significance for India, which is already locked in a military stand-off with its expansionist neighbour. Keeping China in check will also dictate how Pakistan acts, especially in the aftermath of US' troop pullout from Afghanistan. Watch Pramit Palchaudhuri and Sushant Sareen try to predict Biden's foreign policies, in this conversation with Hindustan Times' Aditi Prasad.
Credit: HT Digital Content Duration: 12:23Published
The second and final debate between US Presidential election candidates Donald Trump and Joe Biden saw better articulation of their views and policy visions, but one area which didn't see much discussion was foreign policy. India was mentioned just once by Trump, when he called the country's air 'filthy' while commenting on climate change commitments. So which would be better for India - a continuation of the Trump administration in the White House, or the victory of challenger Biden? One big factor in the equation would be the next US government's attitude towards China. While Trump has been increasingly confrontational with Beijing, experts feel that Biden may adopt a less aggressive strategy. Former Indian ambassador to the US, Meera Shankar and Foreign Editor, Hindustan Times Pramit Palchaudhuri discuss the question with Hindustan Times' Aditi Prasad.
Credit: HT Digital Content Duration: 09:57Published
President Donald Trump is upset with how his legal team has handled his insistence that the 2020 presidential election be overturned. Business Insider reports a source says Trump is worried that the team is made up of 'fools' who are 'making him look bad.' Trump has also reportedly complained about Rudy Giuliani's appearance--literally--at a bizarre news conference last week.
Last year Tesla CEO Elon Musk predicted autonomous driving would boost his company's market capitalization to $500 billion. On Monday, Tesla's market cap soared as high as $498 billion even though Tesla is still refining its self-driving software. Business Insider reports that it has only released a beta version to a limited number of customers. Musk made the claim during an investor call in May 2019, when Tesla's market cap was less than $45 billion, CNBC reported.
On Monday, Netflix announced "The Queen's Gambit" is its biggest limited series yet. Business Insider reports the series was watched by 62 million households in its first 28 days. It debuted on Nielsen's latest list of top streaming titles at No. 10. 551 million minutes watched over its premiere weekend. For comparison, Netflix said last year that "Stranger Things" season three was watched by 64 million households.
Goldman Sachs has cut its near-term growth forecasts for the United States. Goldman Sachs based this on spiking COVID-19 cases and slowing economic activity. US gross domestic product will grow 3.5% in the fourth quarter, down from the previous forecast of 4.5%. According to Business Insider first-quarter 2021 growth estimate was also lowered to 1% from 3.5%. Goldman Sachs said the winter drag should give way to a bigger rebound on the back of vaccine distribution.
The Great State of Texas is staggering under the weight of surging coronavirus cases and deaths. Morgues in Texas are overflowing, and the National Guard has been sent to El Paso to process bodies. Across the state, thousands are lining up for food rations. But the nightmarish conditions haven't stopped the state's Republican senator from keeping his Thanksgiving holiday plans on track. Business Insider reports Sen.