RESENDING WITH CORRECT CLOSING MARKET GRAPHIC A stock market rally fizzled to mark the final day of the worst first quarter Wall Street has ever seen.
In the first three months of this year, stocks nose-dived from record highs to a bear market in record time... Though stocks have bounced off the lows, The S&P 500 has fallen 20 percent since the start of the year, and down roughly 24 percent from that all-time closing high set in February... As for Tuesday trading: stocks finished down by nearly 2 percent.
David Miller, chief investment officer at Catalyst Funds, seemed relieved with that modest loss, given Wall Street's fear gauge, the volatility index, or VIX, remains elevated.
SOUNDBITE (ENGLISH) DAVID MILLER, CHIEF INVESTMENT OFFICER, CATALYST FUNDS, SAYING: "It seems like a pretty calm day compared to what we've seen over the past couple of weeks, so frankly it's not such a bad sign, given where the VIX is implies we should be expecting four percent daily moves.
So this is actually a sign of a little bit of calm, I think." A worrisome sign Tuesday from the mighty U.S. consumer: confidence dropped near a three-year low in March.
The Conference Board said the plunge is more than just a temporary shock - - that doesn't bode well for the economy since consumer shopping is responsible for two-thirds of all economic activity.
Retailers have had to shut stores with Americans ordered to stay indoors to curtail the coronavirus outbreak, and so retailers are furloughing workers.
U.S. stocks rose Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States. Fred Katayama reports.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.
In March, Bernie Sanders lost his second bid for the Democratic presidential nomination. According to the NY Times the George Floyd protests and their cultural repercussions, may have destroyed Sanders entire case for a socialist America. The paper posits that this summer he may lose his battle for the future of the left, his legacy gone up in smoke. Cultural battles, pro business and pro Wall Street programs have over shadowed Sanders "millionaires and billionaires are evil" narrative.
(CNN) Tesla CEO Elon Musk just zoomed past Warren Buffett on the Bloomberg Billionaires Index to become the world's seventh wealthiest person. Musk's fortune rose more than $6 billion Friday after Tesla's stock surged 11% to a record $1,544 per share, according to Bloomberg. At the same time, Buffett's fortune fell this week after he donated nearly $3 billion worth of Berkshire Hathaway stock to charity — part of his plan to give away most of his wealth to philanthropic ventures.
On July 4th, Kanye West announced he wants to run for president. In an interview with Forbes published Wednesday, West said he is being advised by Tesla CEO and tech billionaire Elon Musk. According to Business Insider, West's remarks seem to be backed up by recent remarks. On Twitter, Musk commented on West's July 4 announcement: "You have my full support!" The two also appeared together in a photo published by West on July 1.
New York City entered Phase 2 of reopening on Monday while at least 12 other states saw record COVID-19 spikes - and the World Health Organization reported a record number of new daily cases. Lisa Bernhard produced this report.
Three large wildfires in Arizona on Thursday drove over 2,000 people from their homes. Reuters reports dry conditions and gusting winds are whipping blazes across America. The Bush fire is being fed by gusting winds, low relative humidity, and triple-digit temperatures. Firefighters are struggling to contain the flames, which are consuming ponderosa pine, piñon and juniper trees in the Tonto National Forest.
Southwest Airlines said Wednesday it has enough cash to carry on business for the next two years as travel demand gradually picks up. As Fred Katayama reports, the carrier will also keep middle seats vacant through September.
President Donald Trump criticized Warren Buffet for getting rid of his airline investments. While Trump said he had “a lot of respect for him,” he said even people like Buffet “make mistakes.” Buffett owned between 8% and 11% of American, Delta, Southwest and United but sold them all in April 2020. According to Business Insider, Buffet criticized Trump in the past and endorsed Hillary Clinton. He then called Trump about not publishing his tax returns and using an IRS audit as an excuse.
JCPenney has added two more stores to the list of locations it plans to close. Both stores are located in New York City. One location is in the Manhattan Mall. The other location is in Brooklyn Kings Plaza. The department store chain filed for Chapter 11 bankruptcy in May. JCPenney later said it planned to close about 30% of its stores.
Eager shoppers have queued for hours as 16 Penneys stores reopened across the Republic of Ireland. Some shops were due to open at 10.30am, but as the queues built up, gardai advised managers to open earlier at 8.45am. Some 150 people were in the queue at Dublin’s Henry Street store when the doors were opened.
Credit: PA - Press Association STUDIO Duration: 00:58Published
JCPenney has launched a new bedding brand. The brand is called Linden Street. Business Insider says the new brand comes just over a week after the department store filed for bankruptcy. JCPenney said that refreshing its merchandise offering would be a key part of its transformation strategy in bankrutpcy.
The S&P 500 and Nasdaq closed higher Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely. Fred Katayama reports.
Economist Max Wolff of Multivariate thinks the S&P 500 should be trading at 2300 instead of 3150. He tells Reuters' Fred Katayama that investors are ignoring negative news about the rising coronavirus cases and the renewed trade tensions with China.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
Trump campaigner Brandon Straka was removed from an American Airlines flight for refusing to wear a mask. Now, Business Insider reports the airline says he'll be banned for as long as masks are required. A self-described "former liberal" activist, Straka tweeted about being kicked off the flight after refusing to wear a face covering. A New York Times reporter who happened to also be on the plane said the flight was held up as Straka argued with flight crew members.
World stocks looked set to close their worst quarter since 2008 on a brighter note on Tuesday, as strong Chinese factory data held out hope for an economic revival even as much of the rest of the world..