The Wall Street tech-apalozza grew stronger on Tuesday with the Nasdaq notching yet another record high.
Tech stocks, namely the one's which benefit from staying and working from home, buoyed the entire market across the board with all three indices rallying into the close.
Like so many market watchers Max Wolff, economist and managing member of Multivariate is perplexed as to why the market is ignoring America's rising COVID-19 infection rate.
"Look, I think that people we talk to who are medical professionals and statisticians are as befuddled as we are as financial statisticians that the sicker things seem to be, the happier people seem to be about it.
I think they call it denial but that's psychology - that's not my field, so I can't claim expertise but look, I mean the story of what made people nervous was once COVID and now the worse it gets the happier they are." As for individual sectors: Airline stocks were left out of the rally.
The group continues to go to Wall Street to raise capital to stay afloat until passengers return.
American Airlines on Tuesday increased a stock-and-debt money-raising plan to another $2 billion.
Meanwhile, United Airlines outlined plans to raise $3 billion by issuing new debt secured by its MileagePlus frequent flyer plan.
And turning to the economy, New home sales painted a different picture than a plunge in home resales did the day before.
Sales of new single-family homes rose a more than expected 16.6 percent in May.
That more than reversed the drop seen in April.
Economists say the new home sales data suggest the housing market rebound is well on its way.
Matt Hancock has announced two tests which can detect coronavirus and flu are to be rolled out. The tests promise results in 90 minutes and can even be conducted by people without medical training. Report by Etemadil. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The Government has announced two new tests for coronavirus and flu, which canreturn results in just 90 minutes, are to be deployed in hospitals, care homesand laboratories from next week. The tests have been hailed as a crucialinstrument in the fight against the pandemic, especially as the UK heads intothe colder months. There are two types of test; the swab test and the finger-prick test, used to test if a person has Covid-19 or once had the virus. Thetwo current test available has some setbacks, mainly being the amount of timeit takes to process results, between 24-72 hours to get results. The mainthing with the news test, yet to be introduced, is the speed with which theyare able to detect not just Covid-19, but also other seasonal illnesses. Thiswill be crucial as Britain heads into winter, as will easily identify ifsufferers will need to self-isolate.
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The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. Fred Katayama reports.
The S&P 500 and the Nasdaq finished slightly higher on Friday but the Dow closed with a loss as investors kept an eye on record new coronavirus cases in the U.S. Conway G. Gittens wraps up the trading action.
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.
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.
Wall Street analysts on Wednesday weighed in on AMC Theatres' historic agreement with Universal Pictures that will allow the studio's movies to be made available on premium video-on-demand after just 17 days of play in cinemas.
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On Wednesday, Shopify reported second-quarter earnings results that beat Wall Street's expectations for revenue. The company surged 97% on the year as the coronavirus pandemic boosted online sales. Shares of Shopify surged as much as 12% Wednesday. Business Insider reports the Canadian e-commerce company has gained roughly 170% year-to-date.
Wall Street dropped sharply on Thursday as investors fretted over the first weekly jump in jobless claims in months and a battle in Congress over the extension of a special unemployment payout. Conway G. Gittens has the action.
Wall Street ended higher on Wednesday after a see-saw session as investors digested mixed quarterly results and contentious stimulus negotiations in Washington. This report produced by Yahaira Jacquez.
On the 10th anniversary of the Dodd-Frank Act, which former President Barack Obama's administration helped enact in his first term, Obama on Tuesday said the act protected Americans from being devastated by Wall Street "ever again."
Willian might stay at Chelsea, who are also poised to sign Kai Havertz,according to the rumour mill. Willian could be set to stay at Chelsea afterall, with a breakthrough reached in contract negotiations, according to SkySports. Several clubs had been circling for the 31-year-old Brazilian, who wasrumoured to want to leave Stamford Bridge, including Arsenal, ManchesterUnited, Barcelona, and David Beckham’s Inter Miami. However, the winger istipped to sign a new contract with Chelsea this week, despite being offeredonly a two-year extension instead of his preferred three. Manchester Unitedare still poised to sign Jack Grealish from Aston Villa, although he has beenwarned he would not be a certain starter for the Red Devils every week, TheIndependent reports. Ole Gunnar Solskjaer is still keen to sign Grealish evenif United complete the transfer of Jadon Sancho from Borussia Dortmund. Unitedare likely to have to up their ante from their initial £90m bid for Sancho,but will not meet Dortmund’s desired £110m, the Daily Mail says. The OldTrafford club will likely be also forced to go above their envisaged £50m tosign Grealish now that Villa will stay in the Premier League, but at leastChampions League qualification has given Solskjaer more spending power.
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Ole Gunnar Solskjaer is determined to get the job done in style as ManchesterUnited face top-four rivals Leicester in Sunday’s Champions League showdown.As a topsy-turvy campaign belatedly draws to a conclusion, United have onestep left after impressively overcoming their worst start to a Premier Leaguecampaign. Wednesday 1-1 draw with David Moyes’ West Ham may have lackedinspiration and excitement, but it saw United break into the top-four for thefirst time since September as Leicester took their place in fifth.
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United Airlines said Wednesday it is extending face mask requirements to all of its airport areas across the world starting on July 24 and tightening exemptions to only cover children under the age of two. Fred Katayama reports.
United Airlines said on Wednesday it was preparing to send notices of potential furloughs to 36,000 U.S.-based frontline employees, or about 45% of staff, as travel demand hit by the coronavirus pandemic struggles to recover. Conway G. Gittens 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.
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.