Stocks climbed broadly higher on Wall Street Monday, as the market clawed back more than a third of its losses from last week.
The S&P 500 was up 1% in afternoon trading after a much healthier-than-expected report on the housing market shook the market from its wobbly start. European stocks had similar fluctuations before pushing higher. Treasury yields were mixed. Oil prices rose. Read More
Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.
The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy. Read More
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed.
The following are developments Tuesday related to the national and global response, the workplace, the spread of the virus, and the marketplace economy. Read More
Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.
The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed. Read More
Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.
The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way. Read More
Wall Street’s rally is spilling into a new week as most stocks continue to ride the high supplied by Friday’s surprisingly encouraging report on the U.S. jobs market.
The S&P 500 was up 0.5% in midday trading on Monday, bringing it back within 5.3% of its record set in February, as optimism strengthens that the worst of the coronavirus-induced recession may have already passed. Stocks that would benefit most from an economy that’s growing again were rising the most, but pullbacks for a handful of big tech stalwarts were keeping the market’s overall gains in check. Read More
Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.
The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it. Read More
Movie theater chain AMC warned Wednesday that it may not survive the coronavirus pandemic, which has shuttered its theaters and led film studios to explore releasing more movies directly to viewers over the internet.
All of AMC’s theaters are shut down through June, which means the company isn’t generating any revenue. AMC said it had enough cash to reopen its theaters this summer, as it plans to do. But if it’s not allowed to reopen, it will need more money, which it may not be able to borrow. Read More
Attorney General Dave Yost announced Monday he amended his lawsuit filed against pharmacy benefit manager (PBM) OptumRx, claiming the PBM excessively charged the Ohio Bureau of Workers Compensation for generic drugs. The overcharge totaled nearly $16 million. It is now “significantly more.” Read More
Two countries played a key role in the building of the new Pratt Industries plant in Wapakoneta – Australia and the United States. Australian Prime Minister Scott Morrison and President Donald J. Trump, visited that new plant on Sunday. The opening of the recycled paper and cardboard plant represents, “Promises made, promises kept,” on the part of President Trump and Pratt Industries, which is owned by Aussie billionaire Anthony Pratt. Read More
YOUNGSTOWN, Ohio – Former Congressman Jim Renacci and Ohio’s Future Foundation (OHFF) were hosted by the Mahoning County Republican Party Tuesday evening. The GOP group held a social for OHFF in their meeting room in Youngstown. Rick Barron, the Mahoning County Leader, announced that, ‘Tom (Weyand – OHFF’s Outreach… Read More
In its Article I, Section 8, Clause 5, the United States Constitution provides: “The Congress shall have Power…To coin Money, [and] regulate the Value thereof….” And since the Constitution’s drafting in the year 1787, cash has played a vital role in the nation’s economy as the generally-accepted medium of exchange. … Read More
The Federal Reserve on Wednesday raised a key interest rate for the third time this year in response to a strong U.S. economy and signaled that it expected to maintain a pace of gradual rate hikes. The Fed lifted its short-term rate — a benchmark for many consumer and business… Read More
by Rick Manning The bedrock of American commerce – and of the broader capitalist experiment – has always been competition. If you can build a better mousetrap, invent a longer-lasting light bulb or more efficiently churn out widgets (or in this case, clichés), odds are your endeavor will encounter success. It doesn’t… Read More
Democrat former Tennessee Gov. and current U.S. Senate candidate Phil Bredesen is raking in millions of dollars off of deals involving his Silicon Ranch Corp. by pitching solar projects that appear on paper to offer a cheaper alternative to coal. But under closer examination, the Silicon Ranch numbers are skewed… Read More
By Robert Romano In March, the Securities and Exchange Commission (SEC) proposed a new transaction fee pilot that would “subject stock exchange transaction fee pricing, including ‘maker-taker’ fee-and-rebate pricing models, to new temporary pricing restrictions across three test groups, and require the exchanges to prepare and publicly post data,” according to the… Read More
by Evie Fordham Several states including Wisconsin and New Jersey are seeking to copy Minnesota’s model of federal reinsurance program funding that contributed to a 13-percent drop in premium rates in the state from 2017 to 2018. The Minnesota legislature adopted the program, which uses mostly federal funds to… Read More
By Robert Romano One of the conventional wisdoms to do with the tariffs and duties levied by the Trump administration on steel, aluminum and lumber is that they will lead to higher prices and inflation, hurting producers and consumers, thus stunting economic growth. For example, billionaire Charles Koch warned on July… Read More
by Nick Givas Tribune Media Company killed its merger with Sinclair Broadcast Group on Thursday and filed a lawsuit against the media conglomerate, claiming breach of contract. Tribune is seeking financial compensation for losses it claims it suffered as a result of Sinclair’s breach of the merger agreement. Tribune is… Read More
Already threatened by escalating U.S. taxes on its goods, China is about to find it much harder to invest in U.S. companies or to buy American technology in such cutting-edge areas as robotics, artificial intelligence and virtual reality. President Donald Trump is expected as early as this week to sign… Read More
Tesla CEO Elon Musk is considering leading a buyout of the electric car maker in a stunning move that would end the maverick company’s eight-year history trading on the stock market. In his typically unorthodox fashion, the eccentric Musk dropped his bombshell on his Twitter account, which he has used… Read More
by Robert Romano Government-created monopolies are not a new thing, and indeed there are times when Congress has determined that having a government charter for an authoritative, monopoly function can serve a valuable public need. Sometimes these are agencies. The Federal Reserve is tasked by Congress to control the money… Read More
by Kyle Perisic Papa John’s founder and former CEO John Schnatter is suing the company, seeking documents related to the person who outed him saying the N-word and accused the company of planning a “coup” against him. “Instead of standing behind the founder and working with news media to… Read More
Reuters President Donald Trump’s oldest daughter, Ivanka Trump, is closing her fashion line to focus her energies on advising her father’s White House, she said through a representative on Tuesday. Trump, whose fortune comes from real estate development, came into office carrying a broad family business portfolio that trades… Read More
Reuters Fiat Chrysler named on Saturday its Jeep division boss, Mike Manley, to take over immediately for Chief Executive Sergio Marchionne, who is seriously ill after suffering major complications following surgery. The carmaker said British-born Manley, who also takes responsibility for the North America region, will push ahead with… Read More
by Eric Leiberman Google, Microsoft, Twitter and Facebook are teaming up to provide users with the capability of transferring data across platforms and services, the latter two social media giants announced Friday morning. After heightened concerns over data utilization (even exploitation and manipulation), companies appear to be trying to… Read More
by Rachel del Guidice The overhaul of the tax code by congressional Republicans didn’t produce just crumbs for the business of a popular cookie maker based in Florida. The Tax Cuts and Jobs Act has meant hiring, raises, investment in new equipment, and expanded operations, he says. “It has had… Read More
by Alex Muresianu A new report from the University of Wisconsin-Madison comparing employment between Minnesota and Wisconsin after Minnesota raised its minimum wage found that Minnesotan workers saw a decline in employment, especially for young, inexperienced, and low-skilled workers, as employment in Wisconsin rose. Despite this evidence reaffirming that the minimum wage can hurt… Read More
by Luis Pablo De La Horra Milton Friedman is probably the most important free-market thinker of the twentieth century. His ideas in defense of capitalism and economic freedom had an enormous influence on the shift towards free-market policies that took place from the 1970s onwards. Countries like the UK, China,… Read More
Reuters China’s trade surplus with the United States swelled to a record in June as its overall exports grew at a solid pace, a result that could further inflame a bitter trade dispute with Washington. But signs exporters were rushing shipments before tariffs went into effect in the first… Read More
by Derrick Hollie Despite rampant speculation that President Donald Trump’s trade policy might increase some car prices, how his regulatory relief agenda may lower sticker prices and increase safety goes largely ignored. How did this happen? The Trump administration is revising the Corporate Average Fuel Economy standards imposed on automakers… Read More
A U.S. judge has ordered one of China’s biggest makers of wind turbines to pay a $1.5 million fine – the maximum allowable – after the company was convicted of stealing trade secrets from a U.S. manufacturer. The judge in Madison, Wisconsin, also sentenced Sinovel Wind Group (Sinovel) on Friday… Read More
Reuters One of the world’s biggest cargo shippers announced Saturday that it was pulling out of Iran for fear of becoming entangled in U.S. sanctions, and President Hassan Rouhani demanded that European countries to do more to offset the U.S. measures. The announcement by France’s CMA CGM that it was… Read More
by Elias Atienza The New Jersey state chapter of Americans for Prosperity (AFP) is helping West African immigrants lobby the New Jersey legislature to change cosmetology requirements. West African immigrants, usually women, operate hair-braiding businesses that are essentially illegal, since state regulations require these workers to get a license, WNYC reported Monday.… Read More
General Electric Company is shrinking again, becoming a mere shadow of the globe-spanning conglomerate that it was before the Great Recession. GE said Tuesday that it will spin off its health-care business and sell its interest in Baker Hughes, which provides drilling services to oil and gas companies. The moves… Read More
Reuters Intel Corp Chief Executive Brian Krzanich resigned on Thursday after a probe found his consensual relationship with an employee violated company policy. The head of the largest U.S. chipmaker is the latest in a line of powerful men in business and politics to lose their jobs or resign… Read More
by Rachel Greszler An economic crisis has engulfed Puerto Rico. The Financial Oversight Management Board, a federally-mandated advisory group, has worked to help Puerto Rico deal with its financial crisis and establish policies that will lead to long-run growth. The board says Puerto Rico must reform its labor market to… Read More
Reuters AT&T Inc may close its $85 billion deal to buy Time Warner Inc under an agreement reached on Thursday with the U.S. government, which might still appeal a case seen as a turning point for the media industry. AT&T said it could close the deal by Friday. The… Read More
Those looking for a swifter path to becoming a barber in Tennessee just might find relief. The Tennessee Board of Cosmetology and Barbers Examiners is under fire for what twenty-five year-old Elias Zarate is calling “irrelevant requirements” associated with obtaining a Barber license – namely, a high school diploma. Born… Read More
by Vandana Rambaran Walmart is introducing a new same-day delivery service called Jetblack through its Store No. 8 incubator, which rivals competitor Amazon’s services like Amazon Prime and Prime Now. Jetblack, which has launched in New York City and will be rolling out to the rest of the country throughout the coming year,… Read More
by Kyle Perisic An anti-virus company has discovered malware comes pre-installed on Android phones, including on ZTE phones — a Chinese phone company with ties to the Chinese government. “Thousands of users are affected” by the ad-related malware, or adware, according to Avast, the Czech anti-virus company, in its… Read More
If Tennessee voters send former Democratic Gov. Phil Bredesen to the U.S. Senate this fall then Bredesen will step down as chair Silicon Ranch, a company he founded that has ethics problems. Silicon Ranch Corporation helps finance the construction of solar arrays. According to the Tennessean, Silicon Ranch owns or… Read More
Nashville, Tennessee-based law firm Branstetter, Stranch & Jennings has filed a class action lawsuit against Georgia-headquartered regional bank United Community Bank, which has locations in three additional states, including Tennessee. BS&J filed the lawsuit with Cohen & Malad, LLP of Indianapolis, Indiana. The suit was filed in the United States… Read More
Netflix, the global streaming giant that has dramatically changed the TV industry and clashed with movie theater owners, may be ready to move onto the big screen in a new and surprising way — by owning cinemas. Read More
Federal customs officials in the fiscal year that ended in September 2017 intercepted more than 34,000 shipments of counterfeit or pirated goods, a new record. U.S. Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE) officers seized 34,143 shipments of items that violated intellectual property rights. Read More
by Brittany Hunter No one expects healthy desserts to taste good. It is one of life’s harsh realities that we have had to learn to live with: you can either eat healthy food, or eat delicious food; you can’t have it both ways. But that was before Halo Top… Read More
“There is no such thing as a free lunch” is an adage many students learn in an introductory economics course. Perhaps that adage could apply to Mayor Megan Barry’s $9 billion transit plan as well. NoTax4Tracks, the PAC opposing the May 1 referendum in Nashville/Davidson County on a proposed increase… Read More
Nashville Mayor Megan Barry’s $9 billion transit plan is “absurdly expensive,” says David Fox, one of the most recent Nashvillians to speak out on the topic. Fox’s concerns were briefly outlined by The Tennessee Star on Wednesday. Expanding on them, the former mayoral candidate said his concerns include the return on… Read More
Barbers may make house calls starting in 2018. That’s one of at least 16 changes to the Tennessee Code Annotated as of Jan. 1. According to the Tennessee Legislature, a change to TCA Title 62 will broaden “barbers’ ability to perform services in a residence from residences of persons who are… Read More
Knoxville, Tennessee-based Regal Entertainment Group is being bought out for $3.6 billion by the U.K.’s Cineworld movie-theater chain, Variety reported Tuesday, amounting to a $23-per-share payout to stockholders. “Because of the size of the transaction, and the relative sizes of Cineworld and Regal, the acquisition has been classified as a… Read More