The Department of Justice has opened a probe into the stock market frenzy that led to the meteoric rise of “meme stocks” such as GameStop, according to The Wall Street Journal.
Federal investigators are reportedly looking into whether market manipulation played a role in the increased volatility and meme stock surge, The Wall Street Journal reported. As part of the investigation, the Department of Justice (DOJ) subpoenaed information from stock market brokers including Robinhood, the popular investment platform that many investors used to buy GameStop, AMC Entertainment and others. Read More
As a long-time financial services executive, every so often I am called upon by friends and family from other walks of life to comment on a story related to the stock market. Such is the case with the GameStop saga.
Given that few of them are well-versed in the ways of Wall Street, that I hail from an investment banking pedigree and not a securities trading — particularly stock trading — background seems to them a distinction without a difference, and I offer my insights as best as I am able. As such, I’ve given more thought to GameStop than I may have otherwise. Read More
The New York Young Republicans are planning a “Re-Occupy Wall Street” event in New York City after allegations that popular investment platforms are throttling trading of certain stocks to protect big hedge funds.
“We do not want this massive story to get brushed under the rug. We want to keep the spotlight and attention on what Wall Street is doing and what the Biden administration is allowing. This is corrupt and illegal, plain and simple. We need to keep up the pressure,” New York Young Republicans President Gavin Mario Wax told the Daily Caller News Foundation. Read More
The Chinese government will rely on a “core circle” of “old friends” on Wall Street and in Washington to influence the Biden administration, according to a Chinese academic with ties to the communist regime.
Di Dongsheng, the associate dean of the School of International Relations at Renmin University, offered his predictions about China-U.S. relations in the upcoming administration during a speech in Shanghai on Nov. 28. Read More
Regardless of how this election finally turns out—and we’re still weeks away from knowing the answer with certainty—it should be noted what President Trump was able to do in the last four years regarding the conservative narrative of the past several decades.
From what really was nothing more than an appendage of corporatism and vulture capitalists, Trump took the Republican Party and helped shape it into a broad coalition of workers and patriots that really does transcend race and ethnicities; call it America First Republican Populism. Read More
Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley are underwriting part of what could be a $40 billion initial public offering (IPO) for Ant Group Co. in Hong Kong and Shanghai, which China-controlled megacorporation Alibaba owns a 33 percent share of, raising concerns that the money will be ultimately funneled to the Chinese Communist Party (CCP) and military. Read More
Wall Street joined a worldwide upswell by markets on Monday, as stocks push higher on hopes that the economy can continue its dramatic turnaround despite all the challenges ahead.
The S&P 500 was 1.59% higher in afternoon trading, following up on similar gains in Europe and Asia. The headliner was China’s market, which leaped 5.7% for its biggest gain since 2015, when it was in the midst of a bubble bursting. Treasury yields also climbed in a signal of rising optimism after reports detailed improvements in the U.S. and European economies.
The Dow Jones Industrial Average closed up 459 points, or 1.78%, at 26,287. The biggest companies once again led the way, and strength for Apple, Amazon and other tech-oriented titans helped push the Nasdaq composite up 2.21% toward another record. Read More
Rep. Ilhan Omar (D-MN-05) introduced a bill last week that would create a “job guarantee program” at the U.S. Department of Labor.
The Workforce Promotion and Access Act, sponsored by Omar and Rep. Bonnie Watson Coleman (D-NJ-12), seeks to get more Americans “back to work in living-wage jobs created directly by the federal government.” Read More
Stocks are closing higher Thursday after a report showed the U.S. job market continues to climb out of the crater created by the coronavirus pandemic in the spring. The S&P 500 rose 0.45% and finished the holiday-shortened week with a gain of 4%. Stocks also rose across Europe and Asia, while oil prices strengthened on hopes that a recovering economy will mean more demand. Worries about the virus are still weighing on investors, however. Florida reported another sharp increase in confirmed cases, helping to cut the S&P 500′s earlier gains by more than half. The bond market was also showing continued caution. Read More
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 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
Stocks moved higher on Wall Street in afternoon trading Friday, recouping some of their losses a day after the market had its biggest rout since mid-March.
The S&P 500 was up 0.7% a day after dropping 5.9%. The benchmark index is still headed for a weekly loss following three weeks of solid gains. Small-company stocks and bond yields moved broadly higher, signs that pessimism about the economy was easing. Read More
In the current environment, something not seen in America in living memory, the fear and panic of the Chinese coronavirus make it near impossible to look ahead. But while everyone who can is working on the “here and now,” it is vital that we think about how this situation came to be, what we can learn from it, and how the crisis we are now experiencing can be prevented in the future. Read More
Democratic Massachusetts Sen. Elizabeth Warren’s presidency could spell ruin for the stock market, analysts predict. Read More
by Steven W. Mosher Wall Street is worried that the arrest of Huawei Vice Chairman Meng Wanzhou will put President Trump’s ongoing trade negotiations with China on ice. They fear that China may retreat from its G-20 promises, or perhaps even call off the negotiations altogether. Some have suggested… Read More
by John Elliott If a young, female executive wants to find an experienced male colleague on Wall Street to mentor her, she can stop looking now. In the wake of #Metoo and the Brett Kavanaugh affair, male bankers and lawyers are quite literally fleeing to their man caves. Bloomberg reporters Gillian Tan and Katia Porzecanski have… Read More
AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs to Nashville, in a move MSN/Bloomberg calls a “rebuke” of Wall Street. Some of AllianceBernstein’s functions like portfolio management will stay in New York, workers from legal, sales and marketing, and finance will begin moving to Music City… Read More
Barack Obama has begun cashing in on his time in the White House with paid Wall Street speeches less than a year after leaving office, a practice which drew stinging rebukes for Hillary Clinton during last year’s presidential campaign. The former US president will appear Monday before a who’s who… Read More
Democratic Sen. Elizabeth Warren of Massachusetts met with Jamie Dimon this summer after repeatedly targeting the J.P. Morgan CEO in recent years as part of her crusade against the perceived excesses of Wall Street. Warren met privately with Dimon in Washington, D.C., early this summer and attended a Democratic fundraiser… Read More