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US weekly jobless claims slide to 847,000 as stimulus debate continues

New US jobless claims for the week that ended Saturday totaled 847,000, down from the previous week’s revised total of 914,000. Economists surveyed by Bloomberg expected claims to dip to 875,000. Continuing claims, which track Americans receiving unemployment benefits, sank to 4.8 million for the week that ended January 16. […]
US weekly jobless claims slide to 847,000 as stimulus debate continues
Markets

One measure of unemployment suggests Biden’s $1.9 trillion stimulus plan could do more harm than good, says one top Wall Street strategist

The U-6 unemployment rate – a less popular reading than the commonly cited U-3 – suggests additional fiscal support could be unnecessary and pose serious risks, says James Paulsen, chief investment strategist at The Leuthold Group. The gauge – which includes those working part-time for economic reasons and workers only […]
One measure of unemployment suggests Biden’s $1.9 trillion stimulus plan could do more harm than good, says one top Wall Street strategist
News

US weekly jobless claims dip to 787,000 as unemployment crisis continues into 2021

New US unemployment filings for the week that ended Saturday totaled 787,000, the Labour Department said Thursday, snapping a two-week streak of declines. Economists surveyed by Bloomberg expected a reading of 800,000 claims. The total also lands just below the previous week’s revised total of 790,000. Continuing claims, which track […]
US weekly jobless claims dip to 787,000 as unemployment crisis continues into 2021
Markets

US stocks close mixed as stimulus optimism clashes with new virus strain

US stocks closed mixed on Tuesday after Congress passed a multitrillion-dollar spending bill that includes $US900 billion in new stimulus. The package, which also funds the government through September 30, includes $US600 direct payments, $US300 in additional federal unemployment benefits, and aid for small businesses. The fresh fiscal support locked […]
US stocks close mixed as stimulus optimism clashes with new virus strain
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Treasury Secretary Mnuchin expects direct stimulus checks to be released next week, says he ‘couldn’t be more pleased’ about deal

Americans who qualify for the next set of economic relief payments could see direct deposits arrive as soon as next week, Treasury Secretary Steven Mnuchin said Monday. Congressional leaders on Sunday struck a deal on a $US900 billion stimulus bill that includes $US600 payments, bolstered unemployment benefits, and small-business aid. […]
Treasury Secretary Mnuchin expects direct stimulus checks to be released next week, says he ‘couldn’t be more pleased’ about deal
Markets

US stocks dip as stimulus hopes waver and jobless claims hit 11-week high

US stocks edged lower on Thursday amid disappointing economic data and slowed stimulus progress. New US weekly jobless claims jumped to an unadjusted 853,000 for the week that ended Saturday, handily exceeding the 725,000 estimate. The reading also marks the highest total in 11 weeks. Democrats and Republicans remain at […]
US stocks dip as stimulus hopes waver and jobless claims hit 11-week high
Markets

Nasdaq closes at record high as Congress inches toward stimulus deal

US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal. The Nasdaq composite closed at all-time highs, while the S&P 500 lost its record close in the final hour of trading. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the […]
Nasdaq closes at record high as Congress inches toward stimulus deal
Markets

US stocks edge towards new records after jobless claims fall more than expected

US stocks gained slightly on Thursday after falling jobless claims offered an encouraging sign of labour-market improvement. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000. The mild uptick puts the S&P 500 at […]
US stocks edge towards new records after jobless claims fall more than expected
Markets

Value and growth stocks can climb together in 2021 as investors split focus between vaccine rollouts and virus scarring, top Wall Street strategist says

Investor positioning can lift both growth and value stocks in 2021, Seema Shah, chief strategist at Principal Global Investors, said Wednesday. Distribution of a coronavirus vaccine “would be a total game-changer” in continuing the November value rotation, she said. Yet investors “will continue to gravitate toward the mega-caps” as their […]
Value and growth stocks can climb together in 2021 as investors split focus between vaccine rollouts and virus scarring, top Wall Street strategist says
News

A government watchdog says the Labour Department has been releasing flawed data — and finds that most states underpaid jobless Americans

The Labour Department reported false counts of week-to-week jobless-benefits claims, and several states underpaid unemployed Americans through a key economic relief program, the Government Accountability Office said Monday. Inconsistent state data, claims backlogs, and potential fraud in the benefits system resulted in “flawed week-to-week comparisons” of jobless-claims data, the government […]
A government watchdog says the Labour Department has been releasing flawed data — and finds that most states underpaid jobless Americans
Markets

US stocks climb as investors weigh political clarity against virus risks

US stocks gained on Friday as hopes for a peaceful transition to the Biden administration offset concerns about rising COVID-19 cases. President Trump said Thursday that, should the Electoral College rule President-elect Joe Biden the winner of the 2020 election, he’ll hand over his power. The US reported 125,082 new […]
US stocks climb as investors weigh political clarity against virus risks
Markets

The K-shaped economic recovery dividing America also applies to companies. Here are 4 implications of that trend, according to a Wall Street chief strategist.

Just as the pandemic’s economic fallout disproportionately hit low-income Americans and minorities, low-earning industries face a far more difficult return to pre-pandemic strength, said James Paulsen, chief strategist at The Leuthold Group. High-earning sectors’ unemployment rate jumped to just 12% and now sits at 5.5%. Yet low-earning industries saw their […]
The K-shaped economic recovery dividing America also applies to companies. Here are 4 implications of that trend, according to a Wall Street chief strategist.
Markets

US stocks slide amid dispute over Fed funds and spiking COVID-19 cases

US stocks fell on Friday as conflict over the use of Federal Reserve funds offset positive developments for vaccine distribution. Treasury Secretary Steven Mnuchin urged the Fed on Thursday to return funds set aside for emergency lending, setting up several relief programs for year-end expiration. The move marked a rare […]
US stocks slide amid dispute over Fed funds and spiking COVID-19 cases
News

The Fed and the Treasury are butting heads over more emergency relief at a time when spiking virus cases make cooperation more important than ever

The nation’s top two economic-policy officials locked horns on Thursday, a rare public disagreement as the coronavirus pandemic worsens and the pace of economic recovery weakens. Treasury Secretary Steven Mnuchin called for the Federal Reserve to return funds allocated to a spate of emergency lending facilities, leaving five programs to […]
The Fed and the Treasury are butting heads over more emergency relief at a time when spiking virus cases make cooperation more important than ever
News

4 jarring signals that show the US economic recovery is weakening

Several economic indicators updated in recent weeks suggest the ongoing US recovery is deteriorating as COVID-19 cases spike and new stimulus remains absent. Cities including Chicago, San Francisco, and New York City have intensified partial lockdowns to curb the virus’s spread. The restrictions threaten to further slow the nation’s bounce-back […]
4 jarring signals that show the US economic recovery is weakening
Markets

Dow tumbles 345 points as fresh lockdown measures overshadow vaccine progress

US stocks fell on Wednesday as new economic restrictions erased morning optimism around coronavirus vaccine news. New York City announced Wednesday afternoon that it will shut down public schools as virus infection rates spike. The vaccine candidate being developed by Pfizer and BioNTech was 95% effective at protecting against COVID-19 […]
Dow tumbles 345 points as fresh lockdown measures overshadow vaccine progress
Markets

‘Sell the vaccine’: Big-money investors are the most bullish they have been since January 2018 — and Bank of America says that’s a signal to get out

Investor bullishness surged to its highest point since January 2018 amid US election outcomes and encouraging vaccine progress, Bank of America strategists said Tuesday. Fund managers’ allocations to stocks hit a net 46% overweight in the November 6 to November 12 period, closing in on the 50% threshold that indicates […]
‘Sell the vaccine’: Big-money investors are the most bullish they have been since January 2018 — and Bank of America says that’s a signal to get out
News

‘We’re not going back to the same economy’: The rise of technology poses risks to low-paid service workers amid the ongoing recovery, Fed Chair Powell says

The US economy won’t return to the exact same state it was in before the pandemic, Federal Reserve Chair Jerome Powell said Thursday. The health crisis is accelerating digitization throughout the economy, and Americans already slammed by the virus’s fallout are at the highest risk of losing their jobs, he […]
‘We’re not going back to the same economy’: The rise of technology poses risks to low-paid service workers amid the ongoing recovery, Fed Chair Powell says
Markets

Why the stock market is loving the prospect of a divided government

Stocks are rallying the most in months despite the US presidential race still being up in the air. T hat’s because the most important election outcome has already emerged. A Republican-controlled Senate, which seems likely to emerge, can also block tax hikes and regulations sought by Democrats. Senate Majority Leader […]
Why the stock market is loving the prospect of a divided government
News

US companies added 365,000 jobs in October, missing economist estimates, ADP says

The US added 365,000 private payrolls in October, according to ADP’s monthly employment report. The reading falls well below the median economist estimate of 643,000 payrolls, according to Bloomberg data. The report precedes the US Bureau of Labour Statistics’ monthly nonfarm payrolls report set for Friday release. Visit Business Insider’s […]
US companies added 365,000 jobs in October, missing economist estimates, ADP says
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The US economy will be stronger than many think in the 4th quarter because COVID-19 is less lethal than before, says Wall Street chief strategist

Economists concerned that skyrocketing COVID-19 case counts in the US will curb the economic recovery are ignoring the pandemic’s remarkably low lethality rate, James Paulsen, chief investment strategist at The Leuthold Group, said Friday. The US Economic Surprise Index, which tracks economic momentum, has been more closely correlated with virus […]
The US economy will be stronger than many think in the 4th quarter because COVID-19 is less lethal than before, says Wall Street chief strategist
News

US consumer comfort tumbles to lowest since August on revived virus fears

Soaring COVID-19 case counts throughout the US dragged consumer confidence to an eight-week low. Bloomberg’s index of consumer comfort fell to 46.3 last week from 46.6, its lowest level since August. The decline follows steady gains in September and comes as rising coronavirus cases revive concerns of another economic shutdown. […]
US consumer comfort tumbles to lowest since August on revived virus fears
Markets

US stocks close mixed as tech surge battles against industrial sell-off

US stocks closed mixed on Tuesday as investors weighed optimism in the tech sector against continued sell-offs in other corners of the market. Xilinx traded higher after Advanced Micro Devices announced it will buy the latter in a $US35 billion all-stock deal. The acquisition and anticipation for Microsoft’s afternoon earnings […]
US stocks close mixed as tech surge battles against industrial sell-off
News

US consumer confidence dips as labour-market pain weighs on economic expectations

The Conference Board’s Consumer Confidence Index weakened in October to 100.9 from 101.3 as labour-market damage dragged on sentiments. Economists surveyed by Bloomberg expected the gauge to improve to 102. While the organisation’s Present Situation Index climbed 5.7 points to 104.6, a 4.5-point drop in its gauge of economic expectations […]
US consumer confidence dips as labour-market pain weighs on economic expectations
Markets

US stocks trade mixed as investors weigh strong earnings against stimulus hold-up

US stocks traded mixed on Tuesday as investors weighed strong earnings reports and deal news against the latest delay in economic stimulus. Merck,HSBC,Corning, and others beat third-quarter estimates when they reported figures Tuesday morning. The healthy readings suggest the bulk of the coronavirus’s economic fallout landed earlier in the year. […]
US stocks trade mixed as investors weigh strong earnings against stimulus hold-up
Markets

JPMorgan says US election odds are narrowing, making a contested result that could hamper stimulus and hurt stocks more likely

Democratic presidential nominee Joe Biden’s shrinking lead in betting markets suggests a contested election is becoming more likely, JPMorgan strategists said Tuesday. A higher chance of a contested or close election outcome would slam the bank’s expectations for fresh stimulus and “likely put some downward pressure on risk markets for […]
JPMorgan says US election odds are narrowing, making a contested result that could hamper stimulus and hurt stocks more likely
Markets

Corporate restructuring needs could surpass 2008 levels amid a surge in junk debt, BlackRock says

The scale of corporate restructuring could surpass financial-crisis highs on a swelling pile of junk-rated debt,BlackRock said Monday. Sub-investment grade debt outstanding ballooned to $US5.3 trillion since 2007. The coronavirus pandemic only exacerbated the growth, as the Federal Reserve’s bond purchases revived the credit market and companies rushed to raise […]
Corporate restructuring needs could surpass 2008 levels amid a surge in junk debt, BlackRock says
Markets

Dow plunges 411 points as withering stimulus hopes prompt late sell-off

US stocks extended losses into Monday’s close as a lack of stimulus progress cut into hopes for a pre-election deal. House Speaker Nancy Pelosi expedited talks on Sunday, setting a 48-hour deadline for the White House and Democrats to ink a deal. She later told Democrats that significant obstacles in […]
Dow plunges 411 points as withering stimulus hopes prompt late sell-off
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