News

Treasury Secretary Janet Yellen says workers earning up to $60,000 a year should receive stimulus checks under the White House’s proposed $1.9 trillion relief package

Treasury Secretary Janet Yellen said US workers earning up to $US60,000 should get direct payments. The question of who should receive payments under Biden’s relief package is a key debate in Congress. If Biden’s $US1.9 trillion package is passed, the US would return to full employment by 2022, Yellen said. […]
Treasury Secretary Janet Yellen says workers earning up to $60,000 a year should receive stimulus checks under the White House’s proposed $1.9 trillion relief package
News

Some senators oppose the direct-payment part of Biden’s stimulus plan because they think it gives too much money to the wealthy, report says

President Joe Biden’s stimulus plan is facing criticism that it’d give too much to the wealthy. A bipartisan group of 16 senators spoke with the Biden administration during a call Sunday. The group also expressed support for increasing funding for vaccine distribution. Visit Business Insider’s homepage for more stories. Some […]
Some senators oppose the direct-payment part of Biden’s stimulus plan because they think it gives too much money to the wealthy, report says
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
Markets

US stocks slide as disappointing bank earnings prompt end-of-week sell-off

US stocks sank on Friday as investors digested disappointing bank earnings and a December slump in retail sales. Retail sales shrank 0.7% in December as COVID-19 lockdowns cut into holiday-season spending, according to Census Bureau data published Friday. Economists expected sales to hold flat from November. Less-than-stellar earnings reports from […]
US stocks slide as disappointing bank earnings prompt end-of-week sell-off
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
Markets

US stocks edge lower as jarring drop in retail sales offsets stimulus progress

US equities dipped slightly on Wednesday as investors weighed progress towards a stimulus compromise against disappointing economic data. Congressional leaders are close to agreeing on a stimulus package that includes just under $US900 billion in relief funds, according to Politico. The deal could be finalised as early as Wednesday morning. […]
US stocks edge lower as jarring drop in retail sales offsets stimulus progress
News

Bernie Sanders is joining forces with a GOP senator to ask for a second round of $1,200 stimulus checks, as Democrats and Republicans remain deadlocked in COVID-19 relief talks

Sen. Bernie Sanders has joined with Republican Sen. Josh Hawley to call for another round of stimulus checks for some Americans. Hawley introduced a bill on Thursday that would send $US1,200 checks to individuals who earn less than $US75,000 a year. Sanders joined the call later on Thursday, saying on […]
Bernie Sanders is joining forces with a GOP senator to ask for a second round of $1,200 stimulus checks, as Democrats and Republicans remain deadlocked in COVID-19 relief talks
News

Republicans are signalling they won’t support the $908 billion bipartisan stimulus plan, leaving Democrats concerned the parties won’t be able to compromise

Republicans are signalling that they won’t support the $US908 billion bipartisan coronavirus relief plan. The plan was intended to be a compromise between Democrats and Republicans after months of deadlock over how much should be spent and on what. But according to The New York Times and Politico, staffers for […]
Republicans are signalling they won’t support the $908 billion bipartisan stimulus plan, leaving Democrats concerned the parties won’t be able to compromise
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
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

‘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
Markets

US stocks waver as investors mull dwindling chances for near-term stimulus

US stocks wavered on Friday as new commentary from the White House cut into hopes for pre-election stimulus. While House Speaker Nancy Pelosi indicated a bill could still be approved before Election Day, Treasury Secretary Steven Mnuchin noted that “significant differences” remain between each side’s respective proposals. The tepid session […]
US stocks waver as investors mull dwindling chances for near-term stimulus
Markets

US stocks climb as traders place bets on last-minute stimulus breakthrough

US stocks gained on Friday as Wall Street monitored Washington for updates to stimulus negotiations. House Speaker Nancy Pelosi previously said she hoped to reach an agreement before the weekend and added on Thursday that Democrats and the White House were “just about there” on a compromise. Still, Senate Republicans […]
US stocks climb as traders place bets on last-minute stimulus breakthrough
Markets

Wall Street’s first-half profits rocketed 82% to their highest since 2009

New York’s securities industry notched its largest first-half profit since 2009 due to sharp increases in trading and underwriting activity, New York State Comptroller Thomas DiNapoli said in a Thursday report. Pretax profits through the first six months of the year surged 82% to $US27.6 billion. Underwriting revenues hit a […]
Wall Street’s first-half profits rocketed 82% to their highest since 2009
Markets

US stocks edge lower as investors mull odds of stimulus deal by end of week

US stocks declined slightly on Wednesday as investors weighed the latest developments in reaching a stimulus agreement. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before a Tuesday deadline and now aim to finalise a proposal before the weekend. Senate Democrats blocked Republicans’ $US500 […]
US stocks edge lower as investors mull odds of stimulus deal by end of week
Markets

US stocks climb as investors await signs of stimulus progress

US stocks climbed on Wednesday as investors waited for news on stimulus talks. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before their Tuesday deadline and now aim to finalise an agreement before the weekend. Pelosi told reporters she remains hopeful a compromise can […]
US stocks climb as investors await signs of stimulus progress
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

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
Markets

US stocks climb on investor hope for stimulus ahead of Tuesday deadline

US stocks gained as investors maintained optimism for Democrats and Republicans to pass fresh stimulus ahead of the November elections. House Speaker Nancy Pelosi expedited talks on Sunday, setting a 48-hour deadline for the White House and Democrats to reach a compromise. Even if a deal is reached, it’s set […]
US stocks climb on investor hope for stimulus ahead of Tuesday deadline
Markets

Dow rises 112 points as retail-sales blowout helps snap 3-day skid

US stocks jumped on Friday as investors cheered a better-than-expected reading of September retail sales. American retail spending climbed 1.9% last month, more than double economist estimates. The reading marked the gauge’s fifth straight increase and a sharp bounce from August’s 0.6% gain. The encouraging economic data offset dwindling odds […]
Dow rises 112 points as retail-sales blowout helps snap 3-day skid
Markets

US stocks climb after retail-sales data trounces expectations

US stocks gained on Friday as investors cheered a better-than-expected reading of September retail sales. American retail spending climbed 1.9% last month, more than doubling economist estimates. The reading marks the gauge’s fifth straight increase and a sharp bounce from August’s 0.6% gain. The encouraging economic data offset dwindling odds […]
US stocks climb after retail-sales data trounces expectations
Markets

US stocks slide after Mnuchin dents hopes for pre-election stimulus

US stocks sank on Wednesday as Treasury Secretary Steven Mnuchin dashed hopes of passing new stimulus before Election Day. Despite holding multiple calls with House Speaker Nancy Pelosi, “getting something done before the election and executing on that would be difficult,” Mnuchin said at a conference. Goldman Sachs shares climbed […]
US stocks slide after Mnuchin dents hopes for pre-election stimulus
Markets

Dow gains 251 points as tech giants rally and stimulus hopes persist

US stocks rose on Monday as Democrats and Republicans inched closer to a stimulus compromise. Mega-cap companies including Apple and Amazon led indexes higher as investors rushed to the growth favourites. President Trump urged Republicans to speed up Amy Coney Barrett’s confirmation to the Supreme Court so that they can […]
Dow gains 251 points as tech giants rally and stimulus hopes persist
Markets

US stocks climb as revived stimulus talks trudge ahead

US stocks rose on Monday as Democrats and Republicans inched closer to a last-minute stimulus compromise. The Trump administration lifted its proposal to $US1.8 trillion from $US1.6 trillion on Friday, inching closer to the Democrats’ preferred $US2.2 trillion size. Still, House Speaker Nancy Pelosi deemed the bill “one step forward, […]
US stocks climb as revived stimulus talks trudge ahead
Markets

US stocks rise as investors weigh latest comments on stimulus progress

US stocks gained on Thursday on revived hopes for near-term stimulus and on jobless claims that declined week-over-week. President Donald Trump indicated in a tweet late Tuesday that he backed a piecemeal strategy for passing smaller stimulus measures. The news boosted equities Thursday morning, but indexes pared gains after House […]
US stocks rise as investors weigh latest comments on stimulus progress
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