RESENDING WITH CORRECT CLOSING MARKET GRAPHIC A stock market rally fizzled to mark the final day of the worst first quarter Wall Street has ever seen.
In the first three months of this year, stocks nose-dived from record highs to a bear market in record time... Though stocks have bounced off the lows, The S&P 500 has fallen 20 percent since the start of the year, and down roughly 24 percent from that all-time closing high set in February... As for Tuesday trading: stocks finished down by nearly 2 percent.
David Miller, chief investment officer at Catalyst Funds, seemed relieved with that modest loss, given Wall Street's fear gauge, the volatility index, or VIX, remains elevated.
SOUNDBITE (ENGLISH) DAVID MILLER, CHIEF INVESTMENT OFFICER, CATALYST FUNDS, SAYING: "It seems like a pretty calm day compared to what we've seen over the past couple of weeks, so frankly it's not such a bad sign, given where the VIX is implies we should be expecting four percent daily moves.
So this is actually a sign of a little bit of calm, I think." A worrisome sign Tuesday from the mighty U.S. consumer: confidence dropped near a three-year low in March.
The Conference Board said the plunge is more than just a temporary shock - - that doesn't bode well for the economy since consumer shopping is responsible for two-thirds of all economic activity.
Retailers have had to shut stores with Americans ordered to stay indoors to curtail the coronavirus outbreak, and so retailers are furloughing workers.
Business Insider reports that banks' and tech giants' earnings largely impressed Wall Street. Bank of America says discount stores are set to post similarly positive results, according to Bank of America. BoA analysts expect the sector's second-quarter figures to hold strong thanks to rising food sales and improvement in general merchandise revenue. Thanks to momentum in higher-profit categories and successful online operations Walmart, Target, and Dollar Tree are in good positions.
Wall Street ended higher after a choppy session on Tuesday, but they were capped by declines in AIG and Microsoft. As Fred Katayama reports, Disney shares shot higher after its adjusted profit handily beat expectations.
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.
Credit: The Hollywood Reporter Duration: 01:27Published
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.
New York City entered Phase 2 of reopening on Monday while at least 12 other states saw record COVID-19 spikes - and the World Health Organization reported a record number of new daily cases. Lisa Bernhard produced this report.
Three large wildfires in Arizona on Thursday drove over 2,000 people from their homes. Reuters reports dry conditions and gusting winds are whipping blazes across America. The Bush fire is being fed by gusting winds, low relative humidity, and triple-digit temperatures. Firefighters are struggling to contain the flames, which are consuming ponderosa pine, piñon and juniper trees in the Tonto National Forest.
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.
A 33-year-old history-sheeter identified as Krishan has been arrested for sexually assaulting a minor in the national capital on August 4th, 2020. The victim was admitted to AIIMS. Delhi CM Arvind Kejriwal visited AIIMS on thursday and said that the government will ensure strict punishment to the perpetrators of the heinous crime. Kejriwal added that the government will deploy the best lawyers in court to ensure the strictest penalty and announced Rs 10 lakh compensation for the victim's kin. Delhi Police JCP, Shalini Singh said that 20 teams have been formed and they are scanning all CCTV footage to help them nab the accused. She also spoke on the person who has been arrested and said that he has four criminal cases against him and is accused of murder, attempted murder and burglary. Delhi Commission For Women Chairperson Swati Maliwal also visited AIIMS and slammed the Delhi police for the delay in the arrest of the accused in the case. She also said that her team has been assisting the victims. Watch the full video for all the details.
Credit: HT Digital Content Duration: 03:51Published
A massive fire broke out at a COVID care hospital in Gujarat's Ahmedabad on August 06. Around eight people died in the fire at Shrey Hospital in Ahmedabad. More details are awaited in this regard. While speaking to media, the JCP at Sector 1 in Ahmedabad, Rajendra Asari spoke on Shrey Hospital fire incident which has claimed 8 lives. He said, "We are taking the help of fire and forensic experts in the investigation." "A trustee of the hospital is being interrogated and will take help from CCTV footage in this incident," he added.
A massive fire broke out at a COVID care hospital in Gujarat's Ahmedabad on August 06. Around eight people died in the fire at Shrey Hospital in Ahmedabad. More details are awaited in this regard. Prime Minister Narendra Modi expressed his condolences and tweeted, "Saddened by the tragic hospital fire in Ahmedabad. Condolences to the bereaved families. May the injured recover soon. Spoke to CM and Mayor regarding the situation. Administration is providing all possible assistance to the affected." PM Modi announced ex-gratia of Rs 2 Lakhs each from Prime Minister's National Relief Fund (PMNRF) to the next of kin of the deceased. Rs 50,000 to be given to those injured due to the fire. As per Gujarat Chief Minister's Office, CM Vijay Rupani has ordered a probe in the incident of fire at Shrey Hospital in Ahmedabad. Sangeeta Singh, Additional Chief Secretary (Home Department) will be leading the probe. The CM has ordered for a report within 3 days. While speaking to media, the JCP at Sector 1 in Ahmedabad, Rajendra Asari said, "8 people have died in the fire incident. Other patients have been shifted to a safer place." "A thorough investigation will be conducted," he added.
Bernstein analyst Tony Sacconaghi says Tesla shares are far too expensive to recommend after more than tripling in 2020. The firm lowered its Tesla stock rating to "underperform" from "market perform" on Tuesday. It maintained a $900 price target, implying that shares will tumble 42% over the next year. Tesla recently beat earnings and crept closer to inclusion in the S&P 500. Sacconaghi said its valuation "is mind-boggling," the analyst wrote.
Exencial Wealth Advisors' David Yepez expects another profitable quarter from Tesla Wednesday that could clear the way for it to join the S&P 500. He also tells Reuters' Fred Katayama investors should snap up shares of Akamai and Sanofi on a market pullback.
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.
Elon Musk is officially richer than Warren Buffett. Tesla stock, of which Musk is the largest holder, continues to hit record highs. Musk is worth 70-billion dollars. Tesla stock is up 259% in 2020 compared with the benchmark S&P 500 index's 1% gain. Buffett, meanwhile, donated almost $3 billion of Berkshire Hathaway stock, causing his riches to shrink.
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.
World stocks looked set to close their worst quarter since 2008 on a brighter note on Tuesday, as strong Chinese factory data held out hope for an economic revival even as much of the rest of the world..