got caught up in it all with the Chinese taking aim at the tech giant and other major U.S. exporters, according to Chinese media.
Boeing’s equipment was placed on a do-not buy list by Beijing, according to the same report.
A round of dismal economic data also didn't help.
Industrial production suffered a record drop of more than 11 percent.
Consumer sentiment rebounded in early May from a record plunge the month before but consumers remain on edge.
And there was a record plunge in retail sales for April.
Sales tumbled 16.4 percent, putting the economy on track for the biggest second-quarter contraction since the Great Depression.
All of that should have kept the market down, but it didn't.
Mercadien Asset Management President Ken Kamen thinks he knows why.
"When the retail sales number came it was bad, as a mater of fact is was horrific, but then as the day wore on investors started to realize: wait a minute, we expected that, we knew that was coming and that's not all parts of retail, and as they started parsing the numbers, I think you started to see the market gain its sanity back a little bit." Also helping out the market: optimism from President Trump that the U.S. could come up with a novel coronavirus vaccine by the end of the year.
The Justice Department is likely to bring an antitrust lawsuit in next few months, according to the Wall Street Journal and several state Attorneys Generals are likely to band together to file an anti-competition case by the fall.
Wall Street lost ground on Tuesday, with halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighing on sentiment as third quarter earnings season got underway. Fred Katayama reports.
U.S. stocks fell sharply Tuesday to close lower after President Donald Trump said he was calling off negotiations with Democratic lawmakers on coronavirus relief legislation until after the election. Fred Katayama reports.
Future tax policy, fiscal spending and budget deficit reduction plans are some of the key things Wall Street will be listening for in the first 2020 U.S. presidential debate, chief investment officer Hugh Johnson told Reuters business correspondent Conway G. Gittens.
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market. Fred Katayama reports.
Stock market analysts always worry around the time of a Presidential election. The markets can react unpredictably when a certain candidate gets elected. According to Stifel the S&P 500 will sell off initially if the Senate or Presidency remains Republican after the election. Business Insider reports that a note from Stifel says the S&P may fall following this election outcome. With the Republicans in charge hopes of a large fiscal stimulus will fade.
The S&P 500 ended lower on Thursday after a rise in weekly jobless claims compounded worries about a stalling economic recovery and fading hopes for more fiscal aid before the election. Fred Katayama reports.
On Tuesday, JPMorgan's Grace Peters told CNBC's "Squawk Box Europe" the S&P 500 could hit 3,750 by September 2021. Business Insider reports that would represent a 12% premium over Tuesday's closing price of 3,335.47. On the outlook for US stocks, she said, "We can see around a 10% upside over a 12-month view." Peters said investors should look at areas that have seen "structural growth" like construction, healthcare, and digital-transformation.
Business Insider reports that US stocks are on course to close lower for a third consecutive week. The S&P 500 has lost nearly 9% since early September's record high. That decline was mainly driven by losses in the technology sector. But Goldman Sachs, Wells Fargo and Deutsche Bank are upbeat the US stock market sell-off is mostly over. Goldman Sachs kept its end-of year S&P 500 target to 3,600 by year end.
U.S. stocks rallied on Tuesday with the Nasdaq snapping a five-day losing streak as investors bet there would be a soon-to-emerge agreement on an economic stimulus package. Netflix posted disappointing quarterly results. Conway G. Gittens has more.
Wall Street's main indexes ended higher Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory. Fred Katayama reports.
On Wednesday, Tesla shares rallied as much as 10%. The rally added about $32 billion in market value to the company. Other tech stocks like Apple, Amazon were also in the green after the Nasdaq tumbled a record 10% in three trading days. On Tuesday, Elon Musk's Tesla saw its stock price plunge 21%, erasing $82 billion from its market capitalization. Business Insider reports that Tesla completed a $5 billion share sale and a five-for-one stock split last week.
U.S. stocks closed lower for a third straight session Tuesday as tech stocks extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. Fred Katayama reports.
As the Nasdaq fell 5% intraday Thursday, Crossmark Global Investments' Victoria Fernandez, who last month advocated trimming positions on big cap tech stocks, says the market may have further to drop. She tells Reuters' Fred Katayama investors should later buy consumer staples, utility, and energy stocks.
British Airways’ last two Heathrow-based Boeing 747 planes have embarked on their final flights, with one landing at St Athan Airfield in Wales, and the other at Kemble Airfield in the Cotswolds. Report by Patelr. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
A VVIP aircraft Air India One arrived at Delhi International Airport on Thursday. The aircraft was delivered from the USA and will be used for the President, Vice-President and Prime Minister. The B&&& Aircraft was scheduled to be delivered by Boeing to Air India in July. The aircraft is equipped with an advanced communication system where audio and video functions can be availed at mid-air without being hacked. Watch the video for more details.
Credit: HT Digital Content Duration: 01:37Published
On Wednesday, the U.S. House Transportation and Infrastructure Committee released a 245-page report about the deadly Boeing MAX jet crashes. The two plane crashes in 2018 and 2019 weren’t a result of one single issue. They were caused by the failures of Boeing staff, Boeing management, and the Federal Aviation Administration. "A series of faulty technical assumptions by Boeing’s engineers, a lack of transparency on the part of Boeing’s management, and grossly insufficient oversight by the FAA.
The British parliament's defence committee said on Thursday it had found clear evidence that telecoms giant Huawei had colluded with the Chinese state and said Britain may need to remove all Huawei equipment earlier than planned. Megan Revell reports.
Samsung Electronics' third-quarter profit likely jumped 58% to its highest in two years, beating estimates from analysts who pinned the rise on smartphone sales recovery and a rush order of chips from Huawei. Gloria Tso reports.
Amid growing contention over the democratically-ruled island of Taiwan,Chinese President Xi Jinping said Friday China will never allow its sovereignty, security and development interests to be undermined. Gloria Tso reports.
The second and final debate between US Presidential election candidates Donald Trump and Joe Biden saw better articulation of their views and policy visions, but one area which didn't see much discussion was foreign policy. India was mentioned just once by Trump, when he called the country's air 'filthy' while commenting on climate change commitments. So which would be better for India - a continuation of the Trump administration in the White House, or the victory of challenger Biden? One big factor in the equation would be the next US government's attitude towards China. While Trump has been increasingly confrontational with Beijing, experts feel that Biden may adopt a less aggressive strategy. Former Indian ambassador to the US, Meera Shankar and Foreign Editor, Hindustan Times Pramit Palchaudhuri discuss the question with Hindustan Times' Aditi Prasad.
Credit: HT Digital Content Duration: 09:57Published
Footage showing the unboxing of the new iPhone 12 (red) and iPhone 12 Pro(grey). The new iPhone 12, iPhone 12 Pro and iPad Air are due to go on sale onFriday. In preparation, Apple has announced a new feature for its retailstores called Shopping Sessions, where customers can book a one-on-one slotwith an Apple Store employee to help select the new product they want. Thesame advice is also being made available online, with customers able to chatwith specialists before deciding on a purchase. For online purchases,contactless delivery is available for all products, Apple said, including thenew iPhone and iPad.
Credit: PA - Press Association STUDIO Duration: 01:21Published
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