Stocks on Wall Street rose for the first time in four sessions Wednesday.
Spurring them higher: President Donald Trump's remarks that trade talks with China were going "very well." Energy stocks led the broad-based rally, pushing the S&P 500 up more than half percent.
Edward Jones investment strategist, Nela Richardson: SOUNDBITE: EDWARD JONES INVESTMENT STRATEGIST, NELA RICHARDSON (ENGLISH) SAYING: "Investors should expect more volatility.
So more of the same next year.
It doesn't wash away with an interim deal or a tweet or a change in rhetoric.
What investors should look for is actual change in actions like a removal or roll back of the existing tariffs and no new tariffs." Shares of online travel agency Expedia among the biggest gainers on the S&P 500.
Its CEO and finance head resigned after clashing with the board over strategy.
Wall Street's main indexes hit their lowest in nearly seven weeks Monday as concerns about fresh coronavirus-driven lockdowns and the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. Fred Katayama reports.
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.
France's LVMH faces an uphill battle in walking away from its $16 billion deal to buy U.S. jeweler Tiffany, with legal experts noting most mergers which end up in court are renegotiated rather than dissolved. Fred Katayama reports.
The Trump administration will ban WeChat and video-sharing app TikTok from U.S. app stores starting Sunday night, a move that will block Americans from downloading the Chinese-owned platforms over concerns they pose a national security threat. Fred Katayama reports.
China's ByteDance faces an uphill struggle to convince the White House to allow it to keep majority ownership of its popular short video app TikTok in the United States, according to former national security officials and regulatory lawyers. Fred Katayama reports.
2020 has been a wild ride for stocks. Business Insider reports that the market continues to face risks stemming from the COVID-19 pandemic. There is also election uncertainty, and the potential for heightened trade tensions with China. BI reports that investors should continue to hold on for the potential of more gains ahead. In a note, investment group LPL raised its year-end S&P 500 fair-value target to a range of 3,450 to 3,500, the note said.
According to Business Insider, JPMorgan expects the S&P 500 to rise another 6% from current levels to a record 3,600 before the year is over. The S&P500's earnings recovery is "ahead of expectation." Tech stocks have done well, boosting the index. The S&P500 will continue to support its recovery while other sectors gain through the second half of the year, they added. JPMorgan expects S&P 500 firms' margins to fully recover from the pandemic by the second half of 2021.
Google and Facebook took particularly sharp jabs for alleged abuse of their market power from Democrats and Republicans on Wednesday in a much-anticipated congressional hearing that put four of America's most prominent tech CEOs in the hot seat. This report produced by Chris Dignam.
Facebook's Mark Zuckerberg, Amazon's Jeff Bezos, Sundar Pichai of Google andTim Cook of Apple are testifying on their companies' practices before Congressin a year-long investigation into market dominance in the industry.
Credit: PA - Press Association STUDIO Duration: 01:21Published
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
On Thursday, US stocks sank in turbulent trading. Falling tech giants dragged on benchmark indexes. Tech names had rebounded on Wednesday. However, they resumed their downward spiral as investors shunned their still lofty valuations. Traders also mulled weekly jobless-claims data that signaled lasting pain in the US labor market. Jobless claims totaled 884,000 for the week that ended on Saturday, missing the economist estimate of 850,000.
On Thursday, Tesla became the ninth-highest-valued US-listed company. This comes after Tesla share price exceeded $2,000 Business Insider reports that Tesla has seen its stock rocket more than 45% since it announced a 5-for-1 stock split on August 11. Tesla is now more valuable than Walmart. Its market cap is less than $20 billion away from overtaking Johnson & Johnson.
With more than 20 COVID-19 vaccines in clinical trials, the collaboration between Johnson & Johnson and Beth Israel Deaconess in Boston is getting $1 billion in U.S. funding. Lead researcher Dan Barouch charts the road ahead. (Produced by Dan Fastenberg)
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 17, 2019. The Dow Jones Industrial Average fell 36.08 points, or 0.13%, to 28,515.45, the S&P 500..