Stocks recovered earlier losses and pushed into positive territory Thursday afternoon. Earlier in the session, the Dow had been off as many as 458 points after the Labor Department’s weekly report on new jobless claims showed another 2.981 million individuals filed for first-time unemployment benefits last week, or more than had been expected. The 30-stock index was up nearly 200 points around 1:30 p.m. ET and was on track to close higher for the first time in four sessions....
When Wall Street bigwigs say the market is overvalued — it’s time to “follow the smart money”, says Matt Maley, chief market strategist at Miller Tabak. On Wednesday billionaire investor David Tepper said this was the second most overvalued market he’d seen outside of the 1999 bubble. The day before, hedge fund manager Stan Druckenmiller sounded the alarm on stock valuations. “In Wall Street, it’s smart to follow the smart money...when you have so many of them who’ve made their billions doing this, it makes be a little bit more cautious,” said Maley told Yahoo Finance’s The First Trade....
The Owner-Operator Independent Drivers Association is continuing its push the federal government to address the needs of truck drivers and small-business trucking companies as they struggle with the many challenges caused by the COVID-19 pandemic. ...
If your company received a loan of less than $2 million under the Paycheck Protection Program, the new message from the Small Business Administration is that you're OK.In an addition to its lengthy list of FAQs, the SBA said Wednesday that all loans granted under that dollar threshold will be viewed as having met the "good faith" standard necessary under the PPP.The clarification comes after Treasury Secretary Steve Mnuchin said in April that the SBA would be reviewing PPP recipients who received more than $2 million to be sure that they needed those funds given their large size. In particular, public companies that received the funds have been ordered to give them back. The sole known public transportation company that received one, Evo Transportation & Energy Services, had not indicated by Thursday whether it was returning its $10 million. (It had disclosed the receipt of the loan in an 8-K filing...
On Wednesday, Federal Reserve Chair Jerome Powell said the Fed is still not considering cutting interest rates into negative territory.Goldman Sachs co-head of global foreign exchange, rates and emerging markets strategy Zach Pandl said Thursday that the Fed is just one more COVID-19 outbreak wave away from cutting rates below zero. What Are Negative Rates? The primary interest rate the Federal Reserve manages is the fed funds rate. The fed funds rate is the interest rate banks and other institutions charge to lend money to each other, typically on an overnight basis. Banks also indirectly base savings rates, mortgage rates and credit card rates on the fed funds rate as well.When interest rates drop below zero, lenders are actually forced to pay borrowers to take their money. On the surface, the idea is counterintuitive. Yet several central banks around the world have tested the waters of negative interest rates as a...
EUR/USD Current Price: 1.0782 * The EU and Germany will publish their preliminary estimates of Q1 GDP this Friday. * US President Trump pledged for a stronger dollar, lifting the currency. * EUR/USD under pressure below 1.0800, bearish below 1.0760.The greenback stands victorious across the FX board for a second consecutive day. The EUR/USD pair fell to 1.0774 and closed the day some 10 pips above the level. The dollar surged on the back of comments from US President Trump, who stated that "it's a great time to have a strong US Dollar." His words coupled with plummeting equities, still suffering the echoes of Fed's Powell latest statement, as he said that the US Central Bank has no plans to take rates below zero, and noted that policymakers are aware of the risks of a steeper economic downturn.Market players ignore macroeconomic data. Still, Germany published its April inflation figures, with the...
