Apple has quietly dropped 22% from its peak, giving up $500 billion in market cap
Well, that was fast. It took just 12 trading sessions for Apple to plunge more than 20% from its all-time high, shedding more than half a trillion in market capitalization. The tech giant has plunged 22.6% from its intraday record...
Why higher unemployment taxes are ‘all but certain’ for businesses
A store displays a sign before closing down permanently in Arlington, Virginia. OLIVIER DOULIERY/AFP via Getty Images States are poised to raise taxes on businesses starting next year and cut jobless benefits for workers as the coronavirus-fueled downturn continues to...
Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation
James Bullard Olivia Michael | CNBC St. Louis Federal Reserve President James Bullard offered an optimistic look on the U.S. economy, with “off the charts” growth that will help lift inflation. Bullard also said he sees the unemployment rate falling...
Michael Farr: The problem with the U.S. economy is there are too many poor people
A Kelly Center for Hunger Relief volunteer sorts through food for distribution as residents in vehicles wait in line at a church in El Paso, Texas, on July 17. Joel Angel Juarez/Bloomberg via Getty Images Are you in the top...
Chime is now worth $14.5 billion, surging past Robinhood as the most valuable US consumer fintech
Chime CEO Chris Britt Source: Chime The fintech world has a new heavyweight. Chime, the start-up that delivers banking services through mobile phones, has closed a fundraising that values the company at $14.5 billion, CNBC has learned exclusively. That lofty...
Bullish market activity in 2021 will cost jobs, $7 billion money manager predicts
Money manager Kevin Nicholson expects the stock market to stabilize and rise in early 2021. But the co-chief investment officer of global fixed income at RiverFront Investment Group warns it’ll come at a cost to the jobs market. “Companies are...
Climate change is fueling wildfires in the West, ravaging local economies
Bobcat fire approaches Sierra Madre and Arcadia communities in California, U.S., September 13, 2020 in this picture obtained from social media. Photo taken September 13, 2020. John Mirabella | Reuters Despite official resistance to the idea in the Trump administration,...
Jobless claims were lower than expected but employment growth is still sluggish
First-time claims for unemployment insurance beat Wall Street estimates last week as the U.S. economy enters a critical new stage. Filings totaled 860,000 for the week ended Sept. 12, the Labor Department reported Thursday. Economists surveyed by Dow Jones had...
Fed picks its side in inflation debate and sends market a message — no rate hikes for years
The Fed does not expect to see inflation pick up for years, and it is willing to keep rates at zero even after it does. Stocks initially surged after the Fed released its post-meeting statement and its latest economic forecast,...
All-star investor Rich Bernstein: ‘We want to be somewhat optimistic’ and play offense
Institutional Investor Hall of Famer Richard Bernstein predicts more momentum in stocks closely tied to the economy. He expects more enthusiasm surrounding the state of the recovery will drive more investors away from richly valued mega cap growth names, which...
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