As states reopen, it’s a race against the clock for small businesses to pay bills and stay solvent
An employee wearing a protective mask sanitizes a table at a restaurant in Tucson, Arizona, U.S., on Monday, May 11, 2020. Cheney Orr | Bloomberg | Getty Images As state shutdowns are lifted, the focus has turned to whether small...
Weekly mortgage applications point to a remarkable recovery in homebuying
A prospective homebuyer takes in the view at a beach front property in Newport Beach, California. Jamie Rector | Bloomberg | Getty Images If mortgage demand is an indicator, buyers are coming back to the housing market far faster than...
Stocks making the biggest moves in the premarket: Target, Lowe’s, McKesson, Harley-Davidson & more
Take a look at some of the biggest movers in the premarket: Target (TGT) – Target earned 59 cents per share for the first quarter, beating the consensus estimate of 40 cents a share. Revenue beat forecasts as well. Comparable...
CBO projects 38% drop in GDP, $2.1 trillion increase in the deficit
Capitol Hill signs ask for more PPE masks for healthcare workers in Washington, D. C. on April 17, 2020. Ashley Stringer | CNBC The Congressional Budget Office released its own bleak outlook Tuesday for economic growth, unemployment and the federal...
Stocks making the biggest moves midday: Kohl’s, Moderna, Peloton, Carvana and more
A shopper prepares to pay for items at a Kohl’s department store in Peru, Illinois, May 16, 2019. Daniel Acker | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Moderna — Shares of the biotech company fell...
Jamie Dimon says coronavirus crisis is ‘wake-up call’ for a more inclusive economy
JPMorgan Chase CEO Jamie Dimon said Tuesday in a memo that the coronavirus crisis should be used to build an economy that offers opportunities for “dramatically more people.” The memo, issued ahead of his bank’s annual shareholder meeting, served as an update...
U.S. housing starts fall sharply in April
U.S. homebuilding dropped to a five-year low in April, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression. Housing starts tumbled 30.2% to a seasonally adjusted annual...
Massive rally marks ‘frustration’ phase of the recovery, Canaccord’s Tony Dwyer says
It may be premature to turn bullish. Despite Monday’s massive rally, Canaccord Genuity’s Tony Dwyer finds stocks haven’t broken out of the ‘”frustration” stage of the recovery. He breaks down the post-market crash environment into three phases: Panic, relief and...
Powell to tell Congress the Fed is committed to using all tools to fight the unprecedented downturn
Federal Reserve Chairman Jerome Powell is reiterating his institution’s commitment to programs aimed at keeping markets functioning and getting money to those who need it during the coronavirus crisis. In prepared remarks that Powell will deliver to the Senate Committee on...
Homebuilder sentiment bounces back in May, after record plunge in April
A contractor uses a hammer while working on townhouse under construction at the PulteGroup Metro housing development in Milpitas, California, Oct. 25, 2018. David Paul Morris | Bloomberg | Getty Images After the sharpest one-month drop in the history of...
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