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Showing posts with the label The Finance 202.

Analysis | The Finance 202: Trump's 'crash' call goes bust: Stocks surge on vaccine breakthrough, Biden win

Tory Newmyer 11-14 minutes - The Washington Post Pfizer CEO Albert Bourla called the news of the drug’s advancement a “light at the end of the tunnel.” Traders appeared to view the resolution of the presidential election in similar terms. “Globally, investors are just happy to turn the page on the U.S. elections,” Eli Lee, head of investment strategy at the Bank of Singapore, told the Wall Street Journal.  The one-two punch drove a 1,600-point rally in the Dow before it pared back those gains to close up 834.57 points, or nearly 3 percent, at 29,157.97, Taylor Telford and Hamza Shaban report . That represented the index’s highest close since February. Meanwhile, the S&P 500 climbed 1.2 percent to close at 3,550.50, its second-highest-ever close. Among individual stocks, names that have suffered the most during the pandemic broke out as winners. Shares of Carnival, the cruise line company battered by coronavirus lockdowns,

The Finance 202: Perspective: A second $1,200 stimulus check is likely, but the IRS still hasn’t ironed out all the glitches from the first one

Michelle Singletary 8-10 minutes - Source: The Washington Post Although the IRS has worked out a lot of kinks, many people still haven’t received a check, direct deposit or debit card. “My $1,200 stimulus payment was automatically credited in early May to the same account as are my disability payments,” one reader emailed. “We have been awaiting receipt of a check for my wife’s stimulus payment but have yet to receive it. I called IRS in early July and conveyed our situation. The agent said my wife’s payment might have been delayed due to the late filing of 2018 taxes, but this made no sense, as I had received my payment.” Another couple also complained they still haven’t received the $2,400 they are due. “We diligently looked at the qualifying criteria and concluded that each of us qualified to receive a payment. Thus far, we have been unsuccessful in determining when we will receive the payments,” the D.C. couple wrote. Willa

Analysis | The Finance 202: Fiscal cliffs approach as Republicans clash on relief package

Tory Newmyer 20-25 minutes - Source: The Washington Post A federal moratorium on evictions protecting about 12 million renters expires Friday. A program to help state and local governments is dwindling , leaving them to face laying off employees and contractors. And small businesses struggling to stay afloat have only until Aug. 8 to apply for forgivable loans through the Paycheck Protection Program. Like most of the rest of the emergency spending package, there is little easy agreement emerging on these items among Republicans, much less between the GOP and Democrats. And the prospect of reaching consensus fast enough to pass a bill by the end of next week was remote enough Tuesday that Senate Majority Leader Mitch McConnell (R-Ky.) laughed as he dismissed it to reporters, according to Erica Werner, Jeff Stein and Seung Min Kim. The approaching fiscal cliffs “are all so significant,” S&P Global chief U.S. economist Beth A

Analysis | The Finance 202: Millions of Americans face financial shock as benefits set to lapse in days

Tory Newmyer 21-26 minutes - Source: The Washington Post The $600 a week in extra jobless aid lawmakers of both parties approved back in March as part of the $2.2 trillion Cares Act officially expires at the end of the month, leaving some 30 million Americans now relying on it in the lurch. With Republicans divided among themselves on key issues in the next economic rescue package, and a widening gulf between them and Democrats, quick passage looks increasingly remote. “We’re going to have a lot more households that are dangerously close to the lowest levels available to sustain their living,” Richard Curtin, director of the University of Michigan Surveys of Consumers, tells me. Republicans want to scale the benefit back, at a minimum.  How far to go in doing so remains an open question as Republicans seek to contain the overall cost of the relief package. But many in the party argue the payment discourages Americans' re

Analysis | The Finance 202: Trump’s polling lead on the economy has all but evaporated

Tory Newmyer 15-19 minutes - Source: The Washington Post And Joe Biden is also closing the gap on this issue: Trump has the edge on the former vice president when Americans were asked which candidate they trust more to lead on the economy. But it's now effectively a head-to-head match up  – 47 percent to 45 percent – versus an eight-point deficit in late March. Other recent polls show Trump faring worse on the question. A Quinnipiac University poll last week found he is underwater on his economic leadership , with just 44 percent approving and 53 percent disapproving , an eight-point drop from June and his worst result on the question since August 2017. The RealClearPolitics average shows voters evenly split on the matter. Meanwhile, half of voters in the Quinnipiac poll trust Biden more on the economy, giving him a five-point lead over Trump. And a Fox News poll showed Biden enjoys a one-point lead over the president on