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Stimulus Hopes Boost S&P 500, Nasdaq To Best Week In Months By Investing.com

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By Jesse Cohen

Investing.com – Stocks on Wall Street ended higher on Friday, with the and Nasdaq wrapping up their best week since early July amid optimism that U.S. lawmakers will agree on a new Covid-19 aid package.

The closed 161 points higher, or around 0.6%, at 28,586, a level not seen since September 3.

The S&P 500 jumped nearly 0.9% to close at 3,477, its best level since September 4.

The rallied 1.4% to end at 11,579, its highest since September 3.

For the week, the Dow rose 3.3%, posting its best one-week performance since August. The S&P 500 and Nasdaq climbed 3.8% and 4.6%, respectively, for the week. Both benchmarks had their biggest weekly gains since early July.

On Friday afternoon, the Trump administration raised its offer for a new stimulus package to from $1.6 trillion, but it was still below the $2.2 trillion sought by Democrats.

President Trump later told radio talk show host Rush Limbaugh that he “would like to see a bigger stimulus package frankly than either the Democrats or Republicans are offering.”

Trump’s comments came after he abruptly ended aid talks with the Democrats earlier in the week.

U.S. stocks could face more volatility this week as investors focus on further clues on how stimulus negotiations are developing in Washington ahead of the looming November 3 election.

Markets will also be tested by the start of the third-quarter earnings season on Wall Street in the coming week.

JPMorgan (NYSE:) and Citigroup (NYSE:) report their results on Tuesday, followed by Bank of America (NYSE:), Goldman Sachs (NYSE:) and Wells Fargo (NYSE:) on Wednesday. Thursday will then see Morgan Stanley (NYSE:) report their earnings.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Economy

Israeli blockchain accelerator Collider Labs raises $1m

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In the past two years the blockchain and cryptocurrency industry has shrunk considerably, and many companies have closed, but in the past couple of months there has been something of a revival in the formation of startups and in new investment in this field. This trend finds expression in Israel in the formation of a new accelerator, Collider Labs, launched this week by the founders of venture capital firm Collider Ventures.




An initial $1 million has been invested in setting up Collider Labs. The money was raised from dozens of investors, chief among them the three founding partners Ofer Rotem, Adam Benayoun, and Avishay Ovadia.

Collider says that the $1 million raised for the new accelerator is earmarked for investment in early-stage companies in pre-seed investment in amounts between $25,000 and $75,000 for each company. A first startup has already joined the accelerator – a company set up by Israeli entrepreneurs and operating from London. Collider has not so far released further details.

Ovadia, who is founding venture partner at Collider, is manager of the new accelerator. “Our model is different from that of most accelerators,” he told “Globes”. Generally, when an entrepreneur is accepted to an accelerator, he finds that he is expected to work according to a rigid work plan and a timetable dictated from above. With us, it’s quite different: we tailor a personal program for each entrepreneur, in accordance with the stage he is at, and don’t hesitate to change the program as necessary. The aim is to become genuine partners of the most talented entrepreneurs in the market, in the hope of continuing to accompany them as the ‘home investor’ even after they spread their wings and become sell-established blockchain companies.”

Published by Globes, Israel business news – en.globes.co.il – on October 22, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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Hapoalim shareholders elect Stanley Fischer to board

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At the conclusion of a stormy process, the shareholders of Bank Hapoalim (TASE: POLI) today elected Stanley Fischer and Israel Trau as “regular” directors of the bank, and Ronit Abramson-Rokach and Dalia Lev to continue as external directors. The shareholders were required to choose four out of six candidates recommended by the committee for the selection of directors in banks without a controlling core. Now that Fischer has, as expected, been elected a director of the bank, he may be tapped in the future for the role of chairman, a post currently held by Reuven Krupik.




In a statement released this evening, Fischer said, “I am pleased to join the Bank Hapoalim’s board of directors. I intend to study the bank and its activities in depth, as well as the competitive and regulatory environment , so that I can contribute from my experience to the bank and its growth.

“The Israeli banking system faces many challenges, not the least of them resulting from the coronavirus crisis. I believe that Bank Hapoalim’s management and staff will be able to meet these challenges as we move ahead in strengthening the bank for the future.”

Fischer was governor of the Bank of Israel from 2005 to 2013. During his tenure, he demanded, and ultimately obtained, the ousting of then Bank Hapoalim chairman Dan Dankner, against the wishes of Shari Arison, who was the controlling shareholder in the bank at the time and who appointed Dankner to the post. Dankner subsequently served a prison sentence after being convicted on various charges in connection with his chairmanship of Hapoalim.  Fischer is also a former chief economist of the World Bank and First Deputy Managing Director of the International Monetary Fund, and he was vice chairman of the US Federal Reserve Board of Governors. From 2002 to 2005 he was an executive at Citigroup.

The election of Fischer as a director could mean a change in the balance of forces on Bank Hapoalim’s board and perhaps a change in its attitude to the bank’s management.

The shareholders also approved Bank Hapoalim’s last annual report and the reappointment of KPMG Somekh-Chaikin and BDO Ziv Haft as joint auditors until the bank’s next annual general meeting.

Published by Globes, Israel business news – en.globes.co.il – on October 22, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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Economy

China will improve yuan flexibility, central bank governor says By Reuters

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© Reuters. Chinese Yuan banknotes are seen in this illustration

SHANGHAI (Reuters) – China will seek to improve the flexibility of its yuan currency and will reduce restrictions on cross-border use of the yuan, the country’s central bank governor Yi Gang said on Saturday.

Yi was speaking at the Bund Summit conference held in Shanghai.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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