U.S. Stocks Close Sharply Higher, Tech Stocks Help Lead The Way

(RTTNews) – Stocks moved sharply higher during trading on Monday, extending the strong upward move seen over the past few sessions. The continued advance once again lifted the major averages to their best closing levels in over a month.

The major averages gave back some ground in the latter part of the trading day but remained firmly positive. The Dow advanced 250.62 points or 0.9 percent to 28,837.52, the Nasdaq spiked 296.32 points or 2.6 percent to 11,876.26 and the S&P 500 jumped 57.09 points or 1.6 percent to 3,534.22.

Technology stocks helped to lead the markets higher, as reflected by the significant advance by the tech-heavy Nasdaq.

Apple (AAPL) posted a standout gain, surging up by 6.4 percent, while Facebook (FB) and Google parent Alphabet (GOOGL) also moved notably higher.

Shares of Twitter (TWTR) also showed a strong move to the upside after Deutsche Bank upgraded its rating on

Read More

Read More

U.S. Q3 GDP Expected To Rise Sharply As Q4 Outlook Dims

The US economy is still on track to post a strong rebound in the upcoming third quarter GDP report, but Q4’s prospects appear to be fading, according to recent nowcasts compiled by CapitalSpectator.com and analysis by economists.

First the good news. The Bureau of Economic Analysis on Oct. 29 is projected to report that Q3 GDP rose 20.3% (seasonally adjusted annual rate), based on the median nowcast. Although that’s still well below the 31.4% collapse in Q2 (deepest on record), a 20% increase in output would mark the biggest quarterly rise since the dataset’s start in 1947.

Note, however, that there’s a wide range of Q3 estimates for the individual nowcasts. At the leading edge of optimism: Atlanta Fed’s GDPNow model, which is currently projecting a stunning 35.3% increase in real growth (as of Oct. 6), a growth estimate that exceeds the rate of Q2’s decline (although it would still

Read More

Read More

Airline stocks fall sharply on Trump move to end to stimulus talks

By David Shepardson and Tracy Rucinski

WASHINGTON/CHICAGO, Oct 6 (Reuters)Shares of major airlines fell on Tuesday after U.S. President Donald Trump said his administration would abandon talks with congressional Democrats over proposals to spend at least $1.6 trillion in additional coronavirus relief funds.

A key component was a new $25 billion bailout for U.S. passenger airlines to keep tens of thousands of workers on the job for another six months. A prior $25 billion airline payroll support program expired on Sept. 30.

American Airlines AAL.O, whose shares had been trading higher, reversed course to close about 4.5% lower after Trump’s tweet on ending talks, while shares of United Airlines UAL.O closed 3.6% lower. Southwest Airlines LUV.N stock fell 2.4% and Delta Air Lines DAL.N shares closed 2.9% lower.

American Airlines and United Airlines last week began laying off 32,000 workers, but had said they would reverse

Read More

Read More

Wall Street closes sharply lower as Trump tests positive for coronavirus

By Stephen Culp

NEW YORK (Reuters) – U.S. stocks closed lower on Friday as news that U.S. President Donald Trump tested positive for COVID-19 put investors in a risk-off mood and added to mounting uncertainties surrounding the looming election.

Tech shares weighed heaviest on the indexes, but the blue-chip Dow’s losses were mitigated by gains in economically sensitive cyclical stocks.

Despite Friday’s sell-off, the S&P and the Nasdaq both gained 1.5% on the week, while the Dow ended the session 1.9% higher than last Friday’s close.

Trump tweeted late Thursday that he had contracted the coronavirus and would be placed under quarantine, compounding the unknowns for an already volatile market.

But stocks pared losses after the White House provided assurances that Trump, while experiencing mild symptoms, is not incapacitated.

“This injects further uncertainty into the outcome of the election,” said Roberto Perli, head of global policy research at Cornerstone Macro

Read More

Read More

U.S. Employers Add Sharply Fewer Jobs in September

U.S. employers added a much fewer-than-expected 661,000 new jobs last month, data from the Labor Department confirmed Friday, as hiring slowed sharply from August amid new layoffs and a broader economic slowdown linked to the coronavirus pandemic.

The 661,000 net new job total compares to an upwardly-revised August tally of 1.489 million but still takes the headline unemployment rate to 7.9%. Average hourly wages, the Bureau of Labor statistics said, rose 0.1% from August to $29.47, taking the year-on-year to to 4.7%. The labor force participation rate, a reading of long-term unemployment, fell to 61.4% from 61.7%, the BLS said, and the overall economy is down 10.7 million jobs from its February peak.

Market expectations were also boosted by a stronger-than-forecast reading of weekly jobs claims on Thursday, which showed that 837,000 Americans filed for unemployment benefits last week, down from 873,000 in the prior period and just shy of

Read More

Read More

Nasdaq Closes Sharply Higher, Dow Posts Modest Gain

(RTTNews) – Stocks moved mostly higher during trading on Thursday, adding to the gains posted in the previous session. The tech-heavy Nasdaq moved sharply higher on the day, while the Dow fluctuated over the course of the session.

The Nasdaq surged up 159.00 points or 1.4 percent to 11,326.51, its best closing level in nearly a month. The Dow posted a more modest gain, inching up 35.20 points or 0.1 percent to 27,816.90, while the S&P 500 climbed 17.80 points or 0.5 percent at 3,380.80.

The strength on Wall Street came as traders continued to express optimism lawmakers will ultimately reach a deal on a new coronavirus relief bill.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to work toward a potential agreement, although a spokesman for the Democratic leader noted “distance on key areas remain.”

Early buying interest was generated in reaction to news that House Democrats

Read More

Read More

As Brexit Talks Intensify, Banks See Sharply Higher Risk of No-Deal Exit | Investing News

LONDON (Reuters) – The chances of Britain leaving the European Union without a trade deal have risen dramatically in the last three months, according to major investment banks, most of which now see the probability of such an outcome at 50% or higher.

Britain left the EU in January but is currently in a status-quo transition period, which ends on December 31 irrespective of whether or not a deal is agreed. On Monday, the two sides started a decisive week of talks, with one diplomat noting an improvement in “mood music”.

But all six banks which participated in a Reuters poll in June are more pessimistic, with most citing UK legislation that would breach parts of the withdrawal agreement signed with the EU in January.

The move has drawn threats of legal action from the EU.

The most dramatic re-assessment was by Societe Generale, which said the bill “gravely damaged”

Read More

Read More

Devon Energy and WPX Rise Sharply on Confirmation of Merger Pact



a boat sitting on top of a sandy beach: Devon Energy and WPX Rise Sharply on Confirmation of Merger Pact


© TheStreet
Devon Energy and WPX Rise Sharply on Confirmation of Merger Pact

Shares of shale producer Devon Energy and rival WPX Energy were rising sharply Monday in premarket trading after the companies confirmed they would merge in an all-stock deal with an enterprise value of about $12 billion.

Devon Energy shares rose 13.38% to $10 in premarket trading, while WPX Energy rose 12.61% to $5.

The Wall Street Journal reported earlier the companies were discussing an all-stock transaction.

Loading...

Load Error

The merger is expected to close in the first quarter of 2021.

Upon completion of the transaction, Devon shareholders will own about 57% of the combined company and WPX shareholders will own the rest.

“This merger is a transformational event for Devon and WPX as we unite our complementary assets, operating capabilities and proven management teams to maximize our business in today’s environment, while positioning our combined company to

Read More

Read More