Wall Street jumped in a broad rally on Wednesday, closing ground on all-time highs as signs of recovery from mandated economic shutdowns helped investors look beyond ongoing social unrest and pandemic woes.
The U.S Commerce Department said on Wednesday that new restrictions on 33 Chinese firms and institutions it announced last month will take effect Friday.
Deutsche Bank Securities Chief Economist Torsten Sløk joins Yahoo Finance’s Zack Guzman to discuss why stocks are climbing despite the civil unrest across the country and the weak ADP data. …read more […]
Oil pulled back slightly on Wednesday after briefly jumping above $40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.
Snap Inc said it would no longer promote U.S. President Donald Trump’s account in Snapchat’s Discover section, saying his inflammatory comments last week made the account ineligible for the curated section where users explore new content.
(Bloomberg) — Tyson Foods Inc., the biggest U.S. meat processor, will return to its pre-coronavirus absentee policy, which includes punishing employees for missing work due to illness. Workers with Covid-19 symptoms won’t be penalized, the company said.“We’re reinstating our standard attendance policy,” Tyson spokesperson Gary Mickelson said in an email. “But our position on Covid-19 has not changed: Workers who have symptoms of the virus or have tested positive will continue to be asked to stay home and will not be penalized. They will also continue to qualify for short-term disability pay so they can continue to be paid while …read more […]
The Chinese government’s denial of U.S. airline carriers’ requests to resume passenger flights to and from China was met with a retaliatory measure from the U.S. Department of Transportation (DOT) on Wednesday. …read more […]
Citigroup Inc said on Wednesday its chief compliance officer Mark Carawan is retiring after eight years at the firm, effective June 8.
New data suggests life is getting back to some form of normal after the worst of the COVID-19 pandemic. …read more […]
Without a doubt, Inovio Pharmaceuticals (INO) is one of the year’s success stories. Heading into 2020, INO shares were going for $3.30 apiece. The stock is now priced at $13.30, an increase of a hefty 303%.As for how the biotech accumulated such impressive gains, the company has positioned itself as one to watch with its COVID-19 DNA vaccine candidate, INO-4800.However, even as investors’ optimism surges, some remain more skeptical. Among the skeptics is RBC Capital analyst Gregory Renza.The 5-star analyst rates INO shares a Sector Perform (i.e. Hold) along with a $10 price target. In other words, Renza expects shares …read more […]
(Bloomberg) — The most vocal optimists are getting skeptical of the never-ending stock rally.What once seemed sensible is starting to baffle even them. The S&P 500 is up 39% in 50 days and in the midst of its longest winning streak since February. A flattening virus curve, Federal Reserve stimulus and reopening plans explain a lot of it, they say. But with $7 trillion in value created and the Nasdaq 100 near a record, many big bulls are sounding distinctly…bearish.The S&P 500 rose 1% as of 12:15 in New York. Here’s what a few investors who believed in the rally …read more […]
Gilead Sciences Inc’s potential COVID-19 treatment, remdesivir, could bring in more than $7 billion in annual sales by 2022, spurred by governments stockpiling the drug to guard against future outbreaks, SVB Leerink said on Wednesday.
Top executives of the Detroit Three automakers and other major Michigan employers on Wednesday condemned racism and injustice in the United States following the death last week of an unarmed black man at the hands of Minneapolis police, carefully joining a charged national debate.
A jump in Boeing shares led Wall Street higher on Wednesday, with investors hopeful of a rebound from a coronavirus-led economic slump amid continuing social unrest in the country.
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