Tuesday, April 13, 2021

Fact Check

Black Lives Matter protest at Iowa Capitol was an “insurrection” like that on Jan. 6 at the U.S. Capitol.

U.S. Capitol Police push back rioters trying to enter the U.S. Capitol on Jan. 6, 2021. (AP)Source link

“We have encountered the largest surge of migrants (at the southern border) in the last 20 years.”

A migrant from Honduras seeking asylum in the U.S. stands in front of tents at the border crossing on March 1, 2021, in Tijuana,...

No, Ilhan Omar didn’t say that police shouldn’t exist because there are Jewish cops

If Your Time is shortThis claim appears to have originated in a self-described satirical blog post.See the sources for this fact-checkAmid the trial of...

"DMX received COVID vaccine days before heart attack."

The rapper DMX, born Earl Simmons, performs during the BET Hip Hop Awards in Atlanta on Oct. 1, 2011. He died April 9 at...

Chase half flips on pledge not to launch independent bid for governor

Del. Amanda Chase threatened to bolt the Republican party and run for governor as an independent last December when the state GOP decided to...

Says Officer Derek Chauvin’s knee was “not on neck of George Floyd.”

Minneapolis Police Chief Medaria Arradondo testifies in the trial of former Minneapolis police Officer Derek Chauvin. Chauvin is charged with causing the death of...

US Politics
Latest

Refugee families urge Biden to keep promise to up admissions

SAN DIEGO (AP) — The families of refugees and their supporters, including 124 elected officials, sent President Joe Biden a letter Tuesday urging him...

Michigan man who climbed Capitol wall charged in riot

DETROIT (AP) — A suburban Detroit man who climbed a wall at the U.S. Capitol became the seventh Michigan resident to be charged in...

Bill to lift Idaho smoking age from 18 to 21 fails in House

BOISE, Idaho (AP) — The House on Tuesday rejected legislation banning anyone under 21 from buying cigarettes or electronic smoking products in Idaho has...

Democrats dare GOP to filibuster Asian American hate crimes bill

Senate Minority Whip John Thune (R-S.D.) said that Republicans are considering voting to open debate and offering amendments on the hate crimes measure. Some...

Attorney Lin Wood: Blasting South Carolina’s top Republicans

Lin Wood, the pro-Trump attorney seeking a GOP leadership role in South Carolina, took on two of the state’s most notable Republicans on Tuesday...

LGBTQ

Tom Daley can’t stomach being a Harry Potter fan because of J.K. Rowling / LGBTQ Nation

Dustin Lance Black and husband Tom Daley (l)/J.K. RowlingPhoto: ShutterstockOut Olympic diver Tom Daley said in a recent interview that he can no longer...

How strongly does President Biden support LGBTQ rights? We asked the man who knows best. / LGBTQ Nation

Reggie Greer, the Biden campaign's LGBTQ+ engagement directorPhoto: Biden-Harris CampaignFor LGBTQ people, President Joe Biden’s inauguration meant more than the Democrats taking back the...

Brandi Carlile hid Ellen’s coming out episode on a tape labeled with her boyfriend’s name / LGBTQ Nation

Brandi Carlile performing in 2018Photo: Andy Witchger/via WikipediaOut lesbian musician Brandi Carlisle told Ellen DeGeneres that she recorded Ellen’s famous coming out episode when...

Tech

Pinterest establishes legal entity in Turkey to avoid bans

ANKARA, Turkey (AP) — The image-sharing platform Pinterest became the latest social media company to agree to set up a legal entity in Turkey...

Loud debates, fun banter: Mideast finds outlet in Clubhouse

BEIRUT (AP) — They are boisterous, argumentative and at times downright hilarious. Hundreds of thousands of people in the Arab world are turning to...

S&P 500 returns to a record high after best day in weeks

Must read

Refugee families urge Biden to keep promise to up admissions

SAN DIEGO (AP) — The families of refugees and their supporters, including 124 elected officials, sent President Joe Biden a letter Tuesday urging him...

Soviet cosmonaut made pioneering spaceflight 60 years ago

MOSCOW (AP) — Crushed into the pilot’s seat by heavy G-forces, Soviet cosmonaut Yuri Gagarin saw flames outside his spacecraft and prepared to die....

Report details new coronavirus variant cases in Alaska

ANCHORAGE, Alaska (AP) — Health officials have reported a case of a coronavirus variant first detected in South Africa in south-central Alaska.The Alaska case...

Black Lives Matter protest at Iowa Capitol was an “insurrection” like that on Jan. 6 at the U.S. Capitol.

U.S. Capitol Police push back rioters trying to enter the U.S. Capitol on Jan. 6, 2021. (AP)Source link

NEW YORK (AP) — U.S. stocks burst to their best day in three weeks on Friday, helping Wall Street return to record heights and avoid what could have been a second straight weekly loss.

The S&P 500 added 65.02 points, or 1.7%, to 3,974.54, with a quarter of that rise coming in the last five minutes of trading alone. Some of the biggest gains came from companies whose profits would jump the most if COVID-19 vaccinations and massive U.S. government spending programs juice the economy as much as economists expect. The index locked in a 1.7% gain for the week after losing 0.8% last week.

The Dow Jones Industrial Average rose 453.40 points, or 1.4%, to 33,072.88, and both it and the S&P 500 set all-time highs. The Nasdaq composite climbed 161.05, or 1.2%, to 13,138.72, though it remains 6.8% below its record set last month.

Stock prices have been churning in recent weeks, and momentum has often shifted sharply, sometimes by the hour. Rising expectations for a supercharged economic recovery are supporting many stocks on one hand, while worries about the possibility of higher inflation and rising interest rates are undercutting the market on the other.

This past week, everything from President Joe Biden doubling his goal for COVID-19 vaccinations to a skyscraper-sized ship blocking one of the world’s most important canals sent markets swinging.

“It’s natural that you would have people looking at” stocks of companies that would benefit the most from a rejuvenated economy, said Tom Plumb, portfolio manager and president of Plumb Funds. “But there are times when you are going to have a fair amount of volatility because a recovery like we are in has never been smooth.”

Much of the stock market’s recent turbulence has been an after-effect of movements in the bond market, where Treasury yields have been largely climbing since last autumn. Higher yields can make investors less willing to pay high prices for stocks, with companies seen as the most expensive taking the most pain. Companies that ask their investors to wait many years for the payoff of big profit growth have also been hit hard.

The yield on the 10-year Treasury rose to 1.67% from 1.61% late Thursday. But that’s still below where it was last week, when it rose above 1.70% and touched its highest level since before the pandemic began.

A report on Friday also showed that a gauge of inflation that the Federal Reserve likes to use was weaker last month than economists expected. That took off some of the pressure of inflation worries in the near term.

The higher yields helped lift stocks of banks, in part because higher interest rates allow them to make bigger profits from making loans. Financial stocks also got a boost after the Federal Reserve said it will soon allow banks to resume buying back their own stock and to send bigger dividend payments to shareholders. The Fed restricted such moves last summer to force banks to hold onto cash cushions amid the coronavirus-caused recession.

Some of Friday’s biggest gains came from energy stocks, which benefited from a $2.41 rise in the price of U.S. oil, settling at $60.97 per barrel.

Marathon Oil gained 5.3%, and energy stocks across the S&P 500 rose 2.6% for the biggest gain among the 11 sectors that make up the index.

Stocks of companies that would benefit from more investment in infrastructure were also rallying sharply. Steelmaker Nucor climbed 8.9% for the biggest gain in the S&P 500, and miner Freeport-McMoRan rose 5.9%.

President Joe Biden is pushing for big spending on the nation’s infrastructure, as many past presidents have done to little effect. “Whether or not it happens or doesn’t happen, the market feels like there’s more of a possibility that it will happen,” Plumb said.

Other companies that stand to benefit from more widespread coroanvirus vaccinations and the U.S. government’s spending plan to rescue the economy were also particularly strong. Victoria’s Secret and Bath & Body Works owner L Brands gained 3.7% after raising its profit forecast for the first quarter, citing higher sales as stimulus checks reach people and COVID-19 restrictions are relaxed.

Since interest rates began rising last autumn, tech stocks have been most caught within the the market’s crosswinds. They were among the biggest winners earlier in the pandemic, and their high stock prices and long runways of profit growth have made them susceptible to weakness when interest rates have been on the rise.

Such high-growth stocks were turning in a mixed performance on Friday. Apple rose 0.5%, but only after swinging between gains and losses numerous times through the day. Microsoft rallied 1.8%, and Facebook climbed 1.5%, but Tesla dropped 3.4%.

Stocks also rose across most international markets. Indexes rallied 1% or more from London to Seoul.

Source link

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Refugee families urge Biden to keep promise to up admissions

SAN DIEGO (AP) — The families of refugees and their supporters, including 124 elected officials, sent President Joe Biden a letter Tuesday urging him...

Soviet cosmonaut made pioneering spaceflight 60 years ago

MOSCOW (AP) — Crushed into the pilot’s seat by heavy G-forces, Soviet cosmonaut Yuri Gagarin saw flames outside his spacecraft and prepared to die....

Report details new coronavirus variant cases in Alaska

ANCHORAGE, Alaska (AP) — Health officials have reported a case of a coronavirus variant first detected in South Africa in south-central Alaska.The Alaska case...

Black Lives Matter protest at Iowa Capitol was an “insurrection” like that on Jan. 6 at the U.S. Capitol.

U.S. Capitol Police push back rioters trying to enter the U.S. Capitol on Jan. 6, 2021. (AP)Source link

Pinterest establishes legal entity in Turkey to avoid bans

ANKARA, Turkey (AP) — The image-sharing platform Pinterest became the latest social media company to agree to set up a legal entity in Turkey...