[ad_1]
The Dow Jones Industrial Average passed a major milestone Tuesday, crossing the 30,000 mark for the first time after President Donald Trump approved the formal transition of power to the administration of President-elect Joe Biden.
Shortly after 12:00 p.m. on Wall Street, the 30-share index was up 1.69 percent or 30,092.53
The broader S&P 500 Index, a gauge of the health of retirement and college savings accounts, was up 1.57 percent and the Nasdaq Composite Index was 0.99 percent on the upside.
On Monday, Trump said the head of the General Services Administration could move forward with a transition to the Biden administration.
Trump confirmed his approval with a tweet in which he also pledged to “keep up the good fight.”
Meanwhile, Biden’s next cabinet is taking shape.
The president-elect is reportedly choosing former Federal Reserve chair Janet Yellen as his Treasury secretary – a crucial role always, but especially now, given the fragile state of the nation’s economic recovery and new financial dangers posed by new business restrictions undermining the record. break COVID-19 infections and hospitalizations.
… fight, and I believe we will prevail! However, in the best interest of our country, I recommend that Emily and her team do whatever it takes regarding the initial protocols, and I have told my team to do the same.
– Donald J. Trump (@realDonaldTrump) November 23, 2020
To date, the coronavirus has killed 257,671 Americans, according to Johns Hopkins University.
State and local governments are calling for caution before the Thanksgiving holiday. California, Ohio, North Carolina and New York are imposing new restrictions.
The nation’s economic recovery was already winding down, as nearly $ 3 trillion in virus relief aid from the federal government dwindled and key programs expired.
Economists have sounded the alarm, urging more stimulus to help struggling businesses and households, as well as state and local governments.
New York City Mayor Bill de Blasio warned Tuesday that the city needs stimulus help from the federal government to stay afloat.
“If there is no stimulus, New York State will be in dire straits and, unfortunately, it may have to pass the cuts to localities,” de Blasio said at a news conference.
Nurse Caren Williams speaks to a passenger awaiting a coronavirus test at LAX Airport’s Tom Bradley International Terminal, as the global coronavirus outbreak continues, in Los Angeles, California. [File: Lucy Nicholson/Reuters]
The airline industry is giving up more red flags, a vitally important national security sector that has been financially destroyed by the pandemic.
Globally, airlines will lose another $ 39 billion next year on top of the $ 118 billion that is expected to bleed out this year, the International Air Transport Association (IATA) said on Tuesday.
IATA had forecast $ 100 billion in losses over the two years in June, but with rising coronavirus infections and shutdowns, it increased that number to $ 157 billion on Tuesday.
Among the actions to consider on Tuesday:
Shares of Tesla Inc rose 4.4 percent in afternoon trading on Wall Street after the electric vehicle maker surpassed $ 500 billion in market value at the opening of trading Tuesday.
On the retail front, as we approached the Black Friday weekend, Abercrombie & Fitch Co shares fell 2.11 percent. The apparel retailer beat Wall Street expectations for quarterly sales and earnings after it cut costs and saw an increase in online sales, but said it expects net sales in the fourth quarter to drop 5-10 percent. hundred.
Shares in Tiffany & Co were moving almost unchanged after they also beat quarterly earnings forecasts. The American jeweler, which is being bought by French luxury giant LVMH, benefited from a more than 70 percent increase in sales in China and a recovery in demand in the country.
[ad_2]
