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Stock market forecast: S&P 500 to shed around 10% with no stimulus

October 3, 2020
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| business

  • The S&P 500 could shed around 10% and retest the 3,000 mark, Anthony Denier, CEO of Webull told Business Insider.
  • He said: “The lack of a deal could take away a lot of the stock market’s optimism and could send the S&P down another 10%.”
  • The House passed a $2.2 trillion Democratic fiscal plan Thursday, but it still unlikely to garner support from the Senate. 
  • Strategist Edward Moya of OANDA thinks stocks will hardly budge if lawmakers don’t agree on another bill, but a deal will trigger a rally. 
  • Moya said: “If Pelosi and Mnuchin hammer out a deal, stocks will rally, but will not be able to recapture record high territory until we are beyond the election results.”
  • Visit Business Insider’s homepage for more stories.

The S&P 500 could shed around another 10% and flirt with the 3,000 mark if US lawmakers fail to agree upon more fiscal stimulus,

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New investigations will shed light on the money behind House Bill 6

September 29, 2020
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| money

The Columbus Dispatch

For all of the investigations swirling around the 2019 enactment of House Bill 6 by the Ohio General Assembly, a lack of official scrutiny for the legislation’s primary beneficiary has been confounding. 

Now, it appears at least two government agencies are taking a look at Akron-based FirstEnergy Corp., which, with its affiliates, is believed to have been the major source of $61 million in dark money contributions that federal investigators allege were made to secure the $1.3 billion utility company bailout engineered in HB 6.

Two nuclear power plants whose future is tied to the legislation were owned by a FirstEnergy subsidiary, FirstEnergy Solutions, which is now called Energy Harbor. The Davis-Besse nuclear power plant in Ottawa County and the Perry plant in Lake County are to receive subsidies beginning next year, courtesy of electric utility customers throughout Ohio who will be required to pay new fees

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