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Wall Street Week Ahead: U.S. Earnings Improvement Expected, but Still a Weak Quarter | Investing News

October 10, 2020
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| business

NEW YORK (Reuters) – While good business news has been in short supply, investors may take slight comfort in coming weeks from U.S. corporate earnings that are likely to be bad, but not as bad as they have been.

Analysts expect third-quarter S&P 500 earnings to have fallen 21% compared with the year-ago quarter, a big improvement from second-quarter’s 30.6% drop that was most likely the low point for earnings this year because of coronavirus-fueled lockdowns, according to IBES data from Refinitiv.

Earnings reporting will get rolling next week with results from some of the big U.S. banks, likely impacted by near record low interest rates and the pandemic-induced recession. JPMorgan & Co.

and Citigroup

both release results on Tuesday.

(Graphic: S&P 500 Q3 earnings look bad, but not as bad as Q2 – https://graphics.reuters.com/USA-STOCKS/azgvoaoyzvd/chart.png)

Overall, S&P 500 quarterly results tend to beat analysts’ cautious expectations, and they could do

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Wall Street Finishes up as Stimulus Talks Continue | Investing News

October 10, 2020
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| business

(Reuters) – U.S. stocks rose on Friday and the S&P 500 and Nasdaq registered their biggest weekly percentage gains since July as optimism over more federal fiscal aid grew.

Talks were expected to continue on a COVID-19 stimulus package, even though U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed on Friday to reach agreement.

Mnuchin floated a new proposal Friday afternoon, but an aide for Pelosi said it lacked a broad plan to contain the pandemic.

Recent trading on Wall Street has been dictated by headlines on fiscal aid, with the three main indexes tumbling on Tuesday after U.S. President Donald Trump called off negotiations. He has since indicated he was willing to resume discussions.

“The market’s reacting well to Trump’s sudden turnaround in terms of a support package,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York. “A lot of this

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Kamala Harris cheers Wall Street support as big-money donors line up for Biden

October 10, 2020
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| money

GOP fundraiser Noelle Nikpour and ‘Making Money’ host Charles Payne discuss the vice presidential debate and polling ahead of the election.

America’s biggest financial institutions are backing Democratic nominee Joe Biden, banking on a “blue wave” to boost the economy, a message that Biden’s running mate, Sen. Kamala Harris, touted during Wednesday night’s debate.

“Joe Biden’s economic plan, Moody’s — which is a reputable Wall Street firm — has said will create 7 million more jobs than Donald Trump’s,” Harris said as she faced off against incumbent Mike Pence.

TRUMP HITS BIDEN ON FRACKING: ‘PENNSYLVANIA WILL NEVER GO FOR HIM’

Despite Biden’s promises to raise taxes on corporations and the wealthy and regulate banks more tightly, he has raked in five times as much as Trump in donations from the securities and investment industry, with an eye-popping sum of $51.1 million. The incumbent has garnered just $10.5 million, according to 

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Stocks climb again on Wall Street with hopes for stimulus

October 10, 2020
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NEW YORK — Stocks rose for the second day in a row Thursday, reflecting hope on Wall Street that Washington can approve more aid for the economy and encouragement from a report that suggests the pace of layoffs is slowing a bit, even though it remains incredibly high.

The S&P 500 climbed 0.8%, adding to its solid gains from a day earlier, when President Donald Trump apparently backtracked on his decision to halt talks on more aid for the economy. He said in a televised interview Thursday morning that “very productive” talks have begun on stimulus.

Stocks have been particularly rocky since early September, swerving on worries about everything from too-expensive prices to the still-raging pandemic, but the S&P 500 has been generally climbing the last two weeks and is on pace for its best week since August.

Resurgent optimism about the possibility that the Democrats and Republicans will deliver

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US STOCKS-Wall Street finishes up as stimulus talks continue

October 9, 2020
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By Caroline Valetkevitch

Oct 9 (Reuters) – U.S. stocks rose on Friday and the S&P 500 and Nasdaq registered their biggest weekly percentage gains since July as optimism over more federal fiscal aid grew.

Talks were expected to continue on a COVID-19 stimulus package, even though U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed on Friday to reach agreement.

Mnuchin floated a new proposal Friday afternoon, but an aide for Pelosi said it lacked a broad plan to contain the pandemic.

Recent trading on Wall Street has been dictated by headlines on fiscal aid, with the three main indexes tumbling on Tuesday after U.S. President Donald Trump called off negotiations. He has since indicated he was willing to resume discussions.

“The market’s reacting well to Trump’s sudden turnaround in terms of a support package,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York,

… Read More

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All Eyes On Washington, Wall Street Aims To Open Positive

October 9, 2020
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| business

(RTTNews) – The developments in Washington might be the focus on Friday as the investors are looking ahead to a better economy.

Initial signs from the U.S. Futures point to a positive open for Wall Street.
Asian shares finished mostly higher, while European shares are trading up.

As of 8.10 am ET, the Dow futures were adding 111.00 points, the S&P 500 futures were up 14.75 points and the Nasdaq 100 futures were progressing 41.75 points.

The U.S. major averages all ended Thursday in positive territory. The Dow rose 122.05 points or 0.4 percent to 28,425.51, the Nasdaq climbed 56.38 points or 0.5 percent to 11,420.98 and the S&P 500 advanced 27.38 points or 0.8 percent to 3,446.83.

On the economic front, the Commerce Department’s Wholesale Inventories for August will be issued at 10.00 am ET. The consensus is for an increase of 0.5 percent, while it was down 0.3

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The Finance 202: Wall Street is optimistic even as Washington stimulus talks make no progress

October 9, 2020
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| finance

“It’s still all about stimulus at this point: we’re seeing markets move on optimism that some kind of package is going to get done,” Esty Dwek, head of global market strategy at Natixis Investment Managers, told the Wall Street Journal’s Anna Hirtenstein and Ben Eisen. 

At the same time, the political mood was trending in the opposite direction. Treasury Secretary Steven Mnuchin, President Trump’s lead negotiator, told House Speaker Nancy Pelosi (D-Calif.) that the president wanted to pursue a comprehensive package, a Pelosi spokesman said, according to Erica Werner and Jeff Stein. Yet as Mnuchin made the assertion to Pelosi on a phone call, White House spokeswoman Alyssa Farah told reporters that Trump wanted a “skinny” bill, only extending aid to airlines, forgivable loans to small businesses and another round of stimulus checks to individuals.

“We’ve made very clear we want a skinny package,” Farah said. 

In fact, Trump has

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Global stocks follow Wall Street higher on stimulus hopes

October 9, 2020
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BEIJING (AP) — Global stock markets and Wall Street futures rose Friday after President Donald Trump said talks had resumed on an aid package for the struggling U.S. economy.

London and Frankfurt opened higher. Shanghai and Sydney advanced. Tokyo and Hong Kong declined.

Wall Street gained Thursday after President Donald Trump, who earlier called off negotiations with legislative leaders, said “very productive” talks had begun. Separately, a report indicated the near-record pace of U.S. job losses might be slowing.

Stock prices have been volatile since mid-September as investors swing between optimism about possible development of a coronavirus vaccine and unease that markets recovered too fast and shares are too expensive.


“When the world’s financial markets are at the mercy of the randomness emanating from the White House, it is hardly surprising that investors elsewhere would prefer to wait on the side-lines,” said Jeffrey Halley of Oanda in a report. “Unfortunately,

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Asian stocks follow Wall Street higher on stimulus hopes

October 9, 2020
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BEIJING (AP) — Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy.

Benchmarks in Shanghai, Hong Kong, South Korea and Sydney advanced. Tokyo was off 0.1%.

Wall Street gained Thursday after President Donald Trump suggested he might be reversing his decision to halt talks on economic aid. Separately, a report indicated the near-record pace of U.S. job losses might be slowing.

Stock prices have been volatile since mid-September as investors swing between optimism about possible development of a coronavirus vaccine and unease that markets recovered too fast and shares are too expensive.

“The on-and-off nature of the fiscal stimulus discussion in the U.S. hardly inspires lasting confidence,” said Mizuho Bank in a report. “Uncertainty around the presidential election on 3 November will likely persist not only through to polling day but possibly after.”

The Shanghai Composite Index, resuming

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Asian Stocks Follow Wall Street Higher on Stimulus Hopes | Business News

October 9, 2020
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| business

By JOE McDONALD, AP Business Writer

BEIJING (AP) — Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy.

Benchmarks in Shanghai, Hong Kong, South Korea and Australia advanced. Tokyo was off 0.1%.

Wall Street gained Thursday after President Donald Trump suggested he might be reversing his decision to halt talks on economic aid. Separately, a report indicated the near-record pace of U.S. job losses might be slowing.

Stock prices have been volatile since mid-September as investors swing between optimism about possible development of a coronavirus vaccine and unease that markets recovered too fast and are too expensive.

“The on-and-off nature of the fiscal stimulus discussion in the U.S. hardly inspires lasting confidence,” said Mizuho Bank in a report. “Uncertainty around the presidential election on 3 November will likely persist not only through to polling day but possibly after.”

… Read More

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