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1 In 5 Americans Say They Will Have No Cash In 3 Weeks

October 8, 2020

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Are you one of the millions of Americans who may be out of cash in three weeks?

Here’s what you need to know—and what to do about it.

Survey

According to a survey from Credit Karma, one out of five Americans could run out of cash by next month. The economy, lack of economic stimulus and job losses have led many Americans to face significant economic hardship.

“People are going to be forced to make tough choices,” Credit Karma Chief People Officer Colleen McCreary told USA Today. “There are a lot of Americans who either haven’t been in this situation in a long time or have never had to face this reality. Many will have to sacrifice and prepare because it could get worse before it gets better.”

Why are some Americans out of cash?

There are a host of issues that have led some Americans to

Two Weeks After Blockade Easing, Libya Triples Oil Production | Investing News

October 2, 2020

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LONDON (Reuters) – Two weeks into an easing of a blockade by eastern forces on Libya’s oil infrastructure, the OPEC member is seeing a ramp up in oil production, which has risen nearly three-fold to hit 270,000 barrels per day this week.

Since the toppling of the regime of Muammar Gaddafi in 2011, oil production in the country has been on a roller coaster, with multiple disruptions over the years crippling its ability to export crude, its primary source of income.

(Graphic: Libya Oil Output – https://graphics.reuters.com/LIBYA-OIL/qmyvmbwlbpr/chart.png)

Exports have nearly doubled to 200,000 barrels per day in September on a monthly basis, according to oil analytics firm Vortexa.

Exports are expected to rise even further, bar any new disruptions, with the reopening of the Marsa El Hariga, Brega and Zueitina terminals.

(Graphic: Libya Crude and Condesate Exports – https://graphics.reuters.com/LIBYA-OIL/rlgpdjeydpo/chart.png)

With a weak demand outlook due to the spread of COVID-19

Michigan extends jobless benefits period to a total of 59 weeks

October 1, 2020

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Many Michigan residents who have been out of work during the pandemic and filing for unemployment benefits are now eligible for an additional 20 weeks of benefits, the state said Thursday.

The Federal Extended Benefits (EB) program kicks in when a state’s jobless rate averages more than 8% for three consecutive months, bringing the total benefits period to 59 weeks for those impacted by COVID-19.

Once a claimant has exhausted their regular 26 weeks of benefits and the additional 13 weeks of federal Pandemic Emergency Unemployment Compensation (PEUC) benefits, the 20 weeks will automatically kick in, according to a news release.

It is unclear whether filers for Pandemic Unemployment Assistance (PUA), self-employed workers and independent contractors who would usually not qualify for state benefits, are eligible for the extended benefit weeks.

More: Revolver, a trailblazing Hamtramck communal dining space, won’t reopen

“The Extended Benefit program will provide a much-needed

Lindsey Graham Begs Fox News Viewers for Money Five Times in Almost Two Weeks

October 1, 2020

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Senator Lindsey Graham has begged Fox News viewers to donate to his campaign at least five times in the space of less than two weeks as he faces a tough contest for his South Carolina seat.

Lindsey Graham in a suit and tie: Lindsey Graham asks questions to James Comey, Former Director Of the Federal Bureau Of Investigation before the Senate Judiciary Committee on September 30, 2020.

© Ken Cedeno-Pool/AFP via Getty Images
Lindsey Graham asks questions to James Comey, Former Director Of the Federal Bureau Of Investigation before the Senate Judiciary Committee on September 30, 2020.

The Republican incumbent told Hannity viewers on Wednesday that his Democratic challenger Jaime Harrison’s campaign was “loading” him up because of his efforts to push for a confirmation vote on Supreme Court nominee Amy Coney Barrett.

Graham previously told the network that he was getting “killed financially” as polls showed the GOP senator neck-and-neck with Harrison with a month to go until polling day.

“The Democrats are going crazy raising money against the president, myself,” Graham told Fox News last night. “LindseyGraham.com. They’re loading

Gold prices aim for first back-to-back gains in 2 weeks

September 29, 2020

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Gold prices on Tuesday were headed higher for a second straight session as a pullback in the U.S. dollar extended, providing room for bullion values to climb, commodity experts said.

“As soon as the dollar’s recovery stopped, gold has been able to rebound, consolidating the strength of the support placed at $1,850-$1,860,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades, in a daily note.

On Monday, December gold
GCZ20,
+0.37%

GOLD,
+0.21%
was up $9.70, or 0.5%, at $1,891.90 an ounce, after a 0.9% rise on Monday. The metal hasn’t posted consecutive daily gains since a three-day stretch ended Sept. 16, FactSet data show.

The dollar on Tuesday was down 0.2%, as measured by the ICE U.S. Dollar Index
DXY,
-0.27%,
FactSet data show. The index is down 0.6% so far this early week, after posting a 1.9% weekly rise last week.

Last week, gold and silver prices

Top ETF Areas Amid Last Week’s Volatility

September 28, 2020

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Last week was volatile for Wall Street with the S&P 500 and the Dow Jones losingabout 0.6% and 1.8%, respectively. The Nasdaq has gained 1.1% past week. Though the Nasdaq was volatile earlier in the week, it ended it on a positive note. The Nasdaq’s gain of about 2.3% on Sep 25 was its biggest since Sep 9, as tech stocks rebounded from their recent declines.

Doubts over the faster rollout of coronavirus vaccines, rising COVID-19 cases in the United States and Europe, talks of major banks engaging in transferring illicit funds, profit booking on tech stocks and pre-election volatility in the United States have spelt trouble for the markets. Dr. Anthony Fauci, leading infectious disease expert, recently commented that a “large proportion” of the United States will not receive the vaccine in 2020, per a CNN report (read: “Worst September in 18 Years”? 4 Sector ETFs Surviving Selloffs).

Against

Trump Faces New Scrutiny of Personal Finances Weeks Before Vote

September 28, 2020

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President Donald Trump faces renewed scrutiny of his personal finances just weeks ahead of Election Day, after a report raised fresh questions about his business savvy and the integrity of his accounting.

The New York Times report, published Sunday, portrayed a president in a financial vise who could potentially turn to investments that could threaten his independence as commander-in-chief. Citing tax documents, it said Trump, a billionaire, paid no income taxes in 10 of the past 15 years and only $750 in 2016 and 2017.

Trump called the report “totally fake news” during a news conference just minutes after it was published. He reiterated that he’d only release his tax documents when an Internal Revenue Service audit was complete — a refrain he has employed since 2016.

WATCH: Trump answers questions about the New York Times article on his tax returns.

The report offered a catalog of potential improprieties —