News

Aid Package

AP News | Equities.com |

The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday.

The ocean of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession that has cost millions of jobs.

The deficit from October through August is more than double the previous 11-month record of $1.37 billion set in 2009. At that time the...


AP News | Equities.com |

Senate Democrats scuttled a scaled-back GOP coronavirus rescue package on Thursday as the parties argued to a standstill over the size and scope of the aid, likely ending hopes for coronavirus relief before the November election.

The mostly party-line vote capped weeks of wrangling that gave way to election-season political combat and name-calling over a fifth relief bill that all sides say they want but are unable to deliver. The bipartisa...


AP News | Equities.com |

Wall Street snapped back to life on Wednesday, recovering from its worst stretch of losses in months, as the bloodletting for big technology stocks came to at least a temporary halt.

Apple, Amazon and other tech companies that suddenly lost their momentum late last week on worries their stocks soared too high all regained some ground. They helped the S&P 500 rally 67.12, or 2%, to 3,398.96. It was the best day in three months for the index, which recovered a little more than a quarter of its losses from the prior three days.


Reuters | Equities.com |

The Republican leaders of the U.S. Senate will introduce a proposal for additional coronavirus relief on Tuesday and could schedule a vote as soon as this week, Senate Majority Leader Mitch McConnell said.

He said the proposal - expected to have a far smaller scope than a bill passed in the Democratic-led House of Representatives - would focus on “some of the very most urgent healthcare, education and economic issues.”

“It does not contain every idea our party likes. I am confident Democrats will feel the same. Yet Republicans believe the many serious differences between our two parties should not stand in the way of agreeing where we can agree and making law that helps our nation,” McConnell said in a statement.


AP News | Equities.com |

The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday.

The spike in the deficit means that federal debt will exceed annual gross domestic product next year, a milestone that would put the U.S. in the company of countries like Greece whos...


AP News | Equities.com |

Wall Street nudged a bit higher on Monday, and the S&P 500 teased even closer to its record high.

The benchmark index rose 9.14 points, or 0.3%, to 3,381.99. Earlier in the day, it briefly crossed above its record closing level of 3,386.15, which was set on Feb. 19 before the pandemic shut down businesses worldwide and created the worst recession in decades. It’s the third time in the last four trading days the index has risen above that record, only to fade later in the day.


AP News | Equities.com |

Stock indexes barely budged on Wall Street Friday, leaving the S&P 500 just shy of its record once again.

The S&P 500 edged down 0.58 points, or less than 0.1%, to 3,372.85 after drifting between small gains and losses throughout the day. They’re the latest meandering moves for the market, which has taken a pause after erasing almost all of the steep losses caused by the coronavirus pandemic.

In each of the prior two days, the S&P 500 made a brief run above its record closing high, which was set in February, only to fade in the afternoon. It remains within 0.4% of its record.


AP News | Equities.com |

Americans spent more at retail stores and restaurants in July for a straight straight month, but growing evidence suggests that sales are now slowing with the expiration of government rescue aid that had previously put more money in people’s pockets.

Friday’s report from the Commerce Department showed that retail purchases rose by a seasonally adjusted 1.2% last month, with solid gains at appliance and clothing stores helping drive up sales. The gains of the past three months have restored retail purchases to their levels before they plunged in March and April when the pandemic shuttered businesses and paralyzed the economy.


AP News | Equities.com |

Another afternoon fade for stocks left Wall Street just shy of its record heights on Thursday, after the S&P 500 briefly crossed above its all-time closing high for the second straight day.

The S&P 500 dipped 6.92 points, or 0.2%, to 3,373.43. At one point during the day, it climbed above 3,386.15. That’s the record closing level it set in February, before investors appreciated how much devastation the new coronavirus would cause for the global economy.


AP News | Equities.com |

President Donald Trump declared Thursday that he opposes additional funding for the U.S. Postal Service, acknowledging that his position would starve the agency of money Democrats say it needs to process an anticipated surge in mail-in ballots during the coronavirus pandemic.

Trump also claimed anew — falsely — that Democrats were pushing for universal mail-in voting and predicted without providing evidence that mail-in voting would lead to massive voter fraud in the November election. Polls indicate Trump is in for a tough reelection fight against Democrat Joe Biden.