Business

US STOCKS-S&P 500 inches toward record high on tech boost – Reuters

Published

4 years ago

August 12, 2020

Harry Miller

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Tesla up after announcing stock split

* Moderna jumps after $1.5-bln U.S. contract

* Benchmark S&P 500 about 0.5% below record high

* Indexes up: Dow 0.99%, S&P 1.32%, Nasdaq 1.86% (Adds quote, details; updates prices)

By Medha Singh and Ambar Warrick

Aug 12 (Reuters) – Wall Street’s main indexes jumped on Wednesday, with the S&P 500 crawling towards a record high in a broad rally led by tech stocks, although some investors were cautious following a stalemate over the new coronavirus relief bill.

Heavyweights Microsoft Corp, Amazon.com Inc and Apple Inc were some of the top boosts to the S&P 500.

All major S&P sectors climbed, with technology, communication services and health leading percentage gains.

The S&P 500 is about 0.5% below its intraday record high of 3,393.52. The benchmark index slipped after seven straight days of gains on Tuesday after coming within 0.4% of its peak, powered by historic fiscal and monetary stimulus and signs of a nascent economic recovery.

“We’re seeing buyers show up very quickly, any chance they get when the market declines. To me, that’s a very bullish sign,” said Adam Sarhan, chief executive of 50 Park Investments in New York.

The Nasdaq was the first of the three major indexes to bounce back to an all-time high in June. The Dow is about 6% below its February peak.

With a better-than-feared second-quarter earnings season largely over, investors are preparing for the risk of a contested U.S. presidential election in the fall.

Democratic candidate Joe Biden on Tuesday picked Senator Kamala Harris as his choice for vice president.

Meanwhile, U.S. Treasury Secretary Steven Mnuchin said the White House and top Democrats in Congress may not be able to reach a deal on coronavirus aid, marking a fifth day without talks, as the stalemate blocked relief to tens of millions of Americans.

“We know a (stimulus) deal is going to get done. The question is what does that deal look like. Once we start getting certainty over that, that’s when these stocks take off,” Sarhan added.

At 10:55 a.m. ET, the Dow Jones Industrial Average was up 273.31 points, or 0.99%, at 27,960.22, the S&P 500 was up 44.11 points, or 1.32%, at 3,377.80. The Nasdaq Composite was up 200.03 points, or 1.86%, at 10,982.86.

Tesla Inc jumped 8.4%, providing the biggest lift to Nasdaq, as it announced a five-for-one stock split in an attempt to make its shares more accessible to employees and investors.

Latest data showed U.S. consumer prices increased more-than-expected in July, but high unemployment is likely to keep inflation under control, allowing the Federal Reserve to continue pumping money into the economy.

Advancing issues outnumbered decliners by a 2.52-to-1 ratio on the NYSE and by a 1.79-to-1 ratio on the Nasdaq.

The S&P index recorded 20 new 52-week highs and no new low, while the Nasdaq recorded 63 new highs and 14 new lows. (Reporting by Medha Singh and Ambar Warrick in Bengaluru; Editing by Arun Koyyur and Uttaresh.V)

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Business

Carry On Canadian Business. Carry On!

Published

10 hours ago

October 22, 2024

Steven Kaszab

Human Resources Officers must be very busy these days what with the general turnover of employees in our retail and business sectors. It is hard enough to find skilled people let alone potential employees willing to be trained. Then after the training, a few weeks go by then they come to you and ask for a raise. You refuse as there simply is no excess money in the budget and away they fly to wherever they come from, trained but not willing to put in the time to achieve that wanted raise.

I have had potentials come in and we give them a test to see if they do indeed know how to weld, polish or work with wood. 2-10 we hire, and one of those is gone in a week or two. Ask that they want overtime, and their laughter leaving the building is loud and unsettling. Housing starts are doing well but way behind because those trades needed to finish a project simply don’t come to the site, with delay after delay. Some people’s attitudes are just too funny. A recent graduate from a Ivy League university came in for an interview. The position was mid-management potential, but when we told them a three month period was needed and then they would make the big bucks they disappeared as fast as they arrived.

Government agencies are really no help, sending us people unsuited or unwilling to carry out the jobs we offer. Handing money over to staffing firms whose referrals are weak and ineffectual. Perhaps with the Fall and Winter upon us, these folks will have to find work and stop playing on the golf course or cottaging away. Tried to hire new arrivals in Canada but it is truly difficult to find someone who has a real identity card and is approved to live and work here. Who do we hire? Several years ago my father’s firm was rocking and rolling with all sorts of work. It was a summer day when the immigration officers arrived and 30+ employees hit the bricks almost immediately. The investigation that followed had threats of fines thrown at us by the officials. Good thing we kept excellent records, photos and digital copies. We had to prove the illegal documents given to us were as good as the real McCoy.

Restauranteurs, builders, manufacturers, finishers, trades-based firms, and warehousing are all suspect in hiring illegals, yet that becomes secondary as Toronto increases its minimum wage again bringing our payroll up another $120,000. Survival in Canada’s financial and business sectors is questionable for many. Good luck Chuck!. at least your carbon tax refund check should be arriving soon.

Steven Kaszab
Bradford, Ontario
skaszab@yahoo.ca

Business

Imperial to cut prices in NWT community after low river prevented resupply by barges

Published

14 hours ago

October 22, 2024

Anne Joseph

NORMAN WELLS, N.W.T. – Imperial Oil says it will temporarily reduce its fuel prices in a Northwest Territories community that has seen costs skyrocket due to low water on the Mackenzie River forcing the cancellation of the summer barge resupply season.

Imperial says in a Facebook post it will cut the air transportation portion that’s included in its wholesale price in Norman Wells for diesel fuel, or heating oil, from $3.38 per litre to $1.69 per litre, starting Tuesday.

The air transportation increase, it further states, will be implemented over a longer period.

It says Imperial is closely monitoring how much fuel needs to be airlifted to the Norman Wells area to prevent runouts until the winter road season begins and supplies can be replenished.

Gasoline and heating fuel prices approached $5 a litre at the start of this month.

Norman Wells’ town council declared a local emergency on humanitarian grounds last week as some of its 700 residents said they were facing monthly fuel bills coming to more than $5,000.

“The wholesale price increase that Imperial has applied is strictly to cover the air transportation costs. There is no Imperial profit margin included on the wholesale price. Imperial does not set prices at the retail level,” Imperial’s statement on Monday said.

The statement further said Imperial is working closely with the Northwest Territories government on ways to help residents in the near term.

“Imperial Oil’s decision to lower the price of home heating fuel offers immediate relief to residents facing financial pressures. This step reflects a swift response by Imperial Oil to discussions with the GNWT and will help ease short-term financial burdens on residents,” Caroline Wawzonek, Deputy Premier and Minister of Finance and Infrastructure, said in a news release Monday.

Wawzonek also noted the Territories government has supported the community with implementation of a fund supporting businesses and communities impacted by barge cancellations. She said there have also been increases to the Senior Home Heating Subsidy in Norman Wells, and continued support for heating costs for eligible Income Assistance recipients.

Additionally, she said the government has donated $150,000 to the Norman Wells food bank.

In its declaration of a state of emergency, the town said the mayor and council recognized the recent hike in fuel prices has strained household budgets, raised transportation costs, and affected local businesses.

It added that for the next three months, water and sewer service fees will be waived for all residents and businesses.

This report by The Canadian Press was first published Oct. 21, 2024.

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Business

U.S. vote has Canadian business leaders worried about protectionist policies: KPMG

Published

14 hours ago

October 22, 2024

Anne Joseph

TORONTO – A new report says many Canadian business leaders are worried about economic uncertainties related to the looming U.S. election.

The survey by KPMG in Canada of 735 small- and medium-sized businesses says 87 per cent fear the Canadian economy could become “collateral damage” from American protectionist policies that lead to less favourable trade deals and increased tariffs

It says that due to those concerns, 85 per cent of business leaders in Canada polled are reviewing their business strategies to prepare for a change in leadership.

The concerns are primarily being felt by larger Canadian companies and sectors that are highly integrated with the U.S. economy, such as manufacturing, automotive, transportation and warehousing, energy and natural resources, as well as technology, media and telecommunications.

Shaira Nanji, a KPMG Law partner in its tax practice, says the prospect of further changes to economic and trade policies in the U.S. means some Canadian firms will need to look for ways to mitigate added costs and take advantage of potential trade relief provisions to remain competitive.

Both presidential candidates have campaigned on protectionist policies that could cause uncertainty for Canadian trade, and whoever takes the White House will be in charge during the review of the United States-Mexico-Canada Agreement in 2026.

This report by The Canadian Press was first published Oct. 22, 2024.

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