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Wall Street bounces on hopes for piecemeal stimulus deal – Reuters

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(Reuters) – U.S. stocks closed sharply higher on Wednesday as investors regained hope that at least a partial deal on more U.S. fiscal stimulus may happen.

FILE PHOTO: Flags hang on the outside of the New York Stock Exchange as the building opens for the first time since March while the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 26, 2020. REUTERS/Lucas Jackson

After abruptly calling off negotiations on a comprehensive bill on Tuesday, President Donald Trump later that day urged Congress to pass a series of smaller, standalone bills that would include a bailout package for the airline industry battered by the coronavirus pandemic.

Airline shares jumped, and United Airlines UAL.N rose 4.3%.

“The only reason we were down yesterday was the tweet from President Trump, which he walked back last night. That’s why the market started off stronger and continued stronger. I think there’s full-blown expectations that some form of stimulus agreement is going to occur sooner than later,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Top White House officials downplayed the possibility of more coronavirus relief, while House Speaker Nancy Pelosi disparaged Trump for backing away from talks on a comprehensive deal.

Indexes held gains after the Federal Reserve released minutes from its last policy meeting. The minutes showed U.S. central bankers, having agreed unanimously in August on a broad new approach to monetary policy, were divided in September over how to apply their new principles in practice.

The Dow Jones Industrial Average .DJI rose 530.7 points, or 1.91%, to 28,303.46, the S&P 500 .SPX gained 58.5 points, or 1.74%, to 3,419.45 and the Nasdaq Composite .IXIC added 210.00 points, or 1.88%, to 11,364.60.

Eli Lilly and Co LLY.N rose 3.4% after saying it had submitted a request to the U.S. Food and Drug Administration for emergency use of its experimental COVID-19 antibody treatment.

With the U.S. presidential election just weeks away, focus later Wednesday may turn to a debate between Vice President Mike Pence and Democratic opponent Kamala Harris.

Reuters/Ipsos opinion polls released on Tuesday showed Democratic presidential candidate Joe Biden expanding his lead over Trump in battleground Michigan and the two candidates locked in a toss-up race in North Carolina ahead of the Nov. 3 election.

“People are becoming more comfortable with the lead that Biden has and focusing on the potential positives that would come from a Democratic White House and not the stereotypical (view of) negative for the stock market that was maybe in vogue three months ago,” James said.

Investors also are preparing to hear from companies soon on the third quarter, with earnings expected to kick off next week. Analysts expect earnings at S&P 500 companies to have dropped about 21% in the quarter from a year ago, according to IBES data from Refinitiv.

Advancing issues outnumbered declining ones on the NYSE by a 2.77-to-1 ratio; on Nasdaq, a 3.32-to-1 ratio favored advancers.

The S&P 500 posted 40 new 52-week highs and no new lows; the Nasdaq Composite recorded 125 new highs and 16 new lows.

Volume on U.S. exchanges was 8.98 billion shares, compared with the 9.79 billion average for the full session over the last 20 trading days.

Additional reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Editing by Cynthia Osterman

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'Already struggling' Calgary downtown core will be hit hard by job cuts from Cenovus-Husky merger – National Post

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“It’s an unfortunate thing, because, the timing being such, the pandemic has affected everyone in Calgary and certainly in Alberta,” Ball said. “For non-profits it means there’s been an increase in the demands for their services.”

It’s especially acute for the cultural non-profits, most of which are based downtown, she said.

“Of course people working downtown creates a vibrancy 5 to 7 and 7 beyond for bars and restaurants and also live in-person events and so the arts sector is tied to, in some ways, the vitality of the downtown core.”

Still, in spite of the doom and gloom, there are bright spots: On Monday, Suncor announced it would be relocating employees at its branch offices in the Toronto area to Calgary, essentially bringing 700 positions to Calgary.

“Yesterday, Suncor’s leadership spoke with our Downstream employees and let them know that over the course of 2021, we’d be moving our Downstream head office from Mississauga and Oakville to Calgary,” Suncor spokesperson Sneh Seetal said in an email.

Nenshi said that Suncor moving people to the city is good news, evidence of the city’s appealing real-estate market, compared to overheated business markets such as Toronto, something he hopes will bring even more business to the city.

“That’s really the pitch that we’re making to a lot of firms,” said Nenshi.

Woolley, for his part, also remains optimistic: “There is hope, I am a hopeful, optimistic Calgarian, I believe in our city, but it really does speak to the importance of us taking a look at economic diversification,” said Woolley.

With files from Geoffrey Morgan

• Email: tdawson@postmedia.com | Twitter:

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UPDATE: 17 New COVID-19 Cases in Windsor-Essex – AM800 (iHeartRadio)

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The Windsor-Essex County Health Unit is reporting 17 new cases of COVID-19 in our region.

Of the new cases, 12 are considered close contacts of confirmed cases. Further breaking that down, the health unit says nine of the 12 are household contacts of a confirmed case from the same household. Two other unrelated cases are close contacts of cases that visited from another jurisdiction and one case is a household contact from a different household.

According to the WECHU, the two households are not related to each other at this time.

Of the five remaining cases, three are community acquired and two are still being investigated.

There are still 44 active cases of COVID-19 in Windsor-Essex as well as outbreaks at two workplaces, one in the construction sector in Lakeshore and the food and beverage industry in Kingsville.

The health unit is not reporting any outbreaks at local schools, long-term care or retirement homes.

Meanwhile, the provincial government is reporting 827 cases of COVID-19.  355 new cases are in Toronto, 169 in Peel, 89 in York Region and 58 in Ottawa.

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Premier Eschews Media Questions in House – VOCM

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Premier Andrew Furey refused to take questions from the media today regarding two key issues facing the government.

The media was seeking clarification on the status of government’s talks surrounding the merger of Husky Energy with rival Cenovus, as well as the status of embattled MHA Perry Trimper.

The premier did take questions in the House but when the time came to face the media afterward, his office said he would not be available.

The Premier spoke with Innu Nation Grand Chief Etienne Rich earlier today after Rich called for Trimper to be removed from the Liberal caucus over controversial comments he made regarding Indigenous people in Labrador.


The premier’s office issued this written statement late this afternoon:

“I spoke with Innu Nation Grand Chief Etienne Rich this morning, and we agreed that we have a good dialogue we plan to maintain. We continued a conversation about moving forward with cultural sensitivity training throughout government.”


No reason was immediately given for the premier’s no-show, which Tory Leader Ches Crosbie called disgraceful, given the importance of the Husky merger and the highly-charged and sensitive issue of Innu relations with government.

It was left to Energy Minister Andrew Parsons to field questions regarding the Husky-Cenovus merger, noting a call with executives of the newly formed company is still planned for this week.

Trimper, meanwhile, says he has no further comment, adding he’s looking forward to continuing to assist his constituents until ‘the writ is dropped’ on the next election.

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