Category Archives for "News"

Stock market today: Stocks extend losses amid record GDP plunge, with the Dow dropping 500 points

Stock market today: Stocks extend losses amid record GDP plunge, with the Dow dropping 500 points 1Stocks fell sharply on Thursday as big technology shares declined ahead of their earnings reports after the bell. Investors also digested a record drop in GDP.The Dow Jones Industrial Average traded 500 points lower, or 1.9%. The S&P 500 slid 1.5%. The Nasdaq Composite dropped 1.1%.

Source: Stock market today: Stocks extend losses amid record GDP plunge, with the Dow dropping 500 points

U.S. weekly jobless claims rise again, total 1.434 million

U.S. weekly jobless claims rise again, total 1.434 million 2The number of Americans who filed new claims for unemployment benefits last week totaled 1.434 million, the Labor Department reported Thursday, roughly in line with expectations, as the coronavirus pandemic continues to ravage the U.S. economy. It was the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week in which initial claims rose after declining for 15 straight weeks.

Economists polled by Dow Jones had expected claims to rise to 1.45 million for the week ending July 25.

In a separate report, the government said second-quarter gross domestic product plunged a historic 32.9% on an annualized basis. Although it wasn’t as bad as the expected  34.7% decline, it was the worst drop ever, with the closest previously coming in mid-1921.

Source: U.S. weekly jobless claims rise again, total 1.434 million

COVID NYC Update: NYC family details last days of 1st dog in US with COVID – ABC7 New York

COVID NYC Update: NYC family details last days of 1st dog in US with COVID - ABC7 New York 3STATEN ISLAND (WABC) — A family from Staten Island described the last days of their dog, the first pet canine in the U.S. to test positive for COVID-19, in an exclusive interview with National Geographic.

The Mahoneys say, Buddy, their 6-year-old German Shepherd, started having trouble breathing in mid-April.

On Easter, Robert Mahoney got the call confirming that he had tested positive for the virus.

He had been dealing with symptoms for weeks and during that time Buddy developed thick mucus in his nose and started breathing heavily.

The family says so little was known about the virus in animals and so much of the response was focused on saving human lives that it was difficult getting Buddy tested.

As they searched for a veterinarian that would test him for COVID-19, Buddy’s condition continued to deteriorate.

They say he lost weight and became lethargic.

Source: COVID NYC Update: NYC family details last days of 1st dog in US with COVID – ABC7 New York

Trump floats November election delay – but he can’t do that

Trump floats November election delay - but he can't do that 4WASHINGTON (AP) — President Donald Trump is for the first time floating a “delay” to the Nov. 3 presidential election, as he makes unsubstantiated allegations that increased mail-in voting will result in fraud.

The dates of presidential elections — the Tuesday after the first Monday in November in every fourth year — are enshrined in federal law and would require an act of Congress to change. The Constitution makes no provisions for a delay to the Jan. 20, 2021 presidential inauguration.

Still, the mere suggestion of the delay was extraordinary in a nation that has held itself up as a beacon to the world for its history of peaceful transfer of power.

Trump tweeted Thursday: “With Universal Mail-In Voting (not Absentee Voting, which is good), 2020 will be the most INACCURATE & FRAUDULENT Election in history. It will be a great embarrassment to the USA. Delay the Election until people can properly, securely and safely vote???”

Source: Trump floats November election delay – but he can’t do that

US economy shrank at record-breaking 33% rate last quarter

US economy shrank at record-breaking 33% rate last quarter 5WASHINGTON (AP) — The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

Source: US economy shrank at record-breaking 33% rate last quarter