Tag Archives for " stock market crash "

Trump administration examining options for unilateral action if no coronavirus deal is reached with Congress – The Washington Post

Trump administration examining options for unilateral action if no coronavirus deal is reached with Congress - The Washington Post 1The Trump administration is looking at options for unilateral actions it can take to try to address some of the economic fallout caused by the novel coronavirus pandemic if no relief deal is reached with Congress, according to two people with knowledge of the deliberations.

The discussions are a reflection of officials’ increasingly pessimistic outlook for the talks on Capitol Hill. The White House remains in close contact with Democratic leaders, but a wide gulf remains and deadlines have already been missed.

It’s not clear what steps the administration could take without the help of Congress on issues such as lapsed enhanced unemployment benefits or the expired moratorium on evictions — the two matters President Trump has recently identified as his highest priorities in the ongoing talks. Both of those programs were authorized by Congress earlier this year but were designed to be temporary.

Source: Trump administration examining options for unilateral action if no coronavirus deal is reached with Congress – The Washington Post

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 2Stocks 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

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

US economy shrank at record-breaking 33% rate last quarter 3WASHINGTON (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

Today’s Top Stories: April 29, 2020

Today’s Top Stories is brought to you by My Daily Grind News.

Coronavirus update:

April 29, 2020 COVID-19 pandemic map
Source

3,139,415 confirmed infections, up from 3,061,521 yesterday.
218,456 confirmed deaths, up from 212,083 yesterday.

The U.S. Hits 1 Million Coronavirus Cases, One-Third Of All The World’s Cases

US could be in for ‘a bad fall and a bad winter’ if it’s unprepared for a second wave of coronavirus, Fauci warns

Relevant COVID-19 stories:


Politics:

Trump issues Executive Order forcing meat packing plants to stay open or re-open, citing DPA.

Trump to order meat plants to stay open in pandemic

Justin Amash forms exploratory committee for third-party presidential run

Relevant Politics stories:


Economy Update:

Editorial: US GDP fell 4.8 percent in the first quarter, which is really bad since we didn’t shut down businesses until March.

That figure could be 3x higher. Or worse. In July, when we’re still sheltered in place, let’s see what the Q2 figure is. I bet it’s FAR WORSE than 4.8 percent.

I hope I’m wrong.

April 29, 2020 DJIA stock chart
Source

The Dow is up about 400, hitting the mid-24k range.

Upcoming economic reports this week:

  • Last Friday – Consumer sentiment index – DOWN from 89 in March to 71.8 (down from 101 in February)
  • Tuesday – Case-Shiller home price index up to 4.2 percent (reporting period is for FEBRUARY) from 3.9 percent, Consumer confidence index down to 86.9 from 118.8 (April reporting period)
  • Wednesday – Gross domestic product – down 4.8 percent in Q1, Jerome Powell press conference @ 2:30pm
  • Thursday – Initial jobless claims, Consumer spending, Core inflation
  • Friday – Motor vehicle sales (annual rate)

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.


Offbeat Story of the Day:

Editorial: I’m leaving this one here because it got a ton of play last week and over the weekend. I even lost a few friends over it because they believe him. I don’t know which stance they believe (that he was spit-balling solutions, he was being serious, he was being sarcastic), but they believe him.

This is, of course, proof that Trumplodytes are members of a cult.

“Give me Biden or give me bleach!”

Don't inject disinfectants, Lysol warns as Trump raises idea 3

ANNAPOLIS, Md. — Maryland’s health department fielded hundreds of calls from residents asking about ingesting disinfectants after President Donald Trump wondered aloud if that could fight COVID-19, Gov Larry Hogan said Sunday.

The Republican governor spoke about the emergency hotline calls and Trump’s offhand comment during appearances on CBS’ “Face The Nation” and ABC’s “This Week” on Sunday morning. On Friday, the Maryland Emergency Management Agency tweeted a “reminder” that under no circumstances should any disinfectant be injected or ingested.

Hogan said “communicating very clearly on the facts” has been important to him since the COVID-19 pandemic began.

“I think when misinformation comes out or you just say something that pops in your head, it does send a wrong message. We had hundreds of calls come into our emergency hotline at our health department asking if it was right to ingest Clorox or alcohol cleaning products, whether that was going to help them fight the virus,” he said during his ABC appearance.

During a press briefing on Thursday, Trump said research was underway into the effect that disinfectants have on the virus and questioned if they could be injected into people.

“Is there a way we can do something like that, by injection inside or almost a cleaning?” Trump asked. “Because you see it gets in the lungs and it does a tremendous number on the lungs. So it would be interesting to check that.”

The White House accused the media of misrepresenting the president’s comments. Trump said he had been speaking sarcastically.

Hogan said Trump needs to “stick to a message and make sure that these press conferences are fact-based.”

“I think other people in the administration have been trying to make that clear to him, as well,” he added.

Source

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‘Tip Of The Iceberg’: Economy Shrinks At 4.8% Pace, But Worst Is Yet To Come

'Tip Of The Iceberg': Economy Shrinks At 4.8% Pace, But Worst Is Yet To Come 4The economy contracted in the first quarter of 2020 as the coronavirus began to take its toll and spending dove. It was the first quarterly drop in six years and a precursor to a deep recession.

Source: ‘Tip Of The Iceberg’: Economy Shrinks At 4.8% Pace, But Worst Is Yet To Come

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