Fed Beige Book notes uneven U S recovery amid virus flare
The Federal Reserve says economic activity has picked up in most regions but remains well below pre pandemic levels with high uncertainty about the path forward. Consumer spending improved while construction stayed subdued and employment rose in most districts though layoffs continued.
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Walmart and Kroger adopt universal mask policies in stores
Walmart will require face coverings at all Walmart and Sam's Club locations, effective Monday, joining Kohl's and Kroger in mandating masks nationwide. The move aims to normalize store-wide masking amid rising COVID-19 cases, with industry experts noting it could set a tipping point for others to follow.
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Vaccine hopes lift markets as big gains follow optimistic data
New York markets rose as vaccine optimism drove the rebound led by the S&P 500 near its February high and a Dow climb of 227.51 points. Nasdaq edged higher while small caps surged, with analysts noting broad participation across travel, retail, airlines, and hotels on expectations of normal life return.
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OPEC and allies to ease output cuts for August
OPEC and allied nations agreed via video conference to ease production cuts in August while keeping the same overall schedule, aiming to lift output by about 2 million barrels per day versus July demand. Ministers warned they could reconvene if lockdowns shrink demand, with Algeria's energy minister urging caution amid pandemic risks.
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