Wall Street swings on virus fears and quadruple witching day
Stocks fluctuated as hopes for a quicker economic rebound battled rising coronavirus cases in the South and West. The S&P 500 fell 0.6 percent, the Dow slipped 0.8 percent to 25,871.46, and the Nasdaq edged up marginally as options and futures contracts expired. The week saw volatility amid mixed data on consumer spending and jobs, with the Fed pledging bond purchases and near zero rates to support lending and recovery.
MENTIONED IN THIS ARTICLE
New York
Wall Street
U.S
Quincy Krosby
Prudential Financial
Bank of America
Bofa
Federal Reserve
Fed
Congress
Jobless rates rise amid broad May hiring surge across states
May saw 46 states add jobs while unemployment fell in 38 states to 13.3 percent nationally, with Nevada 25.3 percent and Michigan 21.2 percent tops, Utah 8.5 percent bottom. Moody’s Kamins credits Paycheck Protection Program for broader hiring. Nevada pubs rehired most staff as sales surged.
MENTIONED IN THIS ARTICLE
Washington
U.S
Labor Department
Nevada
Hawaii
Michigan
Nebraska
Utah
Iowa
North Dakota
Iowea
Wyoming
Massachusetts
Delaware
Florida
Minnesota
Adam Kamins
Moody’s Analytics
Kamins
Justin Moscove
Reno
Las Vegas
PG&E bankruptcy plan approved to end wildfires saga
A San Francisco federal judge approved a 58 billion PG&E plan to end the wildfire bankruptcy that followed the 2017 2018 fires. The decision clears PG&E to pay 25.5 billion for losses, with 13.5 billion for over 80,000 victims, and sets a June 30 deadline for insurance fund eligibility.
MENTIONED IN THIS ARTICLE
San Francisco
Calif
Pacific Gas & Electric
California
U.S
Dennis Montali
Pg&e
Montali
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