Stocks Tick Up as Wall Street Hopes for Aid Boost
Wall Street pauses for Washington stimulus as Pelosi and Mnuchin hold talks without a deal. The S&P 500 rises 0.5 percent to 3380.80, Dow gains 0.1 percent to 27816.90, and Nasdaq climbs 1.4 percent to 11326.51 led by big tech amid mixed economic data and hopes for a new rescue package.
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US layoffs remain elevated amid slowing recovery
Washington reports 837,000 Americans sought unemployment benefits last week, a high but falling trend as fraud checks rise. California halted new claims for two weeks to tackle backlog, while overall aid tops 25 million recipients. federal $600 boosts expired. $300 aid faded by mid-September. Income and spending weaken, with consumer outlays still supported by savings.
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Ohio moves to speed aid for small businesses and renters
Ohio GOP officials say a coronavirus relief package using federal funds is coming soon to help small businesses and renters and to cover mortgage payments. Gov. DeWine and lawmakers weigh options, with the Controlling Board as a possible path, as unemployment claims inch upward and COVID-19 cases exceed prior averages.
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Ohio Health Department
Carnival Cruise Line cancels most U.S. sailings through year end
Carnival will cancel sailings from all ports except Miami and Port Canaveral, with a gradual return planned and potential no sail from those ports in November and December. The move follows the CDC extending the no sail order through Oct 31 as the cruise industry remains strapped for recovery.
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Boeing consolidates 787 production to South Carolina
Boeing will shut the original 787 assembly line near Seattle and move single 787 production to South Carolina starting mid 2021, while continuing to assemble 737, 747, 767, and 777 in Seattle. CEO Stan Deal says the change will improve competitiveness and efficiency during the pandemic.
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