Tech rout ends grim week as Big Tech drags indices down
Wall Street closed a punishing week with the S&P 500 down 1.2 percent and October posting a 2.8 percent loss, its worst in seven months. Apple, Amazon, Facebook, and Google parent Google faced declines after reports underscoring softer revenue and uncertain outlooks.
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U S consumer spending rises 1.4 percent in September
U S consumers boosted spending by 1.4 percent in September marking a fifth straight monthly rise but underscoring ongoing caution amid a resurgent virus and missing new stimulus. Incomes climbed 0.9 percent as wages and salaries helped support spending while durable goods purchases surged 3 percent.
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Automatic stabilizers gain support amid pandemic relief push
Washington debate returns to economic policy as lawmakers and voters weigh automatic stabilizers that unleash spending during downturns. Biden backs broader use while Congress remains split. Netflix raises US plans prices for standard and premium, new subscribers see higher rates now. existing customers informed 30 days ahead.
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Medina County Jobless Claims Near Record for 31st Week
Miers County residents filed 176 unemployment claims for the week ending Oct 17 amid widespread business closures since March due to the COVID 19 pandemic. The four week average was 203, four times higher than last year, with counts delayed by changes in state protocol to meet federal requirements.
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Medina County Jobless Claims Near Record Streak
Medina County residents filed 207 unemployment claims last week as the four week average rose to 210. The ongoing COVID-19 pandemic continues to drive claims, with a rate three times higher than a year ago, according to wire reports from Ohio.
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