Wall Street closes sharply higher on signs of economic rebound

NEW YORK (Reuters) – Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries. Financials, industrials and tech pushed the three major U.S. stock indexes well into the black. The S&P 500 and the Nasdaq each posted their fourth […]

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Trump says Republican convention will not be held in North Carolina

WASHINGTON (Reuters) – U.S. President Donald Trump said on Tuesday the Republican National Convention set for August in North Carolina would have to be held in another state because of social distancing restrictions ordered by the state’s governor. Trump made the announcement on Twitter hours after Governor Roy Cooper, a Democrat, rejected Republican demands for a full-fledged presidential nominating convention […]

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Republican congressman Steve King fights for political life in Iowa primary

WASHINGTON (Reuters) – Firebrand U.S. congressman Steve King, who was called out by his colleagues last year for using hateful and intolerant rhetoric, is fighting for his political life in an Iowa primary where four Republicans are trying to take his seat. Voters in his district have returned King to Congress before despite his incendiary comments, often directed against immigrants. […]

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U.S. manufacturing activity off 11-year low; construction spending falls

WASHINGTON (Reuters) – U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment. The Institute for Supply Management (ISM) said on Monday its index of national factory activity rose to […]

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Stock futures steady amid U.S. protests, simmering China tensions

(Reuters) – Futures tracking the S&P 500 index were trading flat on Monday following a strong showing in May, as investors turned cautious after protests erupted across the country over race, and simmering tensions between Washington and Beijing heated up. National Guard troops were deployed in 15 states and Washington, D.C. on Sunday in an attempt to quell a sixth […]

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Wall Street Week Ahead: Investors eye consumer discretionary stocks as U.S. reopens

NEW YORK (Reuters) – Investors are taking a closer look at the market’s consumer discretionary companies as a reopening U.S. economy fuels hopes of a turnaround for some of the sector’s hardest-hit names. Many companies in the sector have been battered by the country-wide coronavirus-fueled lockdowns that have weighed on growth and damaged retail spending over the last several months, […]

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Coronavirus sinks U.S. consumer spending; savings hit record high

WASHINGTON (Reuters) – U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the economy could take years to recover from the COVID-19 pandemic. The report from the Commerce Department on Friday also showed an economy highly reliant on the government, […]

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Futures tick lower on jitters over Trump's China response

(Reuters) – The S&P 500 and the Dow were set to open lower on Friday as investors braced for a U.S. response to China’s national security law on Hong Kong, threatening to take the shine off another month of strong gains for Wall Street. President Donald Trump is due to make an announcement later in the day and has vowed […]

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House Democrats demand probes of police killings of black Americans

WASHINGTON (Reuters) – The Democratic-controlled U.S. House Judiciary Committee on Thursday asked the Justice Department to investigate systemic police misconduct following a spate of high-profile police killings of African Americans. The killings of George Floyd in Minneapolis, who died when a white officer pinned him down with a knee to the neck, and Breonna Taylor, shot in her Louisville, Kentucky, […]

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U.S. towns fear 'devastation' as coronavirus keeps tourists home

NEW YORK (Thomson Reuters Foundation) – It’s late spring when Traverse City, Michigan should be planning its annual cherry festival, and the sounds of young racehorses should fill the air in Saratoga Springs, New York. Small towns across America rely on summer tourism to stay solvent the rest of the year. But the coronavirus pandemic has chased visitors away, leaving […]

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