Tourism stocks rally on news of possible COVID-19 vaccine
Stocks of beleaguered tourism companies rose sharply Monday after drug maker Pfizer’s announcement that its coronavirus vaccine was 90% effective in early trials.The gains for airlines, hotels and cruise lines occurred amid a broader stock market rally reflecting investors’ hopes that a vaccine could soon return economic life back to normal in the United States and beyond.“People are buying those because they see a light at the end of the tunnel,” said Todd Morgan, chairman at Bel Air Investment Advisors.Arguably, no industry has more riding on stopping the pandemic than the cruise industry, p...
Susan Tompor: Refinancing boom continues in 2020 as rates remain low
Hard to imagine but all the noise in 2020 actually might have blocked out the sound of the refinancing boom for many people.But homeowners who dragged their feet and have yet to refinance a mortgage might even snag a lower rate now than if they acted in January or February.The 30-year, fixed-rate mortgage fell to another record low for the week ending Nov. 5, hitting 2.78%, according to Freddie Mac. That’s down significantly from 3.69% for the same time a year ago.The uncertainty relating to the election — as well as the coronavirus pandemic — helped to drive down rates to new lows.Mortgage ra...
Detroit Free Press
Dow Jones soars amid news of 90% effective COVID-19 vaccine candidate
So much for watching your 401(k)s go to hell, as President Donald Trump famously suggested would happen if Democrat Joe Biden won the race for the White House.Not so on Monday, anyway.On Monday, Wall Street bet on the odds that America could indeed get back to work — and back into the gym or mall — if an effective vaccine to fight COVID-19 is discovered.The Dow Jones Industrial Average soared by 4.47% — gaining 1,266.06 points — to trade at 29,589.46 points shortly after 10 a.m., a half an hour after the market opened in New York. The Dow was trading at record levels.Shortly before 11:30 a.m.,...
Detroit Free Press
Will Bunch: America's real hoax: Record highs on Wall Street as millions of jobless people can't pay rent
The shocking disconnect between a thriving U.S. investor economy and its millions of unemployed as a recipe for even worse social unrest.Don’t blame Lisa Scott, a 43-year-old certified nursing assistant who lives in the Oxford Circle section of Philadelphia, for not celebrating this week as the Standard & Poor’s 500 index soared to yet another record high, as Wall Street’s unbelievable — in every sense of the word — summer stretches into a new month.On Wednesday afternoon, as the Dow was rising yet another 454 points, Scott — who hasn’t worked since the coronavirus turned her world upside down...
The Philadelphia Inquirer
Dow sinks more than 800 points after weeks of gains
Stocks plunged Thursday after a summer of almost unabated gains, as a rough day for the tech sector weighed on Wall Street.The Dow Jones Industrial Average tumbled more than 800 points, or around 2.8%, and the S&P 500 fell more than 125 points, a more than 3.5% dive.The tech-heavy Nasdaq Composite fared even worse, spiraling for most of the day. It shed almost 600 points, a 5% descent.Apple stock sank more than 8%. Microsoft slipped more than 6%.Wall Street boomed through July and August, reaching records despite the pandemic recession. Investors have shrugged at historic unemployment and the ...
New York Daily News