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Business

“Men’s Wearhouse owner Tailored Brands plans to shut 500 stores, cut 20% of corporate workforce”

“Tailored Brands said it is eliminating roughly 20% of its corporate workforce by the end of its fiscal second quarter. It also said it has selected up to 500 stores that it could close “over time.” It did not disclose locations…… Continue Reading…

Banking, Economy

“10-year Treasury yield erases recent gains as S&P 500 books near 6% loss”

“What are Treasurys doing? The 10-year Treasury note yield TMUBMUSD10Y, 0.767% slumped 9.3 basis points to 0.651%, its lowest since May 29, falling below where it traded before the release of Friday’s jobs report. The benchmark maturity saw its biggest daily drop since… Continue Reading…

Business, Stocks

“Bankrupt Hertz to sell up to $500 million in new shares”

“Hertz Global Holdings Inc <HTZ.N> will sell up to $500 million in new shares, the car rental firm said on Monday, as it takes advantage of a strong rally in its stock since it filed for bankruptcy last month. Hertz… Continue Reading…

Stocks

“Dow and S&P 500 post back-to-back losses, but Nasdaq closes above 10,000 for the first time”

“The Dow Jones Industrial Average and S&P 500  fell for a second straight day on Wednesday as traders once again took profits out of names benefiting from the economy reopening and rotated into mega-cap tech stocks. The S&P 500 closed 0.5% lower at… Continue Reading…

Business

“Pfizer to invest up to $500 million in public drug developers”

“Pfizer Inc <PFE.N> said on Tuesday it will invest up to $500 million into publicly traded drug developers to fund their treatment candidates and provide access to the U.S. drugmaker’s scientific expertise. Pfizer said it will make non-controlling investments in… Continue Reading…

Stocks

“S&P 500 erases 1.5% rally, turns negative amid a big drop in tech shares”

“The S&P 500 traded marginally lower after rallying 1.5% to start the session. Earlier in the day, the broader-market index broke above its 200-day moving average — a key level watched by traders — and briefly traded over 3,000. The S&P 500… Continue Reading…

Stocks

“Stock market news live updates: S&P 500 breaks above 3,000 amid vaccine hopes, reopenings”

“Stocks jumped Tuesday, and the S&P 500 traded above 3,000 for the first time since March 5, as hopes for an effective coronavirus vaccine combined with optimism over updates around states’ reopenings and better than expected new economic data. Each… Continue Reading…

Stocks

“Goldman Says Narrow Breadth in S&P 500 a Bad Sign for Stocks”

“The narrowing group of winners in the S&P 500 doesn’t bode well for the future performance of U.S. stocks, according to Goldman Sachs Group Inc. The U.S. benchmark is around 17% below its February record, but the median stock trades… Continue Reading…

Stocks

“…Stocks extend gains, Dow adds 700+ points”

“10:38 a.m. ET: Stocks pare some gains Stocks eased up after surging at market open. Each of the three major indices, however, was still up at least 1%. Gains in the S&P 500 were led by the Energy sector, up… Continue Reading…

Banking, Economy

“Fed says it will offer an additional $500 billion in overnight repo funding markets”

“In a mid-day announcement, the New York Fed said it willconduct a $500 billion repo operation this afternoon, another move targeted at keeping money flowing through the system. Repo involves banks putting up high-quality collateral like Treasurys in exchange for… Continue Reading…