Day: September 1, 2020

Dow surges 450 points in its best day since mid-July, S&P 500 closes at another record
Business news

Dow surges 450 points in its best day since mid-July, S&P 500 closes at another record

Stocks rose sharply on Wednesday, continuing a strong start to September for the market as traders took profits out of high-flying names like Apple and Tesla and snapped up shares in more beaten-down parts of the market.  The Dow Jones Industrial Average advanced 454.84 points, or 1.6%, to close at 29,100.50. It was the Dow's first close above 29,000 since February. The S&P 500 gained 1.5% to end the day at 3,580.84 while the Nasdaq Composite was higher by 1% at 12,056.44. Both the S&P 500 and Nasdaq hit record highs, with the Nasdaq topping 12,000 for the first time. The Dow also posted its biggest one-day move since July 14. The S&P 500 had its best day since July 6. Coca-Cola rose more than 3% along with IBM and Dow Inc to lead the 30-stock average higher. H...
Dow futures jump 200 points, building on Wall Street’s strong start to September
Business news

Dow futures jump 200 points, building on Wall Street’s strong start to September

U.S. stock futures jumped early Wednesday continuing a strong start to September for the market.  Dow Jones Industrial Average futures indicated a rise of 200 points at the open. S&P 500 futures gained 0.7%. Nasdaq-100 futures rose 1%. Apple was higher by 2% in premarket trading. The shares gained 4% on Monday, the first day of trading following a 4-for-1 stock split. The major U.S. indexes all rose during Tuesday's regular session, with the Dow Jones Industrial Average and the Nasdaq Composite closing at record highs. The S&P 500 rose 0.75%, which was its best first trading day of September since 2010, according to Bespoke Investment Group.  Tuesday's rally came after a banner month for the markets, with the Dow and S&P 500 both rising at least 7% to not...
New Residential Investment (NRZ) Stock Sinks As Market Gains: What You Should Know
Stock News

New Residential Investment (NRZ) Stock Sinks As Market Gains: What You Should Know

New Residential Investment (NRZ) closed the most recent trading day at $7.65, moving -1.16% from the previous trading session. This change lagged the S&P 500's daily gain of 0.75%. Meanwhile, the Dow gained 0.76%, and the Nasdaq, a tech-heavy index, added 1.4%. Prior to today's trading, shares of the real estate investment trust had lost 1.28% over the past month. This has lagged the Finance sector's gain of 4.26% and the S&P 500's gain of 7% in that time. Wall Street will be looking for positivity from NRZ as it approaches its next earnings report date. In that report, analysts expect NRZ to post earnings of $0.33 per share. This would mark a year-over-year decline of 34%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $105.71 million, down 47.7...
Uniswap founder dismisses copycat that could ‘steal’ 75% of its liquidity
Crypto News

Uniswap founder dismisses copycat that could ‘steal’ 75% of its liquidity

Uniswap’s founder Hayden Adams is railing against SushiSwap, a five-day-old fork of Uniswap’s decentralized exchange, which has managed to attract over $1.3 billion in value locked over its short lifespan. Like most other liquidity mine launches, participants can stake their assets to earn SUSHI — the project’s token. The twist is that the assets are Uniswap pool tokens themselves, which allows yield farmers obtain SUSHI without foregoing their liquidity provider rewards. The project was launched in a seemingly preemptive move ahead of Uniswap V3, which is speculated to bring the anticipated Uniswap token with it. The announcement places heavy emphasis on a fair launch, promising that initial liquidity providers will always have a share of the rewards even if they stop the provision l...
Shalimar Paints Q1 results: Net loss widens to Rs 11 crore
Stock News

Shalimar Paints Q1 results: Net loss widens to Rs 11 crore

NEW DELHI: Shalimar Paints Ltd on Tuesday reported widening of its consolidated net loss to Rs 10.61 crore for the first quarter ended June 2020 as its performance was significantly affected due to COVID-19 pandemic and lockdown. The company had posted a net loss of Rs 5.35 crore in April-June quarter a year ago, Shalimar Paints said in a regulatory filing. Its revenue from operations declined 47.70 per cent to Rs 44.48 crore during the quarter under review as against Rs 85.06 crore in the year-ago period. The company was significantly affected due to COVID-19 and lockdown announced by the Central and state governments, Shalimar Paints said. "The company has two segments - decorative, which is mainly for residential paints, and industrial, which is mainly for commercial and manufactur...
What Presidents Reagan and Obama have in common: Healthy stock markets during their terms
Investing

What Presidents Reagan and Obama have in common: Healthy stock markets during their terms

Talking about politics in mixed company might be a faux pas, but it currently feels unavoidable. Investors are clamoring to know the implications of the outcome of November’s Presidential election on the financial markets. History suggests that the outcome of the election doesn’t matter nearly as much for markets as most suspect that it does. At least that’s what my 44 years of life have taught me. With the exception of one, each of the Presidents of my lifetime—Gerald Ford, Jimmy Carter, Ronald Reagan, George H.W. Bush, Bill Clinton, Barack Obama, and Donald Trump—experienced not only positive annualized returns over their times in office, but also double-digit annualized returns over their terms.1 The notable exception was George W. Bush, whose term concluded during the height of the glo...
House Democrats say PPP helped businesses stay afloat but wasted billions in the process
Business news

House Democrats say PPP helped businesses stay afloat but wasted billions in the process

A federal coronavirus small-business loan program has helped millions of companies stay afloat during the pandemic, but may have also sunk billions of dollars on "fraud, waste, and abuse," House Democrats said Tuesday. The conclusion from majority staff on the House coronavirus subcommittee came in a new report on the Paycheck Protection Program, a key piece of the more than $2 trillion bipartisan stimulus legislation signed into law by President Donald Trump earlier this year. Trump signed off on additional funding for the program in April, giving it a total of about $670 billion. As the Covid-19 crisis rages on, Democratic lawmakers and the White House are at an impasse over the details of another relief bill that would replenish funds for small businesses that have strug...
High Probability Trading – What Do You Need to Consider?
Online Trading

High Probability Trading – What Do You Need to Consider?

High probability trading strategies are a good starting point but you must also consider some other important metrics to help maximize your profitability. “My best trader makes money only 63% of the time. Most traders make money only in the 50% to 55% range. That means you’re going to be wrong a lot. If that’s the case, you better make sure your losses are as small as they can be, and that your winners are bigger.” – Steve Cohen  Most novice traders approach the concept of trading probability incorrectly. The focus is typically put on maximizing the probability of each trade’s success in a vacuum.  Unfortunately, markets don’t work like this. As a thought experiment, consider that even most high-frequency traders like Virtu Financial have a trade success rate in the 50% rang...
EU Inflation: Too Early to Relax
Forex News

EU Inflation: Too Early to Relax

EU inflation plunged into contractionary ground in August for the first time since May 2016. As the gap between actual inflation and the target continues to widen, the ECB feels more pressure to roll out new support measures to stimulate price growth. Annual inflation in the block of 19 countries fell to -0.2% in August against the forecast of 0.2%. Core inflation, which better reflects consumer trends (as it does not take into account volatile and essential goods such as food, tobacco, fuel), slowed sharply from 1.2% in July to 0.4% in August (0.8% forecast): Unemployment rose from 7.7% to 7.9%. The ECB is expected to increase credit support to the economy in December, raising the limit of the pandemic asset-buying program. Its current size is 1.35 trillion Euro. I would like to note...
The IndeX Files 01-09-2020 – Equities Rally Continues
Forex News

The IndeX Files 01-09-2020 – Equities Rally Continues

Equities Rally Continues Global equities benchmarks have seen another round of buying this week as the US Dollar continues to come under heavy selling pressure. The greenback has suffered heavy losses across recent sessions despite better US data as concerns over the ongoing COVID-19 outbreak take their toll on sentiment. Political uncertainty head of the US election is also having an impact here though markets have responded well to the recent news that US/China trade talks have resumed. The two leading global economies, which signed off on a phase one trade deal in January, confirmed that talks have now once again started with both sides reaffirming their commitment to the phase one trade deal. With regards to the Federal Reserve, recent comments from the bank’s vice chairman Richard Cl...