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Wall Street stocks end volatile week at record high

Equities updates

US stocks ended Friday at a new high, reversing steep losses at the start of the week, as fears about the Delta variant of coronavirus were soothed by strong corporate earnings and continued central bank support for financial markets.

The S&P 500 climbed 1 per cent, lifting the index’s weekly gain to 2 per cent and its advance for the year above 17 per cent. The technology-focused Nasdaq Composite rose just over 1 per cent, giving the index its strongest weekly advance since

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Wall Street rallies to record-breaking end of turbulent week

NEW YORK (AP) — Stocks rallied to records on Wall Street Friday, and the Dow Jones Industrial Average closed above the 35,000 level for the first time, as the market continued to roar back from its short-lived swoon at the start of the week.

The S&P 500 index climbed 44.31, or 1 percent, to 4,411.79 to top its prior all-time high, set early last week. The Dow rose 238.20, or 0.7 percent, to 35,061.55, and the Nasdaq composite gained 152.39, or 1 percent, to 14,836.99.

All three indexes finished with gains of better than 1 percent for the week, completely

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Portman Letter to Wall Street Journal Highlights Economic Benefits of Bipartisan Infrastructure Proposal


July 14, 2021

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Portman Difference

Today in the Wall Street Journal, Senator Portman wrote a letter to the editor highlighting the bipartisan infrastructure proposal he is helping to write and how it will help the economy grow. This is in response to a Wall Street Journal article arguing that building new highways will not benefit the economy. As Senator Portman notes, the bipartisan infrastructure proposal is not just about improving our highway system, which will lead to greater economic efficiency, but also about broad investment in ports, freight rail, bridges, and other critical infrastructure like broadband. This approach

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Banks on Wall Street report bumper second-quarter profits

BANK BOSSES were full of good cheer as they reported their second-quarter earnings on July 13th and 14th. “The consumer…their house value is up, their stocks are up, their incomes are up, their savings are up…they’re raring to go,” said Jamie Dimon, the boss of JPMorgan Chase, when analysts asked about the risk that economic growth might slow in the coming months. David Solomon, the chief executive of Goldman Sachs, sounded upbeat when asked if an executive order from the White House seeking to increase competition among businesses might cool feverish dealmaking activity: “I’m encouraged by the fact that

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NortonLifeLock in Talks to Buy Avast

NortonLifeLock Inc.

is in talks to buy cybersecurity firm

Avast

Plc in a deal that would expand the U.S. company’s focus on consumer software.

Avast said late Wednesday that the two were in advanced discussions about a cash-and-stock deal after The Wall Street Journal reported on the talks earlier Wednesday.

A deal could be completed this month, assuming talks don’t fall apart, according to people familiar with the matter. Avast has a market value of around £5.2 billion (around $7.2 billion). Assuming a typical deal premium, the deal could value the cybersecurity firm at more than $8 billion.

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Behind the Lordstown Debacle, the Hand of a Wall Street Dealmaker

Goldman, which was working with Mr. Hamamoto and arranged $500 million in additional financing for the acquisition, ran only a standard background check on Mr. Burns — a public-records search that took more effort than simply looking him up on Google but stopped short of any interviews, a person familiar with the bank’s activities said.

Mr. Burns did not respond to requests for comment.

In early August, news of the merger of DiamondPeak and Lordstown drove shares of the SPAC up 20 percent. Small investors, who have become active players in the stock market in recent years, were

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Wall Street analysts see these risks causing a ‘growth scare’ for global markets

The bronze Charging Bull in the financial district of New York City.

Robert Nickelsberg | Getty Images

LONDON — With Covid-19 cases on the rise due to the surging delta variant and a range of macroeconomic shifts occurring, the global market narrative has moved from “goldilocks to growth scare,” according to Barclays.

In a research note Monday, the British lender suggested hedging remains warranted for investors given the swirling crowd of downside risks, but argued that the recent sharp reversal of the reflation trade was “overdone.”

“The combination of data no longer delivering positive surprises, burgeoning evidence that supply and

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It’s a great time to get a raise on Wall Street: Morning Brief

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

Thursday, July 15, 2021

Bank executives can’t stop talking about worker pay

For workers at all levels of the labor market right now, it’s a great time to get a raise, or go find another job that will pay you more.

And Wall Street is no exception. 

Big banks have been leading the charge this week getting second quarter earnings season underway, and many of them have had something to say when it comes

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Wall Street Has Surrendered to the $500 Billion ETF Rush

(Bloomberg) — U.S. money managers couldn’t stop the march toward exchange-traded funds, so they decided to join it instead. Now it’s more like a stampede.

ETFs are on the brink of luring more money in seven months than in any calendar year on record. At $488.5 billion and counting, they’ll likely break the $497 billion full-year record set in 2020 in weeks, possibly days.

Within that surge is a historic capitulation by the mutual fund industry.

Investors have long been migrating to the cheaper, easier-to-trade and more tax-efficient vehicle. Now even the most-storied money managers are launching ETFs in a

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Brazil Opens Criminal Probe Into President Over Indian Vaccine Deal

SÃO PAULO—Brazil’s Supreme Court authorized prosecutors to investigate President Jair Bolsonaro over accusations he ignored alleged irregularities in his government’s procurement process to buy India’s Covaxin Covid-19 vaccine.

The investigation comes as the former army captain, who is planning to run for re-election next year, already faces criticism from public health experts for his handling of Covid-19, which has killed more than a half a million Brazilians.

However, political scientists said Mr. Bolsonaro still holds enough support in Congress to quash any legal proceedings against him. In Brazil, criminal charges against a president that would emanate from an investigation can

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