SEC Chairman Jay Clayton said Monday that the practice of short selling — effectively betting that a stock will drop — is needed to “facilitate ordinary market trading.” “We shouldn’t be banning short selling,” Clayton told CNBC’s “Squawk Box.” However, he said the Securities and Exchange Commission did replace the old uptick rule with a
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A man cleans up on the trading floor, following traders testing positive for Coronavirus disease (COVID-19), at the New York Stock Exchange (NYSE) in New York, U.S., March 19, 2020. Lucas Jackson | Reuters There was considerable trepidation among trading desks over the weekend as many in California, New York, and Massachusetts were told to
Mike Wilson, Chief U.S. Equity Strategist and Chief Investment Officer at Morgan Stanley. Adam Jeffery | CNBC Investors should be taking advantage of the market’s steep coronavirus-driven sell-off from February highs, Morgan Stanley‘s Mike Wilson told CNBC on Thursday. “We’ve been scaling back into stocks over the last two, three or four weeks. We’re not
Paul Tudor Jones Kevin Mazur | Getty Images Hedge fund manager Paul Tudor Jones said Thursday investors should commend Washington’s policy response to the economic shock from the coronavirus pandemic. “Investors can take heart that we’ve counteracted this existential shock with the greatest fiscal, monetary bazooka. It’s not even a bazooka. It’s more like a nuclear bomb,”
American Airlines planes parked in Tulsa, Oklahoma. American Airlines The coronavirus crisis is bringing the United States economy to a screeching halt, with every sector feeling the effects of most of the country’s workforce staying home. Satellite imagery combined with other photographic evidence and alternative data sources give a stark look at the U.S. situation:
Morgan Stanley CEO James Gorman told his employees that despite the upheaval caused by the coronavirus pandemic, their jobs will be secure through this year. “I am sure some, if not many, of you are worried about your jobs,” Gorman said Thursday in a staff memo. “While long term we can’t be sure how this
CNBC’s Jim Cramer said Friday he did not think investors were properly factoring in the likelihood a successful antiviral treatment for COVID-19 is developed. “Is anyone even thinking anymore that there is something going on at any drug company that actually may have an antiviral?” Cramer said on “Squawk on the Street.” “I have just been
Pershing Square Capital manager Bill Ackman defended his emotional CNBC appearance last week after his fund announced a few days later that it made over $2 billion on bets against the markets. The investor warned that “hell is coming” and that hotel stocks could go to zero in the interview. “Shortly after the show, I
Dell CEO Michael Dell Getty Images Executives are loading up on their company shares as the coronavirus-driven sell-off dents the broader market, signalling the heads of U.S. businesses are confident their companies will rebound. The heads of Dell Technologies and Wells Fargo are purchasing shares while outsiders ditch riskier assets, sucking trillions in value from
Brendan McDermid | Reuters It might be premature to declare the bear market dead, but Thursday’s action sure checked off some important boxes. Conventional Wall Street wisdom is that bear markets, or 20% declines from 52-week highs, die on bad news, and Thursday featured some of the worst the U.S. economy has ever seen. Nearly