Wells Fargo Securities’ Chris Harvey believes the worst is behind the market — even as Wall Street braces for a painful earnings season. According to the firm’s head of equity strategy, the steps taken by the Federal Reserve and Capitol Hill to stabilize the coronavirus-battered markets are creating a pivotal floor under stocks. “Although the
Steven Mnuchin, U.S. Treasury secretary, right, speaks beside U.S. President Donald Trump during a Coronavirus Task Force news conference in the briefing room of the White House in Washington, D.C., U.S., on Tuesday, March 17, 2020. Kevin Dietsch | Bloomberg | Getty Images Banks are scrambling to process a growing backlog of applications for the
Thomas Barwick This year, the coronavirus relief law is letting savers bypass mandatory distributions from their retirement accounts. While that’s good news, it’s still generating plenty of questions from account holders. Generally, savers who turn 70½ must begin annual required minimum withdrawals, or RMDs, from their retirement accounts and pay taxes on those distributions. However,
There are now about 20,000 shops on Etsy selling face masks, CEO Josh Silverman told CNBC on Wednesday. “Our sellers are able to produce hundreds of thousands of masks per day,” Silverman said on “Closing Bell.” Etsy began to see “overwhelming demand” for masks from shoppers last week after the Centers for Disease Control and Prevention began
A “Temporarily Closed” sign hangs in the window of Nordstrom Inc. store in the Midtown neighborhood of New York, U.S., on Friday, March 20, 2020. Gabby Jones | Bloomberg | Getty Images Nordstrom said its financial situation could become distressed if its stores stay dark for much longer because of COVID-19. The retailer’s assessment of this
Dallas Mavericks owner Mark Cuban watches on from behind the bench during the second half of an NBA game against the Atlanta Hawks at State Farm Arena on February 22, 2020 in Atlanta, Georgia. Todd Kirkland | Getty Images Billionaire entrepreneur Mark Cuban isn’t convinced that the swift market rally is here to stay. “I’m surprised. I
Mark Cuban, chairman and chief executive officer of Axs TV, speaks during the Skybridge Alternatives (SALT) conference in Las Vegas, Nevada, U.S., on Thursday, May 9, 2019. SALT brings together investors, policy experts, politicians and business leaders to network and share ideas to unlock growth opportunities in finance, economics, entrepreneurship, public policy, technology and philanthropy.
Photo by Ariel Skelley via Getty Images Markets have been a roller coaster ride in the weeks since the coronavirus pandemic reached the U.S. Most of the country’s financial advisors think we haven’t hit bottom yet, a survey finds. Despite periodic rallies — like Monday’s more than 7% rise of both the Dow Jones and
With most Americans under stay-at-home orders due to the coronavirus outbreak, the roads are quieter – and safer – than usual. So why should you keep paying your regular auto insurance premium? Many insurers have a perhaps surprising answer to that question: You shouldn’t. Allstate announced this week that it would slash April and May’s
Temporary closed signage is seen at a store in Manhattan borough following the outbreak of coronavirus disease (COVID-19), in New York City, U.S., March 15, 2020. Jeenah Moon | Reuters The relief offered under the Coronavirus, Aid, Relief and Economic Security (CARES) Act is slow, piecemeal and confusing. The delays are putting millions of businesses