Stocks saw a major reversal on Friday. After selling off, the Dow, S&P 500 and Nasdaq all rebounded in the afternoon session as investors digested a better-than-expected jobs report. Nonfarm payrolls jumped by 379,000 in February, and the unemployment rate fell to 6.2%. That compared with expectations of 210,000 new […]
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A top Democrat wants Biden’s infrastructure bill to reduce energy tax breaks, limit them to green initiatives
President Joe Biden‘s coming infrastructure plan should dramatically reduce tax breaks for the energy industry and focus them on green initiatives, the chairman of a powerful Senate committee told CNBC. Sen. Ron Wyden, who leads the Senate Finance Committee, said such an overhaul is at the top of his agenda. […]
Robinhood chooses the Nasdaq for its IPO, sources say
Avishek Das | LightRocket | Getty Images Robinhood has chosen the Nasdaq as the exchange for its eventual initial public offering, according to sources familiar with the matter. The company has not yet filed officially for the listing. The stock trading app has lowered the barrier to entry for millions […]
Dow jumps 450 points in wild reversal as economic comeback plays rally
U.S. stocks reversed from a sharp sell-off and climbed higher in wild session Friday as a rally in bond yields eased, while a stronger-than-expected jobs report boosted optimism for a faster economic reopening. The S&P 500 last traded up 1.6% after shedding 1% earlier. The Nasdaq Composite gained 1.1% in […]
Antivirus software creator John McAfee indicted on cryptocurrency fraud charges
John McAfee Paula Bustamante | AFP | Getty Images Federal prosecutors on Friday accused antivirus software company founder John McAfee and his associate of orchestrating fraudulent schemes to rake in millions of dollars from cryptocurrency investors. McAfee, 75, and his “cryptocurrency team” advisor Jimmy Watson, 40, allegedly engaged in an […]
WHO says pandemic has caused more ‘mass trauma’ than WWII
Tedros Adhanom Ghebreyesus, Director General of the World Health Organization (WHO) speaks after Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases during the 148th session of the Executive Board on the coronavirus disease (COVID-19) outbreak in Geneva, Switzerland, January 21, 2021. Christopher Black | WHO […]
Goldman’s Hatzius says Covid damage on labor market will last into 2022, stimulus still needed
Goldman Sachs chief economist Jan Hatzius told CNBC on Friday the U.S. labor market still has a ways to go before it has fully overcome the damage from the coronavirus pandemic, justifying additional assistance from Washington. Hatzius made the comments in an interview on “Squawk on the Street,” following the […]
The cost of mining for cryptocash
Cryptocurrencies have been on a tear lately. Bitcoin topped $58,000 in February for the first time. Ether, the world’s second-biggest cryptocurrency, has also hit record highs this year. Even dogecoin — a cryptocurrency invented as a joke that does not have the same serious function and institutional backing as bitcoin […]
Dow rallies into the green again in wild session, up 250 points
U.S. stocks swung wildly between gains and losses on Friday as investors pondered the ramifications of higher interest rates and inflation, while a stronger-than-expected jobs report helped support sentiment. The S&P 500 last traded up 0.6% after shedding 1% earlier. The Nasdaq Composite inched up 0.2% in the volatile session. […]
Black and Hispanic women aren’t sharing in the job market recovery
A woman waits in line as food is distributed at the Ebenezer Seventh-day Adventist church on July 22, 2020 in Brooklyn, New York. Spencer Platt | Getty Images Friday’s employment report pointed to further signs of a recovery in the U.S. economy, with 379,000 net jobs added and the unemployment […]