Stocks rally ahead of a potentially turbulent election week
U.S. stocks rebounded from the worst week since March as investors bet on the energy, materials and industrial sectors ahead of Tuesday’s presidential election.
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Two mall owners dragged into bankruptcy by carnage among retail tenants
Pennsylvania Real Estate Investment Trust and CBL & Associates Properties Inc. sought protection from creditors Sunday, citing pandemic-induced pressures. The two REITs account for about 87 million square feet of real estate across the U.S.
Recipe: A star chef’s recipe makes the classic pigs in a blanket even better
Chef Alex Guarnaschelli, the erstwhile star of Chopped and the new Supermarket Stakeout, is a notable French-trained cook who helms Butter Midtown in New York. She has also long recognized the power of pigs in blankets—especially dunked in mustard.
U.S. air passengers exceed 1 million, first time since March
People have incrementally returned to the skies, but in far fewer numbers than normal. The seven-day average as of Sunday was 871,513, or 35.6% of the equivalent week last year.
Corporate America puts $2 trillion in bank in run-up to election
Reluctance to put money to work took hold when the pandemic struck and has shown few signs of easing.
Fed’s Bullard says U.S. could see rapid decline in unemployment
Federal Reserve Bank of St. Louis President James Bullard the U.S. labor market is likely to bounce back quickly when more temporarily furloughed workers return to jobs and the coronavirus pandemic comes under control.
Eli Lilly says other antibody trials ongoing after pause in one study
Lilly said it is reviewing safety data that caused federal researchers to pause a trial of the company’s COVID-19 antibody treatment in hospitalized patients. Other trials using lower doses of the drug outside the hospital will continue.
Amazon’s ‘Christmas Creep’ poses stress test for FedEx, UPS
FedEx and United Parcel Service are girding for their biggest test yet in the e-commerce era, with the holiday shopping season pushed ever earlier and stretching the limits of shipping networks already strained by the COVID-19 pandemic.
Google tries to turn YouTube into major shopping destination
Every toy, gadget and good you see on YouTube could soon be for sale online—not on Amazon, but right on YouTube itself.
IBM to spin off $19B business to focus on cloud computing
IBM CEO Arvind Krishna said the split will help IBM focus on its cloud platform and artificial intelligence, while the new public company will provide services to manage the infrastructure of businesses and other organizations.
Ruby Tuesday files for bankruptcy, closes 185 more restaurants
Indianapolis is down to just one Ruby Tuesday’s location. The chain now operates 236 dining rooms in total, a decrease from more than 500 three years ago.
Survey: Companies to shrink offices as work stays remote
The poll, conducted for Cisco Systems by Dimensional Research, concluded that working from home is the “new normal.”
Regal Cinemas to suspend operations at all U.S. theaters
The world’s second-biggest cinema chain on Thursday plans to close its 536 Regal theaters in the United States and its 127 British locations, affecting about 45,000 employees,
H&M’s new CEO gets tough with plan to eliminate 5% of stores
H&M is making its biggest retrenchment ever as the pandemic exacerbates its record inventory buildup. The retailer said Thursday it plans to permanently shut 250 stores on a net basis in 2021 after eliminating 50 this year.
As COVID deaths hit 1 million, scientist says toll might be double
The coronavirus’s rapid spread and ability to transmit in people who show no signs of the disease have enabled it to outrun measures to accurately quantify cases through widespread diagnostic testing.
Pay cuts become permanent for many Americans during pandemic
The majority of workers who took a reduction as the virus brought the economy to a halt are still earning less than they were prior to the outbreak, according to a Pew Research Center study released Thursday.
Airline industry pleads for mandatory virus tests to prop up demand
While the call for testing isn’t new, the outlook has turned increasingly grim for airlines taking stock of a disappointing summer with rising infection rates and restrictions dashing hopes for a recovery.
Hotels, restaurants face new conundrum: How to offer service without a smile
Six months into the pandemic, conveying warmth is the new hot topic among hoteliers and restaurateurs. Some are coming up with new ways.
McConnell pledges to bring Trump’s SCOTUS pick up for vote
Senate Majority Leader Mitch McConnell said Friday night that a Trump nominee would get a vote, although he denied President Obama the same opportunity in a similar situation four years ago.
U.S. incomes surged, poverty fell to 60-year low before pandemic
Median, inflation-adjusted household income increased 6.8% last year, to $68,703—among the fastest gains on record—as more Americans got jobs and wages rose, according to annual data released Tuesday by the U.S. Census Bureau.