It’s wise to be skeptical of 2021 market forecasts
If anything, 2020 should have proven once and for all the futility of trying to make accurate market predictions.
Banking & Finance
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Environmental, social and governance issues are shaping investment portfolios like never before
The approach now known as ESG investing has been around for decades, but it started to take off in Europe and the United States in late 2018 and early 2019.
Stocks hold on to modest gains, marking another Dow record
Stocks have been mostly grinding higher in recent weeks, with indexes setting new highs, amid optimism that coronavirus vaccinations will pave the way in coming months for the economy to escape from the pandemic’s grip.
Mortgage rates slide to historic lows for third time this month
The 30-year fixed-rate average, the most popular mortgage product, sank to 2.66% with an average 0.7 point, according to the latest data released Thursday by Freddie Mac.
First Merchants to close 17 bank branch locations
The company said it would use the savings from the closures to beef up its digital banking and in-branch technology initiatives.
U.S. stock indexes climb on renewed hope for relief package
Wall Street is growing increasingly confident that Democratic and Republican lawmakers will clinch a bill based on a $748 billion bipartisan proposal that would inject cash directly into the economy as prior benefits begin to expire at the end of the year.
Huntington Bancshares to acquire TCF Financial in $6B deal
The merger announced Monday will boost Columbus, Ohio-based Huntington’s assets to about $168 billion, nudging it closer to regional competitors Fifth Third Bancorp and KeyCorp.
Blockbuster IPO market still calls for cautious approach
Wall Street has rolled out the welcome mat for companies going public this year, boosting proceeds from initial public offerings to the highest level in six years.
High court takes on Fannie Mae, Freddie Mac presidential power case
The case could mean undoing an agreement between the mortgage giants and the government that has sent about $246 billion in their profits to the Treasury. That was compensation for the taxpayer bailout they received after the 2007 housing market crash.
Americans keeping up with credit card bills, but for how long?
For some, however, the ability to keep buying things with plastic and then pay the bill likely depends on whether current negotiations in Washington, D.C., produce another round of economic aid.
More than half of PPP funds went to larger businesses, new data show
According to data on the government’s Paycheck Protection Program, about 600 mostly larger companies, including dozens of national chains, received the maximum amount allowed under the program of $10 million.
Education secretary bashes student debt forgiveness, free-college movement
Education Secretary Betsy DeVos is taking shots at student debt cancellation and tuition-free college proposals, hallmarks of President-elect Joe Biden’s agenda for higher education.
Nasdaq seeks mandatory rule on board diversity for listed companies
The proposal filed with the U.S. Securities and Exchange Commission on Tuesday, if approved, would require all companies listed on the exchange to publicly disclose consistent, transparent diversity statistics about their board of directors.
Data providers to combine in $44B deal, biggest acquisition of year
New York City-based S&P Global announced that it would acquire IHS Markit, based in London, in an all-stock deal.
As economy struggles, Fed weighs boosting bond purchases
The Federal Reserve since June has been buying $120 billion in bonds each month to keep downward pressure on long-term interest rates as a way of giving the economy a boost as it struggles to emerge from a deep recession.
Dow closes above 30,000 for first time, S&P 500 jumps to record
Trading volumes have been elevated in what is normally a calm week. More than 12 billion shares changed hands on Monday, up 75% from the Monday before last year’s holiday.
Mnuchin rejects renewal of some Fed emergency loan programs
The central bank said it “would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”
Fed’s Powell says surge in virus cases threatens U.S. economy
Federal Reserve Chair Jerome Powell said the threat also means that Congress and the White House should provide more stimulus spending to support the unemployed, states and cities, and small businesses, and to keep the economy afloat.
DoorDash, Wish, Affirm join Airbnb to fuel year-end IPO boom
Initial Public Offering advisers are expecting to see a record amount of listing activity during the period between the U.S. Thanksgiving and Christmas holidays.
Mounting commercial real estate losses threaten banks, recovery
Office space, the largest single slice of the commercial real estate sector, already is seeing rents fall as vacancies rise. Property values eventually could plummet 20% to 35%, according to a recent Barclays report. Hotels and retail properties have been hit even harder.