Stocks inched up Friday as American and Chinese negotiators ended a productive round of trade talks; topping 26,000 for the first time since November of last year and finishing a nine-week “winning streak.”
“The Dow Jones Industrial Average gained 97 points as Intel outperformed. The 30-stock index briefly broke above 26,000 for the first time since Nov. 9 and was on pace to post its ninth consecutive weekly gain. The Nasdaq Composite advanced 0.5 percent as shares of Facebook, Amazon, Netflix and Alphabet all traded higher; it was also on track to notch its ninth straight weekly gain,” reports CNBC.
“It’s pretty extraordinary the amount of gain that we’ve had,” said one trading expert. “I really wish I could pick a sector that had defensive qualities right now, but everything has gone up so dramatically that when the pullback comes, it will probably be widespread.”
Read the full report at CNBC.
AMERICA UNLEASHED: Stock Market HITS ALL TIME HIGH, Unemployment at 49 YEAR LOW
The US economy continued to smash records and surpass expectations in September, with new data showing the American unemployment rate at a half-century low and the Dow Jones Industrial Average reaching an all-time high.
According to CNBC, the Dow rose 219 points Thursday with the S&P 500 also breaking its previous record. The President hailed the news on social media, saying “S&P 500 HITS ALL-TIME HIGH Congratulations USA!”
S&P 500 HITS ALL-TIME HIGH Congratulations USA!
— Donald J. Trump (@realDonaldTrump) September 20, 2018
The stunning economic data may spell disaster for Democrats hoping to retake Congress this fall, with House Minority Leader Nancy Pelosi vowing to repeal the ‘GOP Tax Scam’ should her party win big during the midterm elections.
Read the full report at CNBC.
BERNIE’S LESSON: Amazon Cuts Bonuses, Stock Options After Minimum Wage Hike
Online retail giant Amazon is cutting back on bonuses and other stock options for its warehouse workers after it raised its minimum wage for all employees to at least $15 an hour; a sharp rebuke of Sen. Bernie Sanders public crusade against one of the nation’s largest corporations.
According to Bloomberg, “Warehouse workers for the e-commerce giant in the U.S. were eligible in the past for monthly bonuses that could total hundreds of dollars per month as well as stock awards, said two people familiar with Amazon’s pay policies. The company informed those employees Wednesday that it’s eliminating both of those compensation categories to help pay for the raises.”
The revised payment scheme may actually result in “less wages” for certain workers.
“Because it’s no longer incentive-based, the compensation will be more immediate and predictable,” Amazon said.
The announcement comes just weeks after Sen. Bernie Sanders launched his full-fledged campaign against the one of the nation’s largest companies; unveiling new legislation that would impose a stiff tax for government benefits received by full-time employees.
Read the full story at Bloomberg.