12Aug2020 Market Close: Wall Street Bounces Back From Tuesday’s Slump, DOW Closes Up 290 Points, Nasdaq Rockets Upward 2.1%, Gold Sinks Further To 1915

Accuracy of U.S. coronavirus data thrown into question as decline in testing skews drop in new cases

In Texas, new Covid-19 cases have fallen by 10% to an average of 7,381 a day from 8,203 two weeks ago, but testing is down by 53% over the same time.

Most expensive car ever sold online could fetch more than $4 million

Demand for classic cars ” especially vintage Ferraris ” has held up well throughout the pandemic. The sales prove wealthy collectors are willing to buy seven-figure cars without inspecting or driving them, which could shift more sales online even after the virus.

GM facility to continue building ventilators after completing $489.4 million government contract

GM will lease the building in Kokomo, Indiana, to Ventec Life Systems, a company the automaker partnered with to build the ventilators as the first wave of Covid-19 cases surged in the U.S. this spring.

‘The food supply chain is breaking’: How Tyson Foods has tried to survive coronavirus

The U.S. meat and poultry business is a $232 billion market. In 2017 alone, the industry processed 9 billion chickens, 121 million pigs and more than 32 million cows.

Broadway musical ‘Diana’ to bypass closed stage for Netflix

The Broadway musical “Diana” isn’t waiting for theaters to reopen in New York to offer its show to a live audience ” it’s going to Netflix.

Where Kamala Harris stands on coronavirus masks, stimulus checks and other pandemic spending

Joe Biden’s pick of Sen. Kamala Harris of California as his running mate brings him a powerful ally in the fight against the coronavirus if the Democratic slate wins the 2020 presidential election.

Coronavirus live updates: Florida sheriff bans masks for deputies; Russia’s vaccine could be out in November

The coronavirus has infected more than 20.4 million people around the world as of Wednesday, killing at least 744,200 people.

SoftBank-backed Plenty to supply 430 Albertsons stores in California

The partnership with Albertsons marks the vertical farming company’s first major retail deal.

United bets on sun-seekers with new Florida flights

United is adding more routes to Florida cities from the northern U.S. to capitalize on vacationers with business travel still weak because of the pandemic.

The Kentucky Derby will allow spectators in the stands, but capacity is capped at 14%

With fewer people expected to attend the Derby this year, Lexington, Kentucky is bracing for a miss of hundreds of millions in revenue for local businesses.

The Big Ten’s college football postponement puts more than $700 million at risk this fall

The Big Ten Conference generated over $700 million in 2018, a figure that could severely decline with the decision to postpone its fall athletics.

Gary Vaynerchuk: TikTok has one big advantage over Facebook that you can exploit

Social media guru Gary Vaynerchuk says while Facebook offers the biggest audience for small business, TikTok and LinkedIn offer an opportunity increasingly rare in social media: organic growth without ads.

Stein Mart files for bankruptcy and plans to close most, if not all, of its stores

The off-price chain Stein Mart announced Wednesday it has filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its stores, adding to the turmoil in a retail industry that has been hammered by the coronavirus pandemic.

S&P Jumps Above Record High After $9 Trillion Global Liquidity Tsunami

S&P Jumps Above Record High After $9 Trillion Global Liquidity Tsunami Tyler Durden Wed, 08/12/2020 – 16:01

$9 trillion in additional global liquidity (from $79 to almost $88 trillion since the March lows)…

Mystery Deepens As Investigators Trace Ownership Of Chemicals That Blew Up In Beirut

Mystery Deepens As Investigators Trace Ownership Of Chemicals That Blew Up In Beirut Tyler Durden Wed, 08/12/2020 – 15:45

Lebanese and international investigators have yet to identify the owner of the 2,750 tons of ammonium nitrate which sat languishing in Beirut’s port for seven years before it detonated amid an accidental warehouse fire on Aug.4, killing over 200 people and injuring more than 6,000.

It was estimated to be worth $700,000 by 2013 prices, but no one ever came forward to claim it. It’s still a mystery even after Cypriot authorities at the request of Interpol late last week finally interviewed the man who originally abandoned Rhosus, a Russian businessman named Igor Grechushkin, during the ship’s ill-fated intended trip to deliver the substance to an explosives maker in Mozambique.

Real Estate Collapse: In Q2, A Record 44 NYC Neighborhoods Closed Fewer Than Five Deals

Real Estate Collapse: In Q2, A Record 44 NYC Neighborhoods Closed Fewer Than Five Deals Tyler Durden Wed, 08/12/2020 – 15:30

By Eliza Theiss of Property Shark

Marked by strict lockdowns, the halt of economic activity and the loss and suffering brought on by COVID-19, New York City’s real estate market was bound to present a decidedly different picture in the second quarter both year-over-year (Y-o-Y) and quarter-over-quarter (Q-o-Q).

First, it’s important to note that, during the last quarter, a record 44 NYC neighborhoods closed fewer than five deals ” a metric we consider to be the lowest minimum threshold for calculating a neighborhood’s median sale price. As a result, these neighborhoods are not represented in our findings. In total, we analyzed the second quarter’s median sale price and sales activity changes in 157 NYC neighborhoods.

Next, the most notable change was brought on by Brooklyn, which ” for the first time ever ” had more neighborhoods among the city’s most expensive than Manhattan. Specifically, of the 52 neighborhoods that were ranked as the city’s 50 most expensive (due to two ties), Brooklyn claimed 23 entries versus Manhattan’s 21 neighborhoods, while Queens was represented by eight areas.

< …

S&P Surges Above Record Closing High

S&P Surges Above Record Closing High Tyler Durden Wed, 08/12/2020 – 15:15

The S&P 500 has pushed above its previous record closing high (3386.15 on 2/19/20) this afternoon (6th time was the charm)…

Recession is unprecedented, says Chancellor Rishi Sunak

Rishi Sunak says it is a “difficult and uncertain time” as the UK suffers its biggest slump on record.

Natwest to cut 550 jobs in branches and close one office

The lender is seeking to cut costs as more people bank online during the pandemic.

Coronavirus: How can I find a new job?

Jobseekers are having a tough time at the moment but some sectors are hiring and support is available.

Pranab Mukherjee continues to be critical

Pranab Mukherjee continues to be criticalNew Delhi, Aug 12 () The condition of former president Pranab Mukherjee continues to be critical and he remains on ventilator support, the Army’s Research and Referral Hospital said on Wednesday.

India a key market for us: Blackstone senior MD

India a key market for us: Blackstone senior MD ‹India is a key market for us. Since inception, we’ve invested over $15 billion including nearly $8 billion in real estate, says Christopher Heady, Asia-Pacific chairman and senior managing director, Blackstone Group.

CRPF deployed in violence-hit areas: K’taka min

CRPF deployed in violence-hit areas: K’taka minThree companies from Hyderabad and three from Chennai will be deployed in DG Halli and K G Halli police station limits where disturbances occurred Tuesday night, after which three people died in police firing, he said in an interaction with reporters at Udupi before leaving for Bengaluru.

Do 401k Menus Suffer From A Generation Gap?

Written by Econintersect

A new whitepaper finds that use of fixed income options in 401(k) plans has not kept pace with workplace trends.

Traditionally, fixed income investments have been used to reduce a portfolio’s overall volatility to an acceptable level without significantly reducing returns – but that objective may require reconsideration amidst today’s diverse, multi-generational workforce.

Soaring U.S. budget deficit takes a breather in July ” but it will soon be going back up

the U.S. budget deficit shrank in July to the lowest level since the start of the coronavirus pandemic, but the government is still on track to post the biggest shortfall as a share of the economy since World War II because of massive federal aid for households and businesses. The U.S. deficit slid to $68 billion last month from a record $864 billion in June.

Kamala Harris is a friend, not foe, of Big Tech

As a presidential candidate, Harris did not support breaking up Facebook Inc., Google parent Alphabet Inc., and Amazon.com Inc., as did Sens. Elizabeth Warren and Bernie Sanders, but instead was open to strengthening antitrust enforcement.

Election: The Obamas, AOC and Kamala Harris: Here’s who’s speaking to the Democratic convention and when

Coming next week to a computer screen or TV set near you: speeches by Michelle Obama, Alexandria Ocasio-Cortez, Joe Biden … and his newly announced running mate, Kamala Harris.