The Inn of Rosslyn, which is permanently closed due to pressure from the Covid-19 pandemic, on Feb. 5, 2021 in Arlington, Virginia. Liu Jie/Xinhua via Getty Images ‘Breathtaking’ In all, those long-term unemployed represented 24% of the 9.9 million total jobless workers last month, according to the bureau. (The data […]
FINANCE
Amended tax return may be needed for some unemployed workers, IRS says
$10,200 unemployment tax break The American Rescue Plan waived federal tax on up to $10,200 of unemployment benefits, per person, received in 2020. However, President Joe Biden signed the $1.9 trillion Covid relief measure on March 11 — about a month into tax season. The tax break may make some […]
Goldman’s risk controls worked well during Archegos fire sale, CEO Solomon says
Goldman Sachs CEO David Solomon said Tuesday that his bank’s risk management systems performed well after the forced unwind from a highly levered fund tanked several stocks in the U.S. and China and took a multi-billion dollar bite out of other banks. Shares of Discovery and ViacomCBS fell dramatically in […]
Goldman Sachs, Starbucks unveil pledge to close racial wealth gap in U.S.
David Solomon, the CEO of Goldman Sachs, speaks during the Bloomberg Global Business Forum in New York, September 25, 2019. Shannon Stapleton | Reuters Goldman Sachs, Starbucks and a range of other organizations across the U.S. announced Tuesday a collaborative effort aimed at narrowing the racial wealth gap between Black […]
Illumina, Cara Therapeutics, Snap & more
Take a look at some of the biggest movers in the premarket: Illumina (ILMN) – Illumina issued preliminary current-quarter and full-year guidance that exceeded current analyst estimates. The life sciences company said its projected results are being driven by record orders in its gene-sequencing and related businesses. Illumina jumped 9.2% […]
Bankers talk of being sold out as London waits for its own Brexit deal
Despite a breakthrough last month, London-based bankers are nervously waiting for Britain and Brussels to agree on a post-Brexit relationship for their financial services industries. The U.K. and the EU agreed to continue talks and co-operation on financial services on March 26. In a short statement, the U.K. and the […]
Credit Suisse cuts dividend on hit from hedge fund scandal; investment bank head and chief risk officer step down
A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerland FABRICE COFFRINI | AFP | Getty Images Credit Suisse on Tuesday announced several high-level departures and proposed a cut to its dividend as it weighs heavy losses from the Archegos Capital and Greensill sagas. In a trading […]
Stock futures are flat in overnight trading after the Dow and S&P 500 close at records
A woman takes a selfie with the ‘Charging Bull’ statue on February 17, 2021 in New York City. ANGELA WEISS | AFP | Getty Images Stock futures held steady in overnight trading Monday after the Dow Jones Industrial Average and the S&P 500 both closed at record highs with strong […]
Beat the S&P handily by owning cyclicals and growth: Art Hogan
Investors may want to avoid playing favorites. Art Hogan of National Securities said Monday that owning equal amounts of growth and cyclical stocks will produce major advantages as stocks break out. “Nothing is going to be binary this year,” the firm’s chief market strategist told CNBC’s “Trading Nation.” “Having a […]
Fed’s Mester lauds jobs report, but says loose policy is staying put
Loretta Mester, president and chief executive officer of the Federal Reserve Bank of Cleveland. David Paul Morris | Bloomberg | Getty Images March’s strong job gains weren’t enough to convince Cleveland Federal Reserve President Loretta Mester that it’s time to change monetary policy. The central bank official told CNBC on […]