 | | | | Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases. | | | | | | The U.S. economy will have a slower-than-expected recovery amid a surge in novel coronavirus cases across the country, and a broad second wave of the disease could cause economic pain to deepen again, Federal Reserve officials warned on Tuesday. | | | | | | The increase in coronavirus cases across the U.S. can stall the economy and make consumers cautious, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday. | | | | | | Dallas Federal Reserve Bank President Robert Kaplan said on Tuesday there is "lots of overcapacity in the economy," which he described as "disinflationary." | | | | | | Global equity markets rebounded on Tuesday, buoyed by a surge in cyclical stocks on Wall Street as investors bet the economic recovery would overcome a rollback of California's reopening, while safe-haven gold prices solidified gains above $1,800 an ounce. | | | | | | It may become relevant for the U.S. Federal Reserve to consider using yield curve control in the future alongside the use of forward guidance to help speed the U.S. economic recovery from the coronavirus pandemic, Fed Governor Lael Brainard said on Tuesday. | | | | | | Months after the coronavirus arrived in the United States, the economy remains "mired" in crisis and policymakers need to create solutions that offer better support to struggling small businesses, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday. | | | | | | Massachusetts on Tuesday followed California in suing Uber Technologies Inc and Lyft Inc over allegedly misclassifying their drivers as independent contractors instead of employees entitled to extensive benefits. | | | | | | Iowa-based seed companies owned or partially owned by billionaire Harry Stine won approval for at least six loans - totaling $2.55 million to $6.35 million - in the first round of the federal government's pandemic aid program for small businesses, an analysis of government data showed. | | | | | | Oil prices rose slightly on Tuesday as OPEC and its allies cut production by more than agreed to in June, although demand concerns lingered due to increased cases of COVID-19 in the United States. Brent crude futures settled up 18 cents at $42.90 a barrel, after moving lower earlier in the session. U.S. West Texas Intermediate (WTI) crude futures rose 19 cents to $40.29 a barrel. | | | | | | The dollar fell in North American trade on Tuesday as expectations for inflation picked up slightly and the euro rose on optimism about the possibility of a European Union stimulus package. | | | | | |
