Tuesday 24 November 2020

Dow scales 30,000 on vaccine headway, Biden transition

Dow scales 30,000 on vaccine headway, Biden transition

U.S. stocks rallied on Tuesday and the Dow breached the 30,000 level for the first time, as investors anticipated a 2021 economic recovery on coronavirus vaccine progress and the formal clearance for President-elect Joe Biden's transition to the White House.

Didi launches service in Mexico for women to select only female passengers

Chinese ride-sharing company Didi began rolling out a service in Mexico this week to let female drivers select only other women as their passengers, a move aimed at encouraging their safety as the country confronts worsening gender violence.

Gap's profit falls 32% as marketing expenses rise

Gap Inc reported a 32% slump in quarterly profit on Tuesday, hurt by higher marketing expenses, sending the apparel retailer's shares down about 7% in extended trading.

Oil up, stocks rally to records as U.S. political uncertainty ebbs

Stocks ended at record highs on Tuesday while bitcoin and oil prices also rose as political uncertainty subsided after U.S. President-elect Joe Biden got the formal go-ahead to begin his transition to the White House.

American Eagle posts 3% quarterly sales decline on pandemic hit

American Eagle Outfitters Inc reported an about 3% fall in third-quarter revenue on Tuesday, as store traffic slumped due to the COVID-19 pandemic.

Defense grills Canada police witness on FBI surveillance of Huawei CFO

The U.S. Federal Bureau of Investigation (FBI) was surveilling Huawei Chief Financial Officer Meng Wanzhou prior to her December 2018 arrest at a Canadian airport, a police officer said at Meng's extradition hearing on Tuesday.

Ford orders 12 ultra-cold freezers to distribute COVID-19 vaccines to employees

Ford Motor Co said on Tuesday it has ordered a dozen ultra-cold freezers that can safely store Pfizer Inc's COVID-19 vaccine, a move aimed at ensuring the U.S. automaker's workers have access to vaccines when they are rolled out nationally.

U.S. tech firms can compensate gig-workers with equity under SEC proposal

The U.S. securities regulator on Tuesday proposed a pilot program to allow tech companies like Uber and Lyft to pay gig workers up to 15% of their annual compensation in equity rather than cash, a move it said was designed to reflect changes in the workforce.

OxyContin maker Purdue Pharma pleads guilty to criminal charges

Purdue Pharma LP pleaded guilty to criminal charges over the handling of its addictive prescription painkiller OxyContin, capping a deal with federal prosecutors to resolve an investigation into the drugmaker's role in the U.S. opioid crisis.

Analysis: Dow cracks 30,000, a psychological boost during a pandemic

The Dow Jones Industrial Average clocked its fastest 10,000 point run up to cross 30,000 for the first time on Tuesday, giving the stock market a psychological boost at a time when the coronavirus pandemic has damaged the economy and left millions unemployed.

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