Bhinneka News Online: S&P 500 rises briefly after Powell remarks; U.S. bond yields fall

Wednesday, 10 February 2021

S&P 500 rises briefly after Powell remarks; U.S. bond yields fall

The S&P 500 rose briefly Wednesday after Federal Reserve Chair Jerome Powell called for a more comprehensive approach to end the jobs crisis, while Treasury yields tumbled as U.S. data showed inflation stayed benign in January.

Former TPG Capital exec admits paying $50,000 to rig son's college entrance exam

A former senior executive at private equity firm TPG Capital pleaded guilty on Wednesday to participating in a vast U.S. college admissions fraud scheme by paying $50,000 to rig his son's college entrance exam results.

Cannabis stocks light up Reddit as sector surges to new highs

Interest from retail investors appeared to lift cannabis stocks broadly higher on Wednesday, signaling that the recent trading frenzy behind Reddit favorites such as GameStop is shifting to other companies.

Short interest in pot stock Tilray surged in past week: Ortex

Cannabis producer Tilray has seen a rise in short interest in the past week, with 36.6% of its freefloat out on loan, according to estimates from financial analytics firm Ortex on Wednesday.

Cheaper airline tickets help to keep lid on U.S. inflation in January

U.S. consumer prices rose moderately in January as higher gasoline prices were blunted by a slump in airline fares amid a relentless pandemic, tempering expectations for a sustained acceleration in inflation this year.

U.S. January budget deficit hits record $163 billion as new aid checks sent out

The U.S. government posted a budget deficit of $163 billion in January, a record high for the month and a $130 billion jump from the deficit in the same month last year, as a new round of direct payments to individuals were distributed, the Treasury said on Wednesday.

CBS scores record $545 million in Super Bowl ad revenue despite low ratings

ViacomCBS' CBS network generated a record $545 million in advertising spending during the NFL's Super Bowl LV this past Sunday, according to preliminary estimates from research firm Kantar.

Wall Street rally pauses as big tech loses steam

The S&P 500 and the Nasdaq edged slightly higher after slipping from record levels in volatile trading on Wednesday, as energy and financials rose but some big tech stocks limited those gains amid an ongoing rotation of portfolio holdings.

Fed's Powell calls for broad national drive to full employment

Invoking post-World War II efforts to reach full employment and pledging continued loose monetary policy to help the process, Federal Reserve Chair Jerome Powell made a broad call Wednesday for a "society-wide commitment" to get Americans back to work, particularly minorities and those ousted from lower-paying jobs during the pandemic.

LVMH, Rihanna to pause Fenty fashion venture, focus on lingerie, cosmetics

Louis Vuitton owner LVMH and music star Rihanna have agreed to suspend her fashion line Fenty less than two years after its launch, the French luxury goods giant said on Wednesday.