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Added on the 18/06/2019 08:43:04 - Copyright : Wochit
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed. If confirmed, Yellen will face an immense set of challenges, including the pandemic, unemployment, and widespread housing and food insecurity. With both parties fiercely divided on its size and reach for months, Congress still hasn't approved a second coronavirus economic aid package.
The New York Stock Exchange opening bell rings as US stocks surge higher, with all three major indices breaking records after Pfizer announced that its vaccine was 90 percent effective in protecting against Covid-19 infections. IMAGES
New York's securities industry notched its largest first-half profit since 2009 due to sharp increases in trading and underwriting activity, New York State Comptroller Thomas DiNapoli said in a Thursday report. Pretax profits through the first six months of the year surged 82% to $27.6 billion. Underwriting revenues hit a record of $10.4 billion in the second quarter. The first-half performance suggests the securities industry "will be markedly profitable for the year, barring any further unforeseen events," DiNapoli said.
The Dow Jones Industrial Average broke above 20,000 points at the New York Stock Exchange for the first time Wednesday morning, setting a new record on Wall Street. The second-oldest stock market index in the US nearly reached this landmark on two previous occasions before reaching the once evasive mark at the opening bell. At the trading day's closing bell, the index had set a record high of 20,068. The DJIA, also known as the Dow 30, measures the performance of the 30 largest publicly owned companies trading in the US. Apple, Goldman Sachs and ExxonMobil are among some of those companies.
Investors went shopping for stocks after the Fed decided to hold interest rates steady. But as Fred Katayama reports, the central bank said the case for a rate hike has strengthened.
Stocks rose on Wednesday after minutes from the Fed's most recent meeting indicated they would hold back on raising rates soon. Bobbi Rebell reports.
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