Dow has biggest daily jump since 2009 as Wall Street buys the dip

first_imgTraders see a 100 percent chance of a 50 basis point rate cut at the Fed’s March meeting, according to CME Group’s FedWatch tool.The Dow Jones Industrial Average jumped 5.09 percent to end at 26,703.32 points, while the S&P 500 surged 4.60 percent to 3,090.23.The Nasdaq Composite added 4.49 percent to 8,952.17.Trading was very busy on US exchanges, with 14 billion shares changing hands compared with a 9.5 billion-share average for the last 20 days.The S&P 500 information technology index jumped 5.7 percent in its strongest session since December 2018.The Institute for Supply Management said domestic manufacturing activity barely expanded last month due to supply issues stemming from the virus outbreak.“The Fed can cut rates all it wants, that is not going to put a person in a factory producing a product if that person is quarantined,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.“I don’t think (monetary policy) solves the problem … This particular one is both supply and demand, it will help but it won’t fix the problem.”Cancer drug developer Forty Seven Inc soared 62 percent after larger peer Gilead Sciences made a US$4.9 billion offer for the firm. Gilead jumped 8.71 percent.Surgical mask maker Alpha Pro Tech Ltd tumbled 22 percent but remains up over 350 percent year-to-date.Advancing issues outnumbered declining ones on the NYSE by a 4.32-to-1 ratio; on Nasdaq, a 2.69-to-1 ratio favored advancers.The S&P 500 posted no new 52-week highs and 18 new lows; the Nasdaq Composite recorded 27 new highs and 149 new lows.Topics : The Dow Jones Industrial Average surged over 5 percent on Monday while the S&P 500 and Nasdaq each jumped more than 4 percent in a major rebound following last week’s steep sell-off sparked by fears about the coronavirus.After the stock market extended gains in the session’s final minutes, the Dow wrapped up its strongest one-day gain since 2009, while the S&P 500 and Nasdaq each had their strongest one-day rise since December 2018.That rally followed the US stock market’s worst week since the 2008 financial crisis, sinking into correction territory on Thursday due to fears of a recession resulting from the epidemic. The S&P 500 remains down 8.7 percent from its Feb. 19 record high close. Many investors will consider the index to remain in a correction until it reclaims its high.Apple jumped 9.3 percent in its largest one-session leap since 2008. The iPhone maker is still down nearly 9 percent from its record high close on Feb. 12.Bank of Japan Governor Haruhiko Kuroda said on Monday that Japan’s central bank would take necessary steps to stabilize financial markets. That followed a similar move by Fed Chair Jerome Powell last Friday.“We can shrug off an economic downturn, but if it starts to spill into companies’ capacity to pay their debts, then that creates deeper problems. But it seems to me like the central banks are linking arms to find a way to insulate the credit markets from economic uncertainty,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago.last_img read more

Forcing teens to disclose abortion could breach rights

first_imgNewsTalk ZB 5 May 2016Forcing a teenager to tell her parents if she has an abortion could be a breach of her rights.A petition is currently before select committee, asking doctors to inform parents if a girl under 16 wants an abortion.Ministry of Justice policy manager Caroline Greaney said there was a ground-breaking decision in 1986, that a child’s age shouldn’t be the biggest factor in whether they’re allowed to make a decision for themselves.“Everybody is presumed competent, unless there is reasonable grounds that they are not competent.“A person is assumed competent to make a decision if they understand the nature of the procedure and the consequences of that procedure. The capacity is considered on a case-by-case basis by doctors.”Greaney said doctors currently follow the medical code’s rule on consumer rights.http://www.newstalkzb.co.nz/news/national/forcing-teens-to-disclose-abortion-could-breach-rights/National Director Bob McCoskrie discusses the issue with Newstalk ZB’s Leighton SmithAudio Player00:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.last_img read more

The Latest: Switzerland soccer players decline payments

first_imgThe season is currently scheduled to begin in France on June 28. F1 management has said it still hopes to hold between 15 and 18 races this year in place of the original 22.___A two-time Olympic finalist in the 800 meters has died after getting infected with the coronavirus.The Italian Olympic Committee says Donato Sabia has died. He was 56.CONI says he is the first Italian Olympian to die with the virus. Associated Press ___The president of the International Paralympic Committee says the body has “cash-flow” problems because of the Olympic and Paralympic postponement until 2021.Andrew Parsons says about 5% of spending is being cut from the IPC’s budget. A 2018 financial report showed a budget of 24 million euros ($25.7 million).Parsons says the problem was due partly to broadcast rights holders who want to delay their payments until the product is delivered.Parsons says it’s not a question of “losing money” but rather some temporary belt tightening. Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The players and coach on Switzerland’s national soccer team have declined to take more than 1 million Swiss francs ($1.03 million) of payments that were due from their federation in 2020. The track worlds were originally scheduled for Aug. 6-15, 2021.World Athletics president Sebastian Coe says 2022 will be a “bonanza for athletics fans around the world” with the Commonwealth Games beginning in Birmingham, England, only three days after the track worlds.The 2022 Commonwealth Games are scheduled for July 27-Aug. 7 and the multisport European Championship is currently slated for Aug. 11-21 in Munich.World Athletics has also postponed the bidding processes for 2023 World Athletics Series events. They will now open in November 2020.___ April 8, 2020 Formula One says it will furlough half of its staff until the end of May and senior executives will take pay cuts amid the coronavirus pandemic.F1 has postponed eight races so far this season and the Monaco Grand Prix has been canceled.F1 says senior leadership figures will take “voluntary pay cuts while still continuing to work and not in furlough.”CEO Chase Carey will take a “much deeper” pay cut.The McLaren and Williams teams had already put some staff on furlough schemes. McLaren drivers Lando Norris and Carlos Sainz have also taken pay cuts. He says “like all businesses we are tremendously affected by the COVID-19 crisis.”He says he is dealing with 150 contracts that are games-related but adds “we have no plans to let any staff go at the moment.”___The track world championships in Eugene, Oregon, have been rescheduled for July 15-24, 2022.The event was pushed back a year because the Tokyo Olympics were delayed until 2021 amid the coronavirus pandemic. The team was scheduled to play in the now-postponed European Championship in June and had two games in Qatar canceled last month because of the coronavirus pandemic.The shutdown of games has cost the Swiss soccer body millions of dollars.Federation chairman Dominique Blanc says it’s a “magnificent gesture” from the players.Blanc tested positive for the virus three weeks ago.Team captain Stephan Lichtsteiner says “we wanted to set an example and show solidarity.” Sabia finished fifth in the 800 at the 1984 Los Angeles Games and seventh at the 1988 Seoul Games. He also won the 800 at the 1984 European Indoor Championships.Sabia died in his hometown of Potenza in southern Italy shortly after his father also died from the virus.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 The Latest: Switzerland soccer players decline paymentslast_img read more