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    (CNN)US stocks finished sharply higher Tuesday even as Americas leading banks warned the economic recovery from the pandemic will be choppy.The Dow climbed 557 points, or 2.1%.The S&P 500 jumped 1.3%.The Nasdaq climbed nearly 1%.Markets ended the day near session highs, rebounding from early losses that hit tech stocks. US banks kicked off earnings season on a cautious note.JPMorgan Chase, the nations largest bank, said its preparing for double-digit unemployment through the first half of 2021 — far worse than...
    NEW YORK (AP) — Stocks that moved heavily or traded substantially on Tuesday: Xylem Inc., up $5.99 to $73.33. The supplier of technology for water treatment plants gave investors an encouraging revenue update and announced two contracts. Ford Motor Co., up 30 cents to $6.36. The carmaker relaunched its Bronco SUV brand after a 20-year absence. Mohawk Industries Inc., down $2.39 to $74.21. The flooring products company is being investigated for allegedly fabricating revenues. Wells Fargo & Co., down...
    Fantasy Baseball Catcher Sleepers: Breakout, undervalued backstops to target in 2020 drafts This Sit n Spin has been a hit since the 70s and kids today still love it — its one of my daughters favorite toys Wells Fargo blames COVID-19 and Fed rules, but also itself for disappointing results Shares of Wells Fargo & Co. were down about 5% Tuesday afternoon, but off the day’s worst levels, after the bank reported a wider-than-expected second-quarter loss and said it...
    Three of the biggest US banks have set aside almost $28bn (£22.3bn) amid concerns about customers defaulting on loans due to the pandemic. The decision helped to push Wells Fargo to its first quarterly loss since the financial crisis and weighed on the financials of other banks. JP Morgan Chase profits roughly halved, while Citigroups plunged 73%. The firms executives warned of a painful economic downturn ahead, despite recent positive data. JPMorgan said it expected the US unemployment rate to...
    SAN FRANCISCO (CBS SF / CNN) — Wells Fargo swung to its first quarterly loss since the Great Recession, forcing the struggling San Francisco-based bank to warn it will likely slash its coveted dividend by 80%. The poor results were driven by soaring expenses linked to Wells Fargo’s scandals and surging credit costs caused by the bank’s darkening economic view. Wells Fargo also doesn’t have as much exposure to booming markets that have padded the bottom lines of some of its rivals....
    Golf: Morikawa eager to extend love affair with Muirfield Luke Combs & Crocs Debut Bootlegger-Themed Slides That Come With a Real Guitar Pick Opinion: Seniors who rely on dividend income may be in for some lean times RETIRE BETTER © Getty Images/iStockphoto Back in January 2020 B.C. (Before Coronavirus), it looked like it would be a banner year for dividend investors. Payments to shareholders were expected, for the first time, to top $500 billion. Load Error “It would...
    Aeromexico airplanes at the Mexico City International Airport.John Gress | Corbis | Getty Images Delta Air Lines spent years amassing equity stakes in foreign airlines from the U.K. to Chile to grow internationally and gain sway over those carriers. The coronavirus pandemic has upended those plans and is proving costly as financial turmoil hits airlines around the world. Foreign-ownership rules generally prohibit outright ownership of airlines in other countries but equity investments and other partnerships have proved popular for airlines eager...
    Back in January 2020 B.C. (Before Coronavirus), it looked like it would be a banner year for dividend investors. Payments to shareholders were expected, for the first time, to top $500 billion. “It would take a major event to stop a record for this year,” Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, told The Wall Street Journal as the year began. Oops. Now, thanks to the pandemic and resulting economic collapse — U.S. GDP fell...
    Jamie Dimon, CEO of JP Morgan Chase, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019.Adam Galica | CNBC JPMorgan Chase managed to throw off the most quarterly revenue in its history at the same time that the U.S. economy was in the throes of a sharp recession. The bank posted $33.8 billion in second-quarter revenue, helping it earn a better-than-expected $4.69 billion in profit for the period, because of shrewd moves made under CEO Jamie Dimon...
    By KEN SWEET, AP Business Writer NEW YORK (AP) — With tens of millions of Americans out of work and many businesses shut down or operating under restrictions due to the coronavirus, three of the nations biggest banks set aside nearly $30 billion in the second quarter to cover potentially bad loans that were fine only a few months ago. The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly...
    Former astronaut Mark Kelly raised nearly $13 million in the second quarter of the year for his campaign to unseat Sen. Martha McSallyMartha Elizabeth McSallyThe Hills Coronavirus Report: Chris Christie says Trump team wasnt aggressive enough early in COVID-19 crisis; Tensions between White House, Fauci boil over Senate GOP hedges on attending Trumps convention amid coronavirus uptick Koch-backed group urges Senate to oppose bailouts of states in new ads MORE (R) in Arizona, a staggering total for a candidate who...
    NEW YORK (AP) — With tens of millions of Americans out of work and many businesses shut down or operating under restrictions due to the coronavirus, three of the nation’s biggest banks set aside nearly $30 billion in the second quarter to cover potentially bad loans that were fine only a few months ago. The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is impacting the...
    The wheels are coming off The Stagecoach. Wells Fargo swung to a big loss in the second quarter, forcing it to set aside billions of dollars to cover possible loan losses ahead as the coronavirus threw a wrench into its efforts to recover from a slew of scandals. The third-biggest US lender posted a net loss of $2.4 billion for the second quarter on revenue of $17.8 billion. A year earlier, Wells had posted a profit of $6.2 billion....
    Celtics send off Duke womens basketball coach Kara Lawson with emotional tribute Meet Pat McGrath’s Two New Black Muses Boeings Q2 commercial airplane deliveries drop 78% from last year as COVID-19 weighs MARKET PULSE Boeing Co. (ba) reported Tuesday a 78% decline in second-quarter commercial airplane deliveries, citing the significant impacts of the COVID-19 pandemic on its customers and operations, which included a several-week shutdown of production. The aerospace and defense giant said it delivered a total of 20...
    Raptors roster holds the lowest-average draft position among NBA teams Three Things to Look for When Buying a Dehumidifier Walgreens Reports $75 Million of Looting Damage Last Quarter (Bloomberg) -- Damage related to looting cost Walgreens Boots Alliance Inc. at least $75 million, offering a look at the cost of U.S. unrest for one of the nation’s largest retailers. Walgreens said the estimate includes store damage and lost inventory through May, when the company’s fiscal third quarter ended, according...
    The wheels are coming off The Stagecoach. Wells Fargo swung to a giant loss within the second quarter, forcing it to put aside billions of {dollars} to cowl attainable mortgage losses forward because the coronavirus threw a wrench into its efforts to get well from a slew of scandals. The third-biggest US lender posted a web lack of $2.four billion for the second quarter on income of $17.Eight billion. A yr earlier, Wells had posted a revenue of $6.2...
    JPMorgan Chase & Co. chief executive Jamie Dimon announced that the bank generated $4.7 billion of net income in the second quarter of 2020, its “highest quarterly revenue ever.” JPMorgan, the largest American bank with total assets of roughly $2.7 trillion, beat expectations — including its own second quarter forecast — on trading revenue due to higher market volatility and actions taken by the Federal Reserve in order to support credit markets, CNBC reported. “We are prepared for all eventualities...
    New York (CNN Business)The flood of canceled Boeing plane orders has returned.The company reported Tuesday that 60 orders were canceled in June, mostly by aircraft leasing companies. Its not as bad as the 150 orders canceled in March and 108 in April. But after seeing canceled orders plummet in May to only 18 cancellations, Junes 60 cancellations were a move in the wrong direction.Boeing (BA) also dropped an additional 123 planes from its backlog of orders because it no longer...
    By MATT OTT, AP Business Writer Silver Spring, Md. (AP) — Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells said it set aside an additional $8.4 billion for loan loss provisions — the money set aside to cover potentially bad loans — more than double last quarters $3.83 billion as the effects of the coronavirus pandemic ravaged almost every aspect of its business. The...
    (CNN) — The state of California is shutting down again — a huge blow to the fragile recovery logged in recent months. The latest: As Covid-19 cases surge, Gov. Gavin Newsom ordered the closure of all indoor restaurants, wineries, movie theaters, zoos, museums and bars. Los Angeles and San Diego said their kids would start the new school year online only. On its own, California is the fifth largest economy in the world, according to World Bank data. That means fresh...
    (CBS/CNN) — Delta Air Lines posted its worst loss since 2007, and it warned that bookings are declining as Covid-19 cases rise, forcing the airline to trim its schedule again. The company had planned to add 1,000 flights a day to its August schedule as Delta and other airlines reported a modest pickup in bookings for June and July. Although Delta initially added 1,000 flights a day to its August schedule, CEO Ed Bastian confirmed it will now add only...
    Delta Air Lines lost $5.7 billion during a brutal three-month stretch in which air travel collapsed because of the coronavirus pandemic, and a hoped-for recovery has been delayed by a resurgence of infected Americans. Growth has stalled, Delta CEO Ed Bastian said. It was growing at a pretty nice clip through June. The virus, unfortunately, was also growing. Bastian said it will take more than two years for the airline to make a sustainable recovery from the virus and the...
    New York (CNN Business)Wells Fargo swung to its first quarterly loss since the Great Recession, forcing the struggling bank to warn it will likely slash its coveted dividend by 80%.The poor results were driven by soaring expenses linked to Wells Fargos scandals and surging credit costs caused by the banks darkening economic view. Wells Fargo (WFC) suffered a loss of $2.4 billion during the second quarter, a sharp reversal from the $6.2 billion the lender earned a year ago. The...
    Jen Welter is still Changing the Game by making sure other women follow her to the NFL Demi Lovato said she would forever cherish the opportunity to play Naya Riveras girlfriend on Glee, because she helped queer girls like me Wells Fargo reports $2.4 billion loss for the quarter, cutting dividend to 10 cents Wells Fargo on Tuesday posted its first quarterly loss since the financial crisis as the bank set aside $8.4 billion in loan loss reserves tied to...
    Silver Spring, Md. (AP) — Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells said it set aside an additional $8.4 billion for loan loss provisions — the money set aside to cover potentially bad loans — more than double last quarter’s $3.83 billion as the effects of the coronavirus pandemic ravaged almost every aspect of its business. The bank said it had a loss...