On Sept. 27, KEYC News hosted a debate between Congressman Jim Hagedorn and his challenger Dan Feehan. A new bill proposed by a handful of Senate Democrats aims to make discrimination in the banking industry explicitly illegal for the first time. Stocks traded higher Thursday, recovering some declines from a day earlier, as traders continued to fixate on dimming prospects of more stimulus before the election. Third-quarter corporate earnings results rolled in mixed, and a new report weekly jobless claims came in better-than-feared.
On Sept. 27, KEYC News hosted a debate between Congressman Jim Hagedorn and his challenger Dan Feehan.
Late in the debate, Hagedorn challenged Feehan regarding alleged payments Feehan had received from three Democratic groups to pay him to run for Congress. I have watched this portion of the debate multiple times. Hagedorn challenged that Feehan had received close to $500,000 from the groups.
Feehan did not ask for the names of the groups. Feehan said this was a fabrication. Feehan did not offer any explanation for any amounts he may have received and challenged “don’t attack my integrity.” Feehan described himself as an “unemployed guy” trying to earn the title of congressman.
Researching the Financial Disclosure Reports filed by Feehan, and signed by him, shows under Schedule C: Earned Income:
2017 Leadership for Educational Equity (LEE) $50,000
2018 Center for a New American Security $55,412
2019 LEE $120,000
New Politics Leadership Academy: $55,500
Preceding year column, LEE: $120,000 and New Politics Leadership Academy: $64,000
The payments are generally described as “consulting.”
On Sept. 28, the day after the debate, Feehan amended his Financial Disclosure for 2019 to remove the LEE amounts from the preceding year column.
The payments are significant. Feehan denied any payments. The three organizations describe themselves as identifying and working with future leaders. One organization identified candidates they had assisted. Researching several, the vast majority were identified as Democrats.
What I found puzzling was that for an “unemployed guy” Feehan claimed no knowledge of the amounts. He signed the reports. If there were 6 digit errors requiring an amendment, pretty careless! What was being “consulted” for several thousands of dollars?
Author: Joe Willaert Mankato
Bill aims to prohibit discrimination in financial services for 1st time
The bill bridges gaps that left financial services out of the Civil Rights Act.
A new bill proposed by a handful of Senate Democrats aims to make discrimination in the banking industry explicitly illegal for the first time, bridging a gap that left the financial services industry out of 1964 Civil Rights Act discrimination laws.
Senators Sherrod Brown (D-OH), Tina Smith (D-MN), Cory Booker (D-NJ), Bob Menendez (D-NJ), Elizabeth Warren (D-MA), and Chris Van Hollen (D-MD) introduced the Fair Access to Financial Services Act to fellow lawmakers on Wednesday.
The bill would prohibit banks from discriminating based on race, color, religion, national origin, sex, gender identity or sexual orientation.
The landmark Civil Rights Act of 1964 outlawed discrimination in many public places and businesses including hotels, restaurants, movie theaters and more — but it notably left out banking institutions. The new bill, if passed into law, would allow a way for courts to hold banks accountable for discriminatory practices.
“Too many Black and brown Americans experience racial profiling and unequal treatment when trying to access services at banks and other financial institutions. Victims of discrimination are not even able to hold financial institutions accountable-it is shameful,” Sen. Brown said in a statement.
“It is past time we pass legislation that explicitly outlaws discrimination in our nation’s financial system so that Black and brown people can have complete access to financial services free from harassment,” Brown added.
Warren, a former presidential candidate, said that discrimination by “big banks” is “denying communities of color the chance to build real economic security.”
The Massachusetts senator added that the bill is “a step in the right direction to help root out the systemic racism that has pervaded our financial institutions for decades.”
Booker, also a former presidential candidate, called access to financial institutions “a fundamental building block for economic security.”
“But persistent, unchecked racial discrimination has unjustly blocked many Black and brown Americans from accessing financial services,” Booker said. “Equal access to these critical services must be a right guaranteed by federal law and financial institutions must be held accountable for putting an end to systemic discrimination and harassment of any kind.”
The lawmakers said the bill comes in response to a myriad of reports of discrimination in the banking sector, specifically linking to a New York Times investigation from June. The lawmakers added that the proposed legislation has been endorsed by the NAACP and a handful of other civil rights organizations.
Many critics have blamed systemic racism at financial institutions and beyond for the nation’s large racial wealth gap.
In 2016, the typical white family had a net worth nearly 10 times that of a Black family, according to a Brookings Institute analysis. Moreover, an Urban Institute report from 2019 also found that the gap between Black and white homeownership rates in the U.S. had increased to 30.1% in 2017 — a wider gap than when race-based discrimination against homebuyers in the U.S. was legal.
Protests over police brutality and systemic racism erupted across the country this summer and put renewed pressure on banks to address these issues.
Earlier this month, banking giant JPMorgan Chase pledged to invest $30 billion to help ameliorate the racial wealth gap in the U.S. and “reduce systemic racism against Black and Latinx people.”
The investment bank said the $30 billion commitment over the next five years will come in the form of loans, equity and direct funding to promote affordable housing, grow Black- and Latinx-owned businesses, improve access to banking in communities of color and build a more diverse workforce.
Other major banking institutions including Citigroup and Bank of America have announced similar initiatives, committing $1 billion each so far.
Author: ABC News
Stock market news live updates: Stocks rise after jobless claims improve, though stimulus deal remains elusive
Stocks traded higher Thursday, after declining a day earlier, as traders continued to fixate on dimming prospects of more stimulus before the election. Third-quarter corporate earnings results rolled in mixed, and a new report weekly jobless claims came in better-than-feared.
[Click here to read what’s moving markets heading into Friday, October 23]
Shares of Tesla (TSLA) gained more than 2%, after the electric vehicle-maker posted a fifth straight quarterly profit and reaffirmed its goal to hit a half-million vehicle deliveries this year. Chipotle (CMG), on the other hand, slid more than 4% after posting thinning margins as costs associated with a surge in delivery demand weighed on profitability.
House Speaker Nancy Pelosi told reporters on Thursday that negotiators were “just about there” when it came to hashing out a deal for more virus-relief aid.
“The president wants a bill. That’s part of the opportunity that we have,” Pelosi said in Washington.
Stocks hit session highs shortly after her remarks, with the Dow gaining about 200 points. Pelosi and Treasury Secretary Steven Mnuchin were scheduled to speak on Thursday to discuss the deal, and the White House’s last public offer stood at around $1.88 trillion for a stimulus proposal, versus the $2.2 trillion plan put forth by House Democrats.
Still, traders have increasingly doubted that a deal might get inked and passed before the November election, injecting further uncertainty and volatility into markets this week. Pelosi told Bloomberg News on Tuesday that a deal would need to be written by the end of the week to have a shot at passing before the election. White House Chief of Staff Mark Meadows, for his part, told Fox Wednesday morning that negotiators were looking to get “some kind of deal in the next 48 hours or so.”
The Department of Labor released its weekly report on new jobless claims Thursday, which showed another 787,000 Americans filed for first-time unemployment insurance benefits, for a print much better than the 870,000 new claims expected. However, an increasing number of individuals exhausted state unemployment benefits and rolled onto longer-term pandemic-related assistance programs, underscoring the ongoing toll of the virus on the economy.
Thursday’s economic and earnings releases, however, are expected to take a back seat, with traders continuing to focus more heavily on the developments around stimulus talks, as well as the final presidential debate between President Donald Trump and former Vice President Joe Biden.
“Despite a number of economic and earnings releases on Thursday, the only thing that will matter is the ‘sound and fury’ of the debate and the stimulus talks,” BTIG strategist Julian Emanuel said in a note Wednesday.
Here were the main moves in markets as of 4:03 p.m. ET:
S&P 500 (^GSPC): +17.93 (+0.52%) to 3,453.49
Dow (^DJI): +152.84 (+0.54%) to 28,363.66
Nasdaq (^IXIC): +21.31 (+0.19%) to 11,506.01
Crude (CL=F): +$0.62 (+1.55%) to $40.65 a barrel
Gold (GC=F): -$22.60 (-1.17%) to $1,906.90 per ounce
10-year Treasury (^TNX): +3.2 bps to yield 0.8480%
The three major indices traded higher with just over an hour to go in the regular session, and the Dow shook off earlier declines to add more than 180 points.
Here’s where the three major indices were trading Thursday afternoon:
S&P 500 (^GSPC): +19.33 points (+0.56%) to 3,454.89
Dow (^DJI): +183.09 points (+0.65%) to 28,393.61
Nasdaq (^IXIC): +22.6 points (+0.2%) to 11,508.43
The three major indices traded choppily Thursday, as stimulus talks out of Washington looked increasingly unlikely to yield an agreement in time for the November election. Each of the three major indices traded slightly below the flat line Thursday late morning.
The information technology and consumer discretionary sectors lagged alongside the consumer staples sector, after Kimberly-Clark delivered disappointing profit guidance. Shares of Salesforce and Dow Inc. lagged in the 30-stock Dow Jones Industrial Average.
Existing home sales jumped by a greater than expected 9.4% to an annualized rate of 6.54 million in September, according to the National Association of Realtors’ monthly report Thursday.
“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Lawrence Yun, NAR’s chief economist, said in a statement. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”
Consumer companies Coca-Cola (KO) and Kimberly-Clark (KMB) each reported quarterly results Thursday morning, offering more perspectives on the state of the consumer during the pandemic.
Coca-Cola beat consensus profit expectations and showed improving sales trends, with global unit case volumes down 4% during the quarter. At-home consumption still hasn’t fully made up for the lighter sales at restaurants and event venues with the pandemic still under way. Still, however, the margin of decline was much better than the 16% drop the company reported during the previous quarter.
Kimberly-Clark, meanwhile, continued to grow sales in its personal care and consumer tissue segments, but increasing manufacturing costs related to COVID-19 weighed on profitability. The company raised its full-year adjusted earnings per share guidance to between $7.50 and $7.65, but this still missed consensus estimates for $7.68, according to Bloomberg data.
Shares of Coca-Cola rose nearly 2% shortly after the opening bell, while Kimberly-Clark slid 7%.
AT&T (T) posted better-than-expected third-quarter results, with adjusted earnings of 76 cents a penny ahead of estimates. Third-quarter revenue of $42.3 billion was down 5% over last year but beat the $41.7 billion consensus estimate, according to Bloomberg data. Shares jumped more than 5% shortly after market open.
AT&T noted that the COVID-19 pandemic impacted revenues across all of its business units, particularly WarnerMedia and its wireless service business, due to lower international roaming activity. Still, the carrier continued to bring on wireless members, with CEO John Stankey saying in a statement,“Wireless postpaid growth was the strongest that it’s been in years with one million net additions, including 645,000 phones.”
AT&T’s streaming offerings also grew during the pandemic, with HBO and HBO Max subscribers topping 38 million domestically and 57 million worldwide. HBO Max activations more than doubled over last quarter.
Here were the main moves in markets, as of 9:30 a.m. ET:
S&P 500 (^GSPC): +8.93 points (+0.26%) to 3,444.49
Dow (^DJI): +49.73 points (+0.18%) to 28,260.55
Nasdaq (^IXIC): +61.4 points (+0.53%) to 11,544.85
Crude (CL=F): +$0.33 (+0.82%) to $40.36 a barrel
Gold (GC=F): -$21.30 (-1.1%) to $1,908.20 per ounce
10-year Treasury (^TNX): +1 bp to yield 0.826%
New weekly unemployment insurance claims declined more than expected for the week ended Oct. 17, dipping to 787,000 from the prior week’s downwardly revised 842,000. This marked the eighth straight week that new claims came in below 1 million, after peaking at nearly 7 million in late March during the first wave of the virus and furloughs in the U.S.
Continuing claims also fell more than expected, dropping below 9 million. However, the leg lower in continuing claims likely reflects not a rise in re-hiring, but rather an increase in the number of individuals exhausting regular state aid and moving to the Pandemic Emergency Unemployment Compensation program, which provides another 13 weeks of benefits. Unadjusted claims for Pandemic Emergency Unemployment Compensation jumped by 509,823 to about 3.3 million during the week ended Oct. 3.
Here were the main moves in markets, as of 7:17 a.m. ET:
S&P 500 futures (ES=F): 3,426.25, down 6 points or 0.17%
Dow futures (YM=F): 28,088.00, down 46 points or 0.16%
Nasdaq futures (NQ=F): 11,675.5, down 15.75 points or 0.13%
Crude (CL=F): +$0.33 (+0.82%) to $40.36 a barrel
Gold (GC=F): -$10.30 (-0.53%) to $1,919.20 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 0.811%
Here were the main moves in markets, as of 6:08 p.m. ET:
S&P 500 futures (ES=F): 3,427.75, down 4.75 points or 0.14%
Dow futures (YM=F): 28,109.00, down 25 points or 0.09%
Nasdaq futures (NQ=F): 11,664.5, down 26.75 points or 0.23%
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Author: Emily McCormick·ReporterOctober 22, 2020, 9:05 PM·9 mins read