The stock market sank again Friday as a speculative frenzy over GameStop and a handful of other stocks ramped up worries over how much damage an online revolt against Wall Street bigwigs can damage the broader market.
Since the pandemic has shifted many of these interactions online, local dealmakers say they feel the loss of assessing non-verbal cues and interactions among members of a management team as they decide whether to acquire companies or invest in startups.
Robinhood and other retail brokerages took steps to tamp down the speculative frenzy surrounding companies such as GameStop, but the actions only sparked more volatility in the market and an outcry from users of the platforms.
Across most of America, GameStop is just a place to buy a video game. On Wall Street, though, it’s become a battleground where swarms of smaller investors see themselves making an epic stand against the 1%.
The government’s new phased approach to distributing the $284 billion in recently allocated Paycheck Protection Program, or PPP, funds means it’s unlikely that the money will run out, which it did in April.
The order concluded a more than year-long disciplinary case involving Larry Mackey’s relationship with the ex-wife of a former client, Fishers hedge fund executive Keenan Hauke of Samex Capital Partners.
Fishers-based First Internet saw its stock price climb to a one-year high in after-hours trading after the bank released its financial report Wednesday.
The hope on Wall Street is that such stimulus will help carry the economy until later this year, when more widespread COVID-19 vaccinations get daily life closer to normal.
President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau. He announced the move Monday, along with his intent to nominate Gary Gensler as the next chair of the Securities and Exchange Commission.
Participants in the scheme, which involved multiple businesses and resulted in thefts from a bank and insurance company, received prison sentences ranging from 18 months to nine years.
The Indianapolis-based drugmaker said people from minority communities are frequently “unseen” by the U.S. health care system.
The National Credit Union Administration says it took control of operations at Indianapolis’ Newspaper Federal Credit Union because of “unsafe and unsound practices.”
Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance.
Long-term bond yields, which can influence interest rates on mortgages and other consumer loans, are climbing this month amid expectations of higher U.S. government spending on pandemic relief and an economy recovery as more people get vaccinated for COVID-19.
Banks and other financial companies added to recent gains as Treasury yields marched higher for the sixth straight day amid expectations that the economy will pull out of its slump after a powerful recovery sweeps the globe later this year.
The amount of capital raised by state technology firms in 2020 was way down from the previous year, but local industry leaders say that shouldn’t be taken as bad news.
For the first time, shell companies will be required to provide the names of their owners or face stiff penalties and jail sentences. The information will be stored in a confidential database accessible to federal law enforcement and shared with banks.
If anything, 2020 should have proven once and for all the futility of trying to make accurate market predictions.
The approach now known as ESG investing has been around for decades, but it started to take off in Europe and the United States in late 2018 and early 2019.
Stocks have been mostly grinding higher in recent weeks, with indexes setting new highs, amid optimism that coronavirus vaccinations will pave the way in coming months for the economy to escape from the pandemic’s grip.
