Jerome Powell told Congress on Tuesday that the Fed is monitoring developments stemming from the coronavirus, which he said “could lead to disruptions in China that spill over to the rest of the global economy.”
Health experts don’t know how far the virus will spread and how bad the crisis will get, yet stocks are rallying as if investors are expecting no more than a modest hit to the global economy.
Technology companies and banks led a broad rally for U.S. stocks in midday trading Tuesday following solid gains overseas as China took more steps to soften the financial impact of the virus outbreak.
Technology companies led U.S. stocks higher in midday trading Monday as global markets mostly calmed down following a sharp sell-off last week over worries about the spreading virus outbreak in China.
China’s central bank announced plans Sunday to inject 1.2 trillion yuan (about $173 billion) into the economy to cushion the shock to financial markets from the outbreak of the new virus when trading resumes Monday.
The draft rule approved by the Federal Reserve would exempt venture capital funds from the Volcker Rule’s provision that bars banks from investing in hedge or private equity funds.
Most U.S. universities made money on their financial investments last year, but their returns were tempered by a global economic slowdown fueled by America’s trade war with China, according to an annual survey of school finance chiefs.
The Federal Reserve sketched a mostly positive picture of the U.S. economy after its latest policy meeting. It also repeated its pledge to “monitor” the world economy, which may be held back in the coming months by China’s viral outbreak.
Chinese health authorities have confirmed 2,750 cases of the coronavirus along with 81 related deaths as authorities extended a week-long public holiday by an extra three days as a precaution against having the virus spread still further.
The number of publicly traded Indiana companies has fallen by more than half since 1990.
Indianapolis-based accounting firm Somerset CPAs said its new tech company, Somerset Cloud, is on a path to go national.
The milestones came on a day when the market traded in a narrow range as investors weighed the latest batch of corporate earnings reports and the signing of an initial trade deal between the U.S. and China.
Investors couldn’t have asked for much more in 2019, as the decade-long economic expansion rolled on. But don’t expect the same in 2020, analysts warn.
The position was created for former City of Indianapolis Controller Fady Qaddoura, who announced in November that he was leaving his job with the city, where he had worked for four years.
Sen. Elizabeth Warren is promising to remake the nation’s consumer bankruptcy system if elected president, returning to her political roots while also potentially picking a fight with a top rival for the Democratic nomination, former Vice President Joe Biden.
Presidential candidate Sen. Elizabeth Warren and on Tuesday unveiled a plan she said would make the process of declaring bankruptcy easier and cheaper for many Americans with debts they can’t pay.
The bill, which President Trump is expected to sign, is widely considered the biggest piece of retirement legislation since the Pension Protection Act of 2006.
Small and mid-cap stocks haven’t made quite as big gains this year as the larger indexes, but they could be poised for a breakout next year if the economy continues growing.
In a sign of the Fed’s confidence about the economy, its latest policy statement dropped a phrase it had previously used that referred to “uncertainties” surrounding the economic outlook.
Hyde Park Venture Partners, a Chicago-based venture capital firm with an office in Indianapolis, said its third fund exceeded its original goal of $75 million with help from repeat institutional investors.
The tie-up of the brokerage companies reflects the shift from a commission-heavy revenue stream to one more reliant on interest income and other client services.
