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Dilemma for Fed chief: High inflation and a surging virus
WASHINGTON: Not long ago, anticipation was high that Federal Reserve Chair Jerome Powell might begin to sketch out a plan this week for the Fed to start pulling back on its support for an economy that has been strengthening. That was before COVID-19 cases began accelerating across the country. Now, the decision of how the Fed should dial back its help for the economy has become a more complicated one. Yet in outlining his view of the economy and the threats it faces at a high-profile speech Friday, Powell may provide important clues to the timing of changes in the Feds ultra-low-interest rate policies
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Half of US workers favor employee shot mandate: AP-NORC poll
NEW YORK: Half of American workers are in favor of vaccine requirements at their workplaces at a time when such mandates are gaining traction now that the government has given full approval of Pfizers COVID-19 vaccine. That finding comes from a new poll from The Associated Press-NORC Center for Public Affairs Research. Overall, 47% of in-person workers are in favor, while 26% are opposed. That compares with 59% of remote workers in support of vaccine mandates for people working in person at their workplace. The sentiment is similar for workplace mask mandates.
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US slightly upgrades GDP estimate for last quarter to 6.6%
WASHINGTON: The U.S. economy grew at a 6.6% annual rate last quarter, slightly faster than previously estimated, the government said Thursday in a report that pointed to a sustained consumer-led rebound from the pandemic recession. But worries are growing that the delta variant of the coronavirus is beginning to cause a slowdown. Thursdays report from the Commerce Department estimated that the nations gross domestic product its total output of goods and services accelerated slightly in the April-June quarter from the 6.5% it had reported last month. The economys expansion last quarter followed a solid 6.3% annual growth rate in the January-March quarter.
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Stocks fall after Kabul bombing; traders also wait for Fed
NEW YORK: Stocks closed lower Thursday following suicide attacks at the Kabul airport in Afghanistan that killed at least 60 Afghans and 12 U.S. troops. The S&P 500 lost 0.6%, a day after setting its latest record high. Despite the pullback, market indicators that traditionally signal worry on Wall Street were little changed. Treasury yields were mixed and gold rose slightly. Before the attack, most of the markets attention was on the Federal Reserve. The Feds annual two-day conference started in Jackson Hole, Wyoming, on Thursday. Fed Chair Jerome Powell is scheduled to speak on Friday.
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Peloton stock skids as company posts loss, cuts bike price
NEW YORK: Pelotons shares have skidded in aftermarket trading. The exercise bike and treadmill company posted a loss for its most-recent quarter, showed slower revenue growth, and cut the price of its most-popular product. Peloton Interactive Inc. reported a net loss of $313.2 million in the quarter that ended June 30. That compared to a profit of $89.1 million the same period last year. A portion of the latest quarters loss stemmed from the company having to recall its treadmill machine after it was linked to a death of a child and numerous injuries. It announced it is cutting the price of its Peloton Bike to $1,495 from $1,895.
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Germanys Axel Springer to acquire Politico, Protocol
BERLIN: Germany publishing company Axel Springer says it has signed a deal to buy the U.S.-based political news site Politico and the tech news site Protocol from founder Robert L. Allbritton for an undisclosed sum. Axel Springer said the purchase will increase the publishers reach in the United States, where it already owns online media company Insider and the business-oriented Morning Brew. Under the deal announced Thursday, the German publisher will acquire the remaining 50% stake in Politico Europe it didnt already own. Allbritton says he will continue as publisher of Politico and Protocol. Axel Springer says the leadership teams of both sites will remain in place and operate separately from the companys other U.S. brands.
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Cruise lines require vaccinations, tests, amid virus surge
MIAMI: Cruise companies are adapting to a changing landscape amid a rise in COVID-19 cases that is threatening to dampen the industrys comeback. Cruise lines have detected infections among vaccinated crew members and passengers, including a recent case in an elderly traveler that resulted in death. The U.S. Centers for Disease Control and Prevention has changed its recommendations on travel and mask use. The agency advises travelers who are at a higher risk of severe COVID-19 illness to avoid cruises. It also recommends that they provide both proof of a vaccine and a recent negative test.
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US jobless claims rise by 4,000 to 353,000
WASHINGTON: The number of Americans applying for unemployment benefits rose for the first time in five weeks even though the economy and job market have been recovering briskly from the coronavirus pandemic. The Labor Department reported Thursday that jobless claims edged up to 353,000 from 349,000 a week earlier. The weekly count has fallen more or less steadily since topping 900,000 in early January as the rollout of COVID-19 vaccines has helped the economy encouraging businesses to reopen or expand hours and luring consumers out of their homes to restaurants, bars and shops.
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The S&P 500 fell 26.19 points, or 0.6%, to 4,470. The Dow Jones Industrial Average dropped 192.38 points, or 0.5%, to 35,213.12. The Nasdaq lost 96.05 points, or 0.6%, to 14,945.81 The Russell 2000 index of smaller companies eased 25.29 points, or 1.1%, to 2,213.98.
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