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Updated: 4 years 27 weeks ago
Fed sees GDP drop of 6.5% in 2020, pledges at least $120 billion in monthly bond-buying
The U.S. Federal Reserve on Wednesday signaled years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5% decline in gross domestic product this year and a 9.3% unemployment rate at year's end.
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S&P 500 turns positive as Fed pledges support
The S&P 500 turned positive on Wednesday after the Federal Reserve repeated its promise of support for the economy.
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U.S. attorney general group sues 26 dermatology drug makers
A group of attorneys general from U.S. states and territories sued 26 manufacturers of dermatology drugs on Wednesday, accusing them of price fixing and other violations of antitrust law, the third such lawsuit since 2016.
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Congress seeks answers on Juniper Networks breach amid encryption fight
A group of U.S. lawmakers preparing to fight a legislative attack on encrypted communications is trying to establish what happened when encryption was subverted at a Silicon Valley maker of networking gear.
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U.S. May deficit nearly doubles to $399 billion
The U.S. federal budget deficit in May nearly doubled to $399 billion from a year earlier amid continued strong spending on coronavirus relief programs and a 25% drop in receipts, the Treasury Department said on Wednesday.
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Fed sees growth contracting by 6.5% on year, pledges bondbuying at least 'at current pace'
The U.S. Federal Reserve on Wednesday repeated its promise of continued extraordinary support for the economy as policymakers projected a 6.5% decline in gross domestic product this year and a 9.3% unemployment rate at year's end.
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Mnuchin says U.S. recovery has begun, will gain strength in third, fourth quarter
U.S. Treasury Secretary Steven Mnuchin said on Wednesday that the U.S. economy has already begun to rebound from the coronavirus pandemic and would "improve dramatically" in the third and fourth quarters.
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Weak demand keeps U.S. inflation subdued
U.S. consumer prices fell for a third straight month in May and underlying inflation was weak as demand for goods and services remained subdued amid a recession caused by the COVID-19 pandemic.
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Oil slides below $41 as U.S. inventory rise revives glut worries
Oil slid below $41 a barrel on Wednesday after U.S. data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand during the lingering coronavirus crisis.
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Europe's Just Eat Takeaway in advanced talks to buy U.S. delivery firm Grubhub
European food ordering firm Just Eat Takeaway.com NV said on Wednesday it was in advanced talks to buy Grubhub Inc in an all-stock deal that, if completed, would create the world's largest food delivery company by revenue.
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S&P 500, Dow retreat as focus turns to Fed; Nasdaq hits fresh high
The S&P 500 and Dow slipped on Wednesday, as losses in financial stocks countered a boost from the technology sector, with focus now shifting to the Federal Reserve's first projections on the economy since the coronavirus outbreak.
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J&J moves up start of coronavirus vaccine human trials to July
Johnson & Johnson moved up the start of human clinical trials for its experimental vaccine against the highly contagious coronavirus by two months to the second half of July, as the drugmaker rushes to develop a prevention for COVID-19, the company said on Wednesday.
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Mnuchin says U.S. recovery has begun, will gain strength in Q3, Q4
U.S. Treasury Secretary Steven Mnuchin said on Wednesday that the U.S. economy has already begun to rebound from the coronavirus pandemic and would "improve dramatically" in the third and fourth quarters.
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OECD sees deepest peace-time slump in a century
The global economy will suffer the biggest peace-time downturn in a century before it emerges next year from a coronavirus-inflicted recession, the OECD said on Wednesday.
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A casino or stock market? Retail buying frenzy goes wild
A raft of small cap stocks has soared by hundreds of millions of dollars in value in recent weeks as frenzied retail traders piled in to a blistering stocks rally.
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Delta expects second-quarter revenue to slump, looks to amend debt deals
U.S. carrier Delta Air Lines on Wednesday forecast a 90% plunge in second-quarter revenue and warned it would need to renegotiate its debt agreements to avoid a default next year.
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Global risk rally has a powerful ally: the weaker dollar
Investors are betting a weaker U.S. dollar will further boost a rally that has seen stocks, emerging market currencies and other risky assets soar in recent weeks.
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S&P 500, Dow retreat ahead of Fed outlook; Nasdaq hits new high
The S&P 500 and Dow slipped on Wednesday, as losses in financial stocks outweighed a boost from technology, with focus shifting to the Federal Reserve's first projections on the economy since the coronavirus outbreak.
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Just Eat Takeaway in advanced talks to buy Grubhub
European food ordering firm Just Eat Takeaway.com NV said on Wednesday it was in advanced talks to buy Grubhub Inc in an all-stock deal that, if completed, would create the world's largest food delivery company by revenue.
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Goldman Sachs forms fund to address racial injustice
Goldman Sachs Group Inc said on Wednesday it had launched a $10 million fund to support the work of organizations addressing racial injustice, structural inequity and economic disparity.
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