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Updated: 7 min 40 sec ago

S&P closes lower as new COVID-19 cases surge

Wed, 06/17/2020 - 4:39pm
The S&P 500 closed lower on Wednesday as news of spiking pandemic data and the prospect of a new round of economic lockdowns dampened investor optimism over signs of economic recovery.

Stocks waver on rising COVID cases, dollar in safety bidding

Wed, 06/17/2020 - 4:28pm
Global equity markets closed little changed on Wednesday as a rally on economic and vaccine hopes faded, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt.

Safe-haven dollar lifted by rise in coronavirus cases

Wed, 06/17/2020 - 4:26pm
The U.S. dollar was slightly higher on Wednesday afternoon as evidence of a surge in coronavirus cases in some U.S. states and in Beijing sent investors into safe-haven assets.

Americans face new coronavirus challenge: a shortage of coins

Wed, 06/17/2020 - 4:13pm
Banks across the United States are facing a shortage of coins during coronavirus crisis, prompting the U.S. Federal Reserve to ration distribution and work with the U.S. Mint to boost supply.

Google sets 2025 goal for leadership diversity, curbs on racial profiling

Wed, 06/17/2020 - 4:11pm
Alphabet Inc's Google on Wednesday announced new goals and policies to address racial issues at its offices, as protests over police brutality against African Americans have carried into discussions about corporate culture.

U.S. government proposes rolling back protections for big tech

Wed, 06/17/2020 - 3:49pm
The U.S. Justice Department proposed on Wednesday that Congress take up legislation to curb protections big tech platforms like Alphabet's Google and Facebook have had for decades, a senior official said, following through on U.S. President Donald Trump's bid to crack down on tech giants.

Hertz suspends share sale after U.S. SEC raises objections

Wed, 06/17/2020 - 3:47pm
Bankrupt Hertz Global Holdings Inc on Wednesday suspended its plan to sell up to $500 million in new shares after the U.S. Securities and Exchange Commission (SEC) raised objections to the sale, the car rental firm said on Wednesday.

Citing racial stereotype, PepsiCo drops Aunt Jemima; Uncle Ben's, Mrs. Butterworth's under review

Wed, 06/17/2020 - 3:45pm
PepsiCo Inc said on Wednesday it will change the name and brand image of its Aunt Jemima pancake mix and syrup, dropping a mascot that has been criticized for a racist history, amid a national debate over racial inequality in the United States.

Oil slides on fresh COVID-19 outbreaks, bump in crude stocks

Wed, 06/17/2020 - 3:42pm
Oil prices settled lower on Wednesday on fuel demand worries due to an uptick in coronavirus cases, with emerging hotspots in China and the United States, and as U.S. crude stocks grew again, taking commercial inventories to another all-time high.

Amazon launches Saudi Arabia shopping site despite CEO's dispute with kingdom

Wed, 06/17/2020 - 3:27pm
Amazon.com Inc on Wednesday launched a website for shoppers in Saudi Arabia, showing its continued business interests there despite a public dispute between Riyadh and the company's chief executive, Jeff Bezos.

Stocks gain on recovery hopes, dollar on safe-haven bid

Wed, 06/17/2020 - 3:23pm
A gauge of global equities edged higher on Wednesday, adding to the prior day's rally on economic and vaccine hopes, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt.

U.S. trade chief vows to push for 'broad reset' at WTO

Wed, 06/17/2020 - 3:23pm
The Trump administration will push for a broad reset of "outdated tariff determinations" at the World Trade Organization to fix what it sees as years of unfair treatment of the United States, a top trade official told U.S. lawmakers on Wednesday.

Fed's Powell beats drum for more government aid to bolster economy

Wed, 06/17/2020 - 3:23pm
The U.S. economy is beginning to recover from the worst of the coronavirus crisis, but with some 25 million Americans displaced from work and the pandemic ongoing, it will need more help, Federal Reserve Chair Jerome Powell told lawmakers on Wednesday.

House panel debating $494 billion infrastructure measure

Wed, 06/17/2020 - 3:01pm
A U.S. House of Representatives panel is debating on Wednesday a Democratic plan to boost infrastructure spending that aims to fix crumbling roads and highways and reduce carbon pollution.

U.S. House panel debating $494 billion infrastructure measure

Wed, 06/17/2020 - 2:46pm
A U.S. House of Representatives panel is debating on Wednesday a Democratic plan to boost infrastructure spending that aims to fix crumbling roads and highways and reduce carbon pollution.

Lyft promises switch to 100% electric vehicles by 2030

Wed, 06/17/2020 - 2:41pm
Ride-hailing company Lyft Inc on Wednesday said every vehicle on its ride-hailing and rental car platform will be electric by 2030, but it would not provide direct financial support to drivers for switching from gas-powered cars.

Adidas rejects investigating HR chief in race row

Wed, 06/17/2020 - 2:33pm
Adidas rejected on Wednesday a call by employees to investigate the German sportswear brand's human resources chief over her handling of racism at the company after she described it last year as "noise" only discussed in America.

Several U.S. banks to close branches, offices early for Juneteenth

Wed, 06/17/2020 - 2:29pm
Several U.S. banks are closing branches and offices early on Friday to observe the Juneteenth holiday, which commemorates the day in 1865 when the last group of enslaved African Americans learned slavery was abolished.

Americans face new coranavirus challenge: a shortage of coins

Wed, 06/17/2020 - 2:26pm
Banks across the United States are facing a shortage of coins during coronavirus crisis, prompting the U.S. Federal Reserve to ration distribution and work with the U.S. Mint to boost supply.

Wall Street advances on prospect of economic rebound

Wed, 06/17/2020 - 2:14pm
Wall Street gained ground on Wednesday as signs of economic recovery helped investors look past spiking pandemic data and the potential of a new round of economic lockdowns.

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