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Dow drops 308 points as travel, retail stocks fall

Dow drops 308 points as travel, retail stocks fall

Business
March 23 (UPI) -- U.S. markets declined on Tuesday as shares of travel and retail stocks fell amid worries of renewed global COVID-19 restrictions. The Dow Jones Industrial Average ended the day down 308.05 points, or 0.94%, while the S&P 500 fell 0.76%, and the Nasdaq Composite dipped 1.12%. Advertisement Cruise and airline stocks helped to lead the decline as Carnival stock fell 7.82% and Norwegian Cruise Line dropped 7.16%, while United Airlines fell 6.81% and American Airlines declined 6.55%. Gap stock also fell 7.72% on the retail front. "Despite vast improvements, the third pandemic wave left large parts of the population vulnerable both medically and economically," Brad McMillan, chief investment officer at Commonwealth Financial Network, told CNBC. "That damage will take time ...

The GameStop mania might be over, but retail investors look here to stay

Finance
Luis AlvarezThe GameStop bubble has come and gone but the rookie investors who speak emoji and Reddit may be here to stay with big implications for brokerage firms, as well as traditional investors who must pay closer attention to where this fast-moving, smartphone app-wielding crowd is moving next."We believe some of the new retail activity is here to stay," wrote an analytics team at Bank of America in a report to clients.Bank of America's team found that the unprecedented surge in brokerage app downloads during the GameStop mania is continuing at a rapid pace this month even with the GameStop trade itself now forgotten. Credit Suisse data shows retail trading as a share of overall market activity has accelerated in recent months and has now doubled compared to the start of last year.Plu...
Retail sales for 2020 show largest annual fall since records began

Retail sales for 2020 show largest annual fall since records began

Business
Retail sales in 2020 saw the largest annual fall since records began in 1996, as retailers continued to suffer from the effects of the coronavirus pandemic.Despite a 0.3% rise in sales volumes during December, the figure for 2020 as a whole saw sales down 1.9%, with clothing sales slumping by more than a quarter. The slight rise in December was far less than the 1.2% increase expected by economists and left sales 2.9% higher than a year earlier, according to the Office for National Statistics (ONS) figures.Live coronavirus updates from UK and around the world Image: Shoppers at Westfield Stratford City the run-up to Christmas While spending online surged by 46.1% in 2020, non-essential retail was closed for much of the year under rul...
U.S. retail sales declined in December, but were better than 2019, Commerce Dept. says

U.S. retail sales declined in December, but were better than 2019, Commerce Dept. says

Business
Jan. 15 (UPI) -- Retail sales in the United States continued to slide in December for the third straight month, the Commerce Department said in is monthly economic assessment Friday. Seasonally adjusted retail and food sales for December totaled $ 541 billion, a decline of 0.7% from November, the department said in its report. Advertisement The overall non-adjusted sales figure, however, is still 3% better than it was in December 2019. The report also said total sales for all 12 months of 2020 was up 0.6% over 2019. The report also revised its November estimate down from the initially reported 1.1% decline to 1.4%. Economists expect the $ 900 billion COVID-19 stimulus package that Congress passed last month to improve retail sales for January. Retail sales in the United States have been a...
Tier 4 restrictions could put thousands of jobs at risk, retail sector warns

Tier 4 restrictions could put thousands of jobs at risk, retail sector warns

Business
Britain's retail sector has warned of "severe" consequences from new Tier 4 restrictions, meaning non-essential shops in affected areas will have to close in the week before Christmas.The British Retail Consortium said thousands more jobs could be at risk - in an industry already devastated by months of pandemic disruption. It criticised the government's "stop-start approach" as "deeply unhelpful" and joined other groups in calling for an extension of a business rates holiday to help struggling firms. BRC chief executive Helen Dickinson said the Tier 4 announcement, which will affect London and much of the South East, was "hugely regrettable" after retailers had invested hundreds of millions making their premises COVID-secure."The consequences of this decision will be severe," she said...