Benchmark U.S. crude oil for January delivery rose 18 cents to $45.53 a barrel Friday. Brent crude oil for January delivery rose 5 cents to $48.30 a barrel. Wholesale gasoline for December delivery fell less than 1 cent to $1.28 a gallon.
Stocks that moved heavily or traded substantially Friday: Etsy, up $15.46 to $160.55 Consumers appeared to prefer shopping from home instead of heading to stores on Black Friday. Adobe, up $6.95 to $477.03 Shares of technology companies led the gains in the overall market. Moderna, up $17.85 to $127.03 The vaccine maker benefitted from a setback for a competitor's COVID-19 vaccine.
Natuzzi SpA (NTZ) on Friday reported a loss of $4.9 million in its third quarter. On a per-share basis, the Santeramo In Colle, Italy-based company said it had a loss of 47 cents. The furniture maker posted revenue of $98.6 million in the period.
If any retailers were still in denial about the shift toward e-commerce, the coronavirus pandemic took care of that in dramatically swift fashion.
The S&P 500 rose to a record high Friday as investors continue to look forward to the distribution of a COVID-19 vaccine and relief for the global economy. The Nasdaq also closed at a record helped by gains in Apple, Tesla, Zoom and other tech companies. Positive developments on a vaccine front have driven double-digit gains in the major indexes this month as investors look forward to progress in gaining control over the pandemic that plunged the global economy into its deepest slump since the 1930s.
Travel agencies in countries across the Middle East and Africa say the United Arab Emirates has temporarily halted issuing new visas to their citizens, a so-far unexplained ban on visitors amid both the coronavirus pandemic and the UAE's normalization deal with Israel. Confusion over the UAE visa ban targeting 11 Muslim-majority nations, in addition to Lebanon and Kenya, swirled after a leaked document from Dubai’s state-owned airport free zone surfaced this week, declaring restrictions against a range of nationalities. Emirati authorities have not acknowledged the suspension that comes as the UAE welcomes Israeli tourists for the first time in history, the coronavirus pandemic surges across the region and those searching for work in the federation of seven sheikhdoms increasingly overstay their tourist visas amid a cascade of business shutdowns and lay-offs.
Greece’s government said Friday it is putting limits on how much private medical facilities can charge for coronavirus tests. Commerce and Consumer Protection Secretary General Panagiotis Stamboulidis said that the price limits would be 40 euros ($48) for PCR tests and 10 euros ($12) for rapid antigen tests. Private medical clinics and hospitals had been charging about 70-120 euros ($84-$143) for PCR tests and around 40 euros for the rapid tests.
President-elect Joe Biden has watched as a stock market surge as he prepares to take power next year. Here’s how the markets did in other months when America learned it would soon have a new President.
The Trump administration moved forward Friday on gutting a longstanding federal protection for the nation's birds, over objections from former federal officials and many scientists that billions more birds will likely perish as a result. The U.S. Fish and Wildlife Service published its take on the proposed rollback in the Federal Register. It's a final step that means the change — greatly limiting federal authority to prosecute industries for practices that kill migratory birds — could be made official within 30 days.
Hyundai and Kia must pay $137 million in fines and safety improvements because they moved too slowly to recall over 1 million vehicles with engines that can fail. The National Highway Traffic Safety Administration announced the penalties on Friday. “It’s critical that manufacturers appropriately recognize the urgency of their safety recall responsibilities and provide timely and candid information to the agency about all safety issues,” NHTSA Deputy Administrator James Owens said in a statement.
Poland's prime minister on Friday said he had confirmed to German Chancellor Angela Merkel that Warsaw is ready to block the EU's huge budget and recovery package because it's linked to democratic standards in member states. Mateusz Morawiecki wrote on Facebook that he spoke with Merkel, whose country holds the rotating European Union presidency, about the 1.8 trillion-euro ($2.1 trillion) budget for 2021-2027 and the urgently needed coronavirus recovery package that is to be implemented in January.
It looks like nobody told the sneaker resale market that there was a recession. The $19 billion industry is booming amid the pandemic and shows no sign of slowing down as sneakerheads make their way to secondary marketplaces such as StockX to cop their coveted kicks. Scott Cutler, StockX CEO, joined Yahoo Finance to discuss the sneaker market and retail trends leading up to Black Friday.
This week’s Trump-o-meter reads FAILING, the second lowest rating, because record stocks are sending a false signal about what’s happening in the real economy.
Under a punishing Andean sun, Nazario Quispe digs his plow into the soil where he is growing dozens of different potato varieties — uncertain when he will be able to afford the seeds and supplies to sow them again. Farmers like Quispe are responsible for the food that lands on 70% of Peruvian dinner tables, officials say, but months of pandemic lockdown and a souring economy have left many bankrupt and questioning whether to plant again. “If my savings dry up, how will I sustain myself?” asked Quispe, a father of five who grows 150 types of the tuber native to Peru from the Sacred Valley highlands.
With many small businesses struggling to hold on during the coronavirus pandemic, Issa Rae believes now is the time to support independent stores more than ever. The creator and star of HBO series “Insecure” strongly encourages people to shop locally as part of Small Business Saturday, a couple days after Thanksgiving.
The Walt Disney Co. announced plans to lay off 4,000 more workers in its theme parks division in California and Florida due to the COVID-19 pandemic's effect on the industry. The announcement by the company was made in a U.S. Securities and Exchange Commission filing earlier this week, saying 32,000 employees will be terminated in the first half of fiscal year 2021, which began last month. In late September, the company had already announced plans to terminate 28,000 theme park workers.
QuantumScape, a battery developer for electric vehicle use, began trading on the New York Stock Exchange today following a SPAC merger.
Ani Sirois, a respiratory nurse, has spent months caring for coronavirus patients at a Portland, Oregon, hospital, and she's only getting busier as infections — and hospitalizations — surge before the holidays. The national organization says industry research tells them many people who put up an artificial tree last year plan to buy a real tree this year, and most are citing the pandemic as the reason.
A country enters a technical recession if its economy contracts for two successive quarters. Data released Friday by the National Statistical Office showed industry normalizing faster than the service sector. Manufacturing grew by 0.6% in July-September after shrinking by a massive 39% in the preceding quarter, the report said.
The Obama-Biden administration was a charmed era for America's tech companies — a moment when they were lionized as innovators, hailed as job creators and largely left alone. Now Joe Biden is coming back, this time as president. The halcyon days of an adoring Washington are unlikely to return when Biden takes the oath of office in January, with mounting legislative and regulatory challenges to the industry — including stronger enforcement of antitrust laws — nearly certain to outlast the tenure of President Donald Trump.
The retail empire of tycoon Philip Green, which owns well-known British fashion chains like Topshop, appears to be on the brink of collapse following the economic shock of the coronavirus pandemic. In another blow to the British retailing industry in the run-up to the crucial Christmas trading period, Arcadia Group said Friday it is working on “contingency options to secure the future of the group’s brands.” Like other high street names, Arcadia's brands - which employ around 15,000 people and include Burton, Miss Selfridge and Dorothy Perkins - have suffered during the pandemic and the associated restrictions across the U.K.
The U.S. government's road safety agency is investigating complaints that suspensions can fail on nearly 115,000 Tesla electric vehicles. The National Highway Traffic Safety Administration says it has 43 complaints that linkages near the ball joints can fail, allowing contact between the tire and wheel liner. In addition, NHTSA says it has eight complaints that may involve suspension failures that haven’t been confirmed by photos or service records.
Hulking gray boxes are rolling off the production line at a factory in the southern town of Tuttlingen, ready to be shipped to the front in the next phase of Germany's battle against the coronavirus as it became the latest country to hit the milestone of 1 million confirmed cases Friday. Man-sized freezers such as those manufactured by family-owned firm Binder GmbH could become a key part of the vast immunization program the German government is preparing to roll out when the first vaccines become available next month.