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Politics

Black unemployment rises regardless of extra job seekers

A woman walks outside a store in New York City on February 22, 2021.

John Smith | Corbis News | Getty Images

The lack of headline job numbers was disappointing enough, but the August 2021 job report showed that black workers face an even greater battle for employment compared to job seekers of other races.

Employers only hired 235,000 people last month, far fewer than the expected 720,000. The unemployment rate fell from 5.4% to 5.2%, in line with estimates.

But the unemployment rate among black workers rose to 8.8% in August from 8.2% in July. The white unemployment rate fell from 4.8% to 4.5% and the unemployment rate in Asia fell from 5.3% to 4.6%.

The unemployment rate for Hispanic and Latin American workers fell from 6.6% to 6.4%.

A majority of economists and President Joe Biden pointed to the growing number of cases of the Covid-19 Delta variant for sluggish total job numbers. Experts have also pointed to a drop in consumer confidence for the hiring slowdown.

The rise in black unemployment is even more worrying as the employment rate among black workers has risen over the last month and is about 61.6% in line with the rate of white workers.

In other words, despite a greater proportion of blacks either working or looking for a job, a greater proportion have been unable to find a job.

Employers are the problem, said AFL-CIO chief economist William Spriggs, former chairman of the economics department at Howard University. He found that in August the unemployment rate among black workers with associate degrees exceeded that of white early school leavers.

In particular, black workers with an associate degree had an unemployment rate of 6.9%, while the unemployment rate among white school dropouts was 5.8%. The unemployment rate across all races was 7% for those aged 25 and over with no high school diploma, while the unemployment rate for black people with high school diplomas in the same age group was 10%. These numbers challenge the long-held belief that higher educational achievement is rewarded in the workplace.

“Lots of people find jobs, but a greater proportion of those who went looking didn’t. So the black unemployment rate has risen because employers are still skipping black workers, ”Spriggs told CNBC on Friday. “If you look at these numbers, it becomes clear that employers are saying, ‘We want workers, but not exactly.'”

Spriggs’ comments cite the widespread complaint among U.S. employers that they cannot find workers to fill a record number of vacancies. The Department of Labor reported last month that job vacancies rose to a record 10.1 million on the last day of June.

Some employers, and restaurants in particular, make an effort to entice potential employees with salary increases, bonuses, and more generous benefit plans.

Walmart, for example, said Thursday that it is raising the hourly wages for more than 565,000 store clerks by at least $ 1. However, those incentives need to be significant enough to reduce the barriers holding people back from work, said Kristen Broady, a fellow in the Brookings Institution’s Metropolitan Policy Program.

“Is it enough to cover childcare?” She asked. “Are you raising wages enough so that people can cover the cost of getting this job?”

Business leaders, including the Chamber of Commerce CEO, have blamed a lack of skilled labor, Covid-era unemployment benefits and a lack of childcare for employers’ struggles.

However, Spriggs said the persistently high unemployment rate among black workers had a primary explanation – discrimination.

“When you see that black workers are struggling but the job market is doing well, that’s a sign that employers are showing their preference,” Spriggs said.

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World News

Dow rises greater than 200 factors to begin the week whereas traders await key Fed summit

Traders on the floor of the New York Stock Exchange, August 11, 2021.

Source: NYSE

Stocks were higher in early trading Monday following a volatile week on Wall Street as investors eye a key event where the Federal Reserve could hint at prospects for tapering stimulus.

The Dow Jones Industrial Average gained 245 points, or nearly 0.6%. The S&P 500 added 0.7% and the Nasdaq Composite rose 1%.

Shares of vaccine makers are trading higher after the Food and Drug Administration granted full approval for the two-dose Pfizer-BioNTech vaccine on Monday, the first licensing of a vaccine for Covid-19. Pfizer shares are up 3.7%. Its partner BioNTech’s stock jumped 9% and Moderna is 5% higher. Trillium Therapeutics is soaring on news that it’ll be acquired by Pfizer. Its shares are up 188%.

Bitcoin hit a three-month high on Sunday, punching above $50,000 and pulling crypto-adjacent stocks up with it. Coinbase and Microstrategy are 2% higher.

Major averages are coming off a losing week as investors grew worried that the Fed’s potential move to pull back monetary stimulus could slow down the economic recovery that is already challenged by the spread of the delta Covid-19 variant.

Traders are eagerly awaiting the Jackson Hole symposium for clues on the Fed’s timeline for dialing back its $120 billion a month bond-buying program. The event takes place virtually on Thursday and Friday. The Fed previously was going to conduct the event in a mixed virtual and live presentation, but decided Friday to go all virtual in light of the rising virus risk.

Chairman Jerome Powell’s speech will be titled “The Economic Outlook,” which “may suggest the speech could have a more near-term focus,” Nomura economist Aichi Amemiya said in a note.

“Given the recent deterioration in incoming data and the pandemic situation, we see some risk Powell focuses on increased uncertainty due to the latest COVID-19 surge,” Amemiya added. “At a minimum, we view recent comments from Fed officials as supporting our view of a December tapering announcement despite a preference on the FOMC for November as of the July meeting.”

The blue-chip Dow fell 1.1% last week, while the S&P 500 declined nearly 0.6%, breaking a two-week winning streak. The tech-heavy Nasdaq dipped 0.7% during the week.

“We suspect investor conviction is being challenged by the potential for upcoming monetary policy changes, shifting growth vs. value rotations, and a rising trajectory of new coronavirus cases,” Craig Johnson, technical market strategist at Piper Sandler, said in a note.

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For the month of August, major benchmarks are poised to post modest gains. The S&P 500 is up 1.1% month to date, while the blue-chip Dow has gained 0.5% and the Nasdaq has climbed 0.3%.

“August is a historically volatile month for markets and this year is no different, with investors currently climbing multiple walls of worries,” said Rod von Lipsey, managing director at UBS Private Wealth Management. “Upticks in Covid-19 cases and a downward spiral in Afghanistan are creating a crisis of confidence, at a time when many investors are on holiday.”

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World News

Dow rises 220 factors to new report after inflation report is just not as unhealthy as feared

The Dow Jones Industrial Average and the S&P 500 rose on Wednesday after inflation jumped, but not by quite as much as investors feared when stripping out volatile food and energy prices.

The 30-stock Dow gained 220.30 points, or 0.6%, to 35,484.97 to close at a new record. The index was lifted by names like Caterpillar and Home Depot. The S&P 500 traded up 0.2% to 4,447.70, also notching an all-time high. The technology-heavy Nasdaq Composite traded over 0.1% lower to 14,765.14.

July’s Consumer Price Index released Wednesday showed prices jumped 5.4% since last year, compared to expectations of 5.3%, according to economists surveyed by Dow Jones. The government said CPI increased 0.5% in July on month-to-month basis.

But investors were concentrating on the core rate of inflation, which could signal inflation will remain tempered and the economy will remain strong. CPI, excluding energy and food prices, rose by 0.3% last month, below the 0.4% increase expected. Core prices still jumped 4.3% on a year-over-year basis.

“It’s encouraging to see the pace moderating a bit month over month supporting the notion that recent price increases are transitory and reopening related,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial. “So while inflation continues to run hot, it’s likely that investors are already pricing it in.”

Used car prices, which investors have been watching as one sign of out-of-control inflation, rose just 0.2% in July after surging more than 10% in the prior month.

The data “should help assuage investor fears that the Fed is too laid-back about inflation pressures, ” said Seema Shah, chief strategist at Principal Global Investors. “The details of the data release suggest some easing in the reopening and supply-shortage driven boost to prices, and tentatively suggests that inflation may have peaked. Investors in the transitory camp will feel slightly vindicated.”

The inflation reading supported the Federal Reserve’s belief that high price pressures are “transitory” as the economic recovers from the pandemic-triggered recession.

The 10-year Treasury yield dipped amid the inflation report and a strong auction. The decline in rates accelerated after Dallas Fed President Robert Kaplan told CNBC that the Fed should start tapering its bond-buying programs in October.

Oil prices dropped and then recovered after the White House called on OPEC and its allies to increase oil production to support the global recovery from the pandemic.

On Tuesday, the Dow and S&P 500 closed at record highs following the Senate passing the $1 trillion infrastructure bill. The legislation earmarks $550 billion in new spending for areas including transportation and the electric grid. The Nasdaq Composite slid nearly 0.5% on Tuesday, registering its second negative session in the last three.

The march to record highs for stocks comes despite Covid case numbers rising in the U.S. and around the world.

“Widespread vaccine distribution and distancing measures have helped limit the variant’s impact, but we could still see some drag on economic growth as some restrictions are reintroduced and consumers potentially become more cautious,” said Barry Gilbert, asset allocation strategist at LPL Financial. “While we may see an increase in market volatility due to the delta variant, we believe the S&P 500 is still likely to see more gains through the end of the year.”

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— with reporting from CNBC’s Yun Li.

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World News

Dow rises greater than 100 factors to recent file

Shares rose Tuesday, pushing the Dow and S&P 500 to new records as investors continued to fend off rising Covid cases from the Delta variant.

A bipartisan $ 1 trillion infrastructure bill was passed in the Senate to allay concerns about a slowdown in economic growth in the wake of the pandemic. The return on the 10-year yield rallied on Tuesday.

The Dow Jones Industrial Average rose about 176 points to hit a new intraday high. The S&P 500 rose 0.2% after hitting an intraday high at the start of the session. Meanwhile, the Nasdaq Composite lost 0.4%.

Bank stocks rose amid the surge in bond yields, but investors gave up technology stocks as rates rebounded. Goldman Sachs was up nearly 2%. Wells Fargo and Bank of America both gained more than 1.5%. The so-called FANNG names, however, were all in the red.

Energy stocks rebounded Tuesday after spearheading market declines on Monday, fueled by a fall in oil prices. Exxon Mobil and Chevron rose more than 1% on Tuesday and Diamondback Energy rebounded more than 2%. The US oil price rose 1.6% on Tuesday.

Stocks tied to the economic reopening also made up some of their losses on Monday. Norwegian Cruise Line was up 2% and American Airlines was up 1%.

The Senate passed a bipartisan infrastructure bill worth $ 1 trillion on Tuesday. The plan, which sees $ 550 billion in new spending on traffic and broadband, is expected to help boost the economy as peak growth slows after reopening after the pandemic.

During Monday’s regular trading, the Dow fell more than 100 points amid fears a wave of Covid cases could slow demand. The S&P 500 lost 0.1% and the Nasdaq Composite rose 0.16%.

AMC’s stock rose 4.7% on Tuesday after reporting a smaller-than-expected loss. The company also announced that it will accept Bitcoin in all US locations starting this year.

The winning season continues after the bell, and Coinbase will be reporting. The stock, which trades closely with Bitcoin price, fell 3% on Tuesday. SoftBank and Sysco will also report.

Bitcoin price fell 1.5% on Tuesday after rising 5% on Monday to its highest price since May.

Investors are waiting for the consumer price index and producer price index data, both of which measure inflation, to be released on Wednesday and Thursday, respectively. A handful of central bank spokespersons, including Chicago Fed President Charles Evans and Kansas City President Esther George, are also expected this week. Investors will watch out for clues as to how the Fed plans to scale back its bond purchases.

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Entertainment

As Bang on a Can Returns, a New Era Rises

NORTH ADAMS, Mass. – Venturing back to live performances and finding a classical music institution in rude health can be like putting on old jeans and discovering a light fit with relief.

This is what it felt like to attend the Bang on a Can’s LOUD Weekend festival, held here on Friday and Saturday throughout the Mass MoCA complex.

With over 20 hours of performance, one could see one familiar look after another – all trademarks of the legendary, free Bang on a Can Marathons in New York City. But here, in a two-day environment with paid tickets, there was more time for each musician’s set to take on an individual character. And although some artists got nervous on the first day, most of the appearances unfolded with a crisp, defiant touch – as if they hadn’t spent time without the audience.

This was especially true for the pianist Lisa Moore’s show on Friday with pieces by Philip Glass, Don Byron, Martin Bresnick – and a world premiere by Frederic Rzewski, who died in June. The set confirmed the interpretative knowledge that she brought to her recordings with works by these composers. And the Rzewski premiere – “Amoramaro”, with the subtitle “Love Has No Laws” – was bittersweet: an alternately seductive and prickly memory of all his music that can no longer be written.

“Amoramaro,” commissioned by her husband for Moore, is nonetheless something to be cherished (and certainly included). Its occasionally lush chords – half remembered and half transformed from the American Songbook – mingle with austere, rocky runs that create trapezoidal vibrations between distant registers. And its climatic, pounding clusters may have been inspired by Rzewski’s experience with Stockhausen’s “piano pieces”. The fact that everything stuck together for over 15 minutes was proof of both Rzewski’s peculiar and personal palette and Moore’s fine instinct for it.

Elsewhere the festival gave names in bold: It is significant that the audience this weekend asked each other: “Which Kronos Quartet concert was better?” For me it was on Friday evening, a dark but intense set that included Jlin’s “Little Black Book” began and ended with Jacob Garchik’s “Storyteller”. This performance was coherent than the one that followed on Saturday, which was well played but more diffuse, including the premiere of Terry Riley’s “This Assortment of Atoms – One Time Only!” – an attractive but modest addition to the composer’s significant work for Kronos.

As with the previous Bang on a Can Marathons, contemporary and modernist trends from all over the world were also present and taken into account at the LOUD Weekend. These included French spectralism (in the music of Gérard Grisey); Minimalism (Riley, Glass, and their descendants); and collective improvisation (by Banda de los Muertos, a jazz ensemble inspired by the music of Sinaloa, Mexico).

And there were solo acts throughout. The violinist, improviser and composer Mazz Swift brought the Saturday evening to an early climax with a presentation of her “Sankofa project”, which she described as “new interpretations of so-called slave songs as well as freedom songs and my own versions” of what I call modern protest songs. ” When Swift used subtle electronic processing to boost a few notes of the chest voice – or when she looped a striped violin passage to create a hazy cloud that supported Spitfire solo lines – her range of effects proved as protean as they were powerful.

In addition to the starry headliners, there were also students from the summer institute Bang on a Can, who were given moments to shine. Some of them seemed ready to build their own ensembles and maybe return for future festivals. The saxophonist Julian Velasco shone on Friday in a mixed professional and student ensemble in Julius Eastman’s “Femenine” and on Saturday in a duo with Shelley Washington’s “BIG Talk”.

Ken Thomson, Velasco’s seasoned pro from a partner in Washington, was practically omnipresent on both days, including as a member of the organization’s house group, the Bang on a Can All-Stars.

Thomson and his all-star colleagues made the most of their nickname on Friday with a rousing version of “Workers Union” – a minimalist-influenced classic by Louis Andriessen, who died in July. And while the band’s keystone set on Saturday evening – which also served as the finale of the festival – was played crisply and energetically, the program was mixed.

At this concert, a new arrangement of Terry Riley’s “Autodreamographical Tales” (soon to be on an All-Stars recording) was released, a work that seems to be considered a curiosity in the legendary composer’s oeuvre. Or a curiosity on a curiosity, because that version has its roots in an obscure piece that Riley recorded in the 1990s.

The text comes from a dream journal that Riley kept for a while. There are moments of reserved humor, and the “tales” impale the musical ego in a winning way; we get a feeling for how often in Riley’s dreams other musicians complement his work. But the piece also wanders and is not always as clever as the subconscious would have hoped – as telling dreams tend to be.

“Tales” still offers stray joys, especially when Riley comes up with a vampy blues or rock number – here happily arranged by his son Gyan Riley. Guitarist Mark Stewart took on vocal duties as Riley has been in Japan since the beginning of the pandemic. (He made a brief appearance in the form of a live, light-hearted video introduction.)

In the last hours of the line-up on Saturday, listeners were able to move from a short set by rising star Nathalie Joachim (sings and plays the flute on excerpts from her acclaimed album “Fanm d’Ayiti”) to a concert of Pandemic Solos, that of Bang. was commissioned to sprint on a can for his virtual marathons during the pandemic.

I couldn’t stand hearing these live streamed marathons right now. I tried, but the cluttered audio – inevitable with artists streaming from so many places – was recorded as microtragedies that distracted from the works themselves. I told myself I would hear some of these in the future; and i have on saturday.

A series of works for all-star bassist Robert Black opened the day, including Maria Huld Markan Sigfusdottir’s haunted, creepy “pending”. And after Joachim’s set, I heard a trio of burning and distinctive pieces by Aeryn Santillan, Rudresh Mahanthappa and Anna Clyne, all written for Thomson.

This is a secret strength of Bang on a Can. It attracts audiences with big names. But when the Legends disappoint in any given hour, as Riley did, there’s always the next set – and the next generation – to save the day.

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World News

Dow rises greater than 100 factors as shares head for a profitable week

Traders and finance professionals work on the floor of the New York Stock Exchange.

Drew Angerer | Getty Images

US stocks rose on Friday as major averages tried to post their fourth straight day of earnings and ease worries about economic growth earlier in the week.

The Dow Jones Industrial Average gained 145 points, or 0.4%, for a fourth straight day. The S&P 500 rose 0.2%. The Nasdaq Composite was up 0.4%. The S&P 500 was on course for a record close above the July 12th closing high.

The 10-year government bond yield rose to 1.285% on Friday, easing economic concerns raised by the bond market on Monday. The 10-year yield fell to a 5-month low of 1.13% earlier this week.

“We expect the markets to remain choppy, but there is no basic justification for more aggressive sales,” wrote the Barclays strategists in a customer announcement. “In fact, the strong recovery since Tuesday shows that the animal spirits are intact.”

Strong gains from technology stocks kept investors optimistic amid reports from the biggest names in the industry over the next week. Twitter and Snap both rose Thursday after better-than-expected earnings reports for the second quarter. Twitter traded more than 1% higher while Snap shot up 22%.

Facebook gained about 3% over the results of its social media competitors. Alphabet added about 1.5%. Both will report next week together with Apple, Microsoft and Amazon.

All three US stock averages are on track to close the week in the green after recovering from last week’s losses and sharp sell-off on Monday. The Dow lost more than 700 points at the start of the week as yields fell, unsettling equity investors about the economy.

The S&P 500 is up more than 1% this week and the Nasdaq Composite is up about 2%. Both are also within 1% of their intraday records. The Dow is up 0.8% for the week.

The strength of tech stocks also comes along with the continued proliferation of the highly contagious Delta variant of Covid.

“We saw in the depths of the pandemic that tech stocks and their earnings did best at BMO Wealth Management,” said. “Long-term interest rates, which are falling as much as they did, also make these stocks more attractive.”

The equity market as a whole was supported by a strong reporting season. With a quarter of the S&P 500 reporting, Refinitiv expects earnings growth of 76% for the second quarter, the best growth since 2009. And profit margins are holding up amid rising inflation. For the second quarter, the companies have so far reported average profit margins of 12.8%, according to S&P Global, which is above the historical range.

American Express reported better-than-expected quarterly results on Friday morning, giving its stocks a 3.5% gain.

Honeywell also reported strong gains, even though the stock was down 1.5%. Kimberly-Clark shares fell 3% after earnings were reported in line with Wall Street forecasts. The annual forecast was also lowered, citing higher costs and lower volumes.

Categories
Politics

15 extra our bodies recovered, dying toll rises to 79

Search and Rescue teams look for possible survivors and to recover remains in the collapsed 12-story Champlain Towers South condo building on July 07, 2021 in Surfside, Florida. Officials say the death toll climbed to 36 today, with 109 still unaccounted for.

Joe Raedle | Getty Images

Search teams have recovered 15 more bodies from the rubble of the collapsed condominium building in Surfside, Florida, bringing the death toll to at least 79 people as of Friday afternoon, Miami-Dade County Mayor Daniella Levine Cava said during a press conference. 

Levine Cava said 61 people are still unaccounted for and detectives are working to verify that each individual listed as missing was actually in Champlain Towers South when it collapsed over two weeks ago.

“In the midst of this terrible tragedy, and we’re so grateful, very grateful to all of those across our community and the world who continue to keep us in your prayers, and in your hearts,” Levine Cava said.

The painstaking search shifted from a rescue effort to a recovery operation on Wednesday after authorities decided that there was little hope of finding people alive in the rubble. But authorities vowed to continue the search for victims until they have cleared all the debris at the site, according to Surfside Mayor Charles Burkett. 

Burkett commended search teams for their work, noting that the pile of debris that was initially four to five stories high is now near ground level.

The National Institute of Technology, or NIST, is making “very significant progress” with its investigation into the cause of the collapse, Levine Cava added. NIST teams have collected over 200 pieces of evidence, which have been sent to a physics measurement lab in Washington to assist with analysis. NIST is also using drones and lidar scanners, tools that measure the distance of an object on the Earth’s surface using light, in the probe. 

Levine Cava said Thursday that the public also has “a very important role to play in this investigation.” She urged the public to submit any photos or videos related to the collapse to NIST’s website. 

Champlain Towers North, the identical sister property of the collapsed condominium building, is also being evaluated, Burkett said. Engineers and authorities are using ground-penetrating radar and are taking samples of concrete to determine the structure’s salt content and strength. 

Meanwhile, alternative housing arrangements have been made for residents of the sister property who wanted to evacuate. 

Laura Solla weeps as she places flowers near the memorial site for victims of the collapsed 12-story Champlain Towers South condo building on July 08, 2021 in Surfside, Florida.

Anna Moneymaker | Getty Images

The exact cause of the collapse of Champlain Towers South remains unknown. 

Recent evidence points to structural flaws in the building far before the collapse, such as a 2018 report that reveals the 40-year-old building had waterproofing issues beneath the pool and cracking in the underground parking garage. 

Experts have also said that the repeal in 2010 of a Florida law that required condominium buildings to plan for repairs may have contributed to the collapse.

Several resources are being provided to families and individuals affected by the collapse. The Family Assistance Center continues to offer mental health counseling as well as financial and housing assistance, among other critical services. 

Authorities announced Thursday that nearly 200 families have been served by the center. 

Levine Cava also said Thursday that rescue teams are collecting and cataloguing personal items found in the rubble of the condominium building, such as photos, technology devices, documents and jewelry. Authorities are developing a process for families and survivors to reclaim missing belongings that have been found.

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World News

S&P 500 rises to new document as Large Tech shares acquire

The S&P 500 rose to a fresh record on Wednesday as investors poured back into trusty mega-cap technology stocks.

The S&P 500 advanced 0.35% to a new intraday high after the index ended a seven-day winning streak in the previous session. The Dow Jones Industrial Average rose about 70 points. The technology-heavy Nasdaq Composite rose 0.1% after hitting a fresh record shortly after the open.

With rates falling and Wall Street fretting about a peak in economic growth, investors have rediscovered their old Big Tech favorites. Apple and Amazon are both up more than 10% over the past month, far outpacing the S&P 500’s 2.8% return.

Defying many predictions, the 10-year Treasury yield fell to 1.306% on Wednesday. Major technology names like Apple and Google-parent Alphabet rose on Wednesday. Shares of Amazon gained 1% even after the e-commerce giant rallied nearly 5% on Tuesday.

“As has been the case for some time, the direction of bond yields and tech stock have been joined at the hip,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Traders will be watching as S&P 500 tech index move closer to its relative price high established last September. A break above that level would certainly reinforce a sustained leadership cycle for tech.”

The Federal Reserve’s minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead, revealed the central bank discussed tapering but was in no rush to start the process.

Energy stocks were in the red as oil prices fell. WTI crude touched a 6-year high briefly on Tuesday before retreating. Crude was down again on Wednesday. Occidental Petroleum, APA Corp. and Pioneer Natural Resources all dipped more than 2%.

Bank shares including Goldman Sachs and Bank of America continued their retreat on Wednesday as long-term bond yields fell further, hurting the industry’s profitability prospects. Yields on the short-end of the so-called Treasury curve, including 1-year bills and 2-year notes, were flat to higher.

During the regular session on Tuesday, the 30-stock Dow fell 208 points. The S&P 500 ended the day down by 0.2%, retreating from a record. The Nasdaq Composite rose nearly 0.2% to a fresh all-time high.

Investors may be worried the economy might be approaching its peak and that a correction could be on the way. In addition to complacency in the market, the combination of profit-margin pressures, inflation fears, Fed tapering and possible higher taxes could contribute to an eventual drawdown, market strategists say.

— CNBC’s Patti Domm contributed reporting.

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World News

Dow rises almost 200 factors as Wall Road heads for profitable first half

U.S. stocks climbed near record highs on Wednesday as the market completed a successful first half and second quarter of 2021.

The Dow Jones Industrial Average rose around 190 points, boosted by strong days for Walmart and Boeing, while the S&P 500 was up 0.1%. The Nasdaq 100 lost around 0.1%.

Wednesday is the last day of the second quarter and the last day of the first half of 2021. At the start of the session, the S&P 500 was up 14% year-to-date, while the Nasdaq Composite and the Dow were both up 12%. For the quarter, the S&P 500 is up 8%. The S&P 500 and Nasdaq all posted new record closings on Tuesday.

The S&P 500 is heading for its fifth consecutive positive month, rising 2.1% to 4,291.80 in June. The broad index is also on track for its best first half since 2019.

Investors have shrugged off the high inflation readings and continued to buy stocks in hopes that an economic comeback for the pandemic would continue and that the Federal Reserve would for the most part maintain its loose policies. The top three Dow winners this year are Goldman Sachs, American Express, and Walgreens Boots Alliance, all of which are up more than 30%. Chevron, Microsoft, and JPMorgan Chase are each up more than 20%. The technology and health sectors of the S&P 500 both closed Tuesday with record highs.

The gains came as nearly 60% of adults in the US received a COVID-19 vaccine, which allows the economy to reopen quickly. Still, new variants of the virus have raised some concerns that other restrictions such as wearing masks would have to be reintroduced as the pace of vaccinations has slowed.

Investors have “a number of reasons to be constructive,” wrote Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, citing economic dynamism, strong credit markets and possible fiscal stimuli.

Lee raised his S&P 500 target for 2021 from 4,300 to 4,600 in a statement to his customers on Tuesday evening. The new forecast means a 7% gain from here.

Jeff Kilburg, chief investment officer at Sanctuary Wealth, told CNBC that he is optimistic for the second half of the year thanks to the Federal Reserve’s continued commitment to economic recovery.

“We can fight inflation what we want and we can fight over what metric to use for inflation, but I think at the end of the day we really see the Fed’s commitment,” Kilburg said, adding that The amount of investor money on the sidelines should keep minor pullbacks from turning into major corrections.

Some investors and strategists have cited the spread of the Delta variant of Covid-19 as a risk for the markets in the second half of the year. However, JPMorgan’s Marko Kolanovic said in a statement to clients on Wednesday that the variant shouldn’t hurt stock markets, citing low death rates in countries with widespread vaccination.

Good first halves for the market usually bode well for the rest of the year. Whenever there was double-digit growth in the first half of the year, the Dow and S&P 500 never ended this year with an annual decline, according to Refinitive data from 1950.

One group that helped the broader market to its latest record high are semiconductors. The VanEck Semiconductor Index has risen 6% since June 18 and more than 3% in the first two days of this week.

“Semis have recovered strongly and in the last two trading days have finally broken the downtrend that has existed since this high in mid-February. New highs and a broken downward trend? It’s been a big week for Semis. ”Bespoke Investment Group said in a statement to clients.

Pending home sales rose to their highest level since 2005 in May. However, mortgage demand fell last week, the Mortgage Bankers Association said on Wednesday, with high prices and low supply crowding out some potential buyers. The readings came after a spike in home prices, reflected in the S&P CoreLogic Case-Shiller Index, which drove homebuilders stocks up on Tuesday.

The Institute for Supply Management’s Chicago Purchasing Managers Index came in lower than expected in June but was still expanding.

During Tuesday’s regular session, stocks barely changed in light trading, although the S&P 500 hit its fourth straight session and an all-time high.

Stocks are unlikely to see much movement until Friday’s labor market report gives a better idea of ​​the state of the economy. According to a Dow Jones poll, economists expect 683,000 new jobs in June.

On Wednesday, payroll firm ADP reported that private payrolls rose 692,000 in June, exceeding expectations. However, the company’s May figure has been revised downwards.

– CNBC’s Robert Hum contributed to this report.

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Politics

Loss of life toll rises in Florida apartment tower collapse

This aerial view, shows search and rescue personnel working on site after the partial collapse of the Champlain Towers South in Surfside, north of Miami Beach, on June 24, 2021.

Chandan Khanna | AFP | Getty Images

The death toll has risen to nine people after a 12-story condominium building collapsed in Florida, Miami-Dade Mayor Daniella Levine Cava said at a press conference Sunday morning.

“We’ve identified four of the victims and notified the next of kin…We are making every effort to identify those others who have been recovered and additionally contacting their family members as soon as we are able,” Levine Cava said.

Champlain Towers South collapsed suddenly early Thursday morning in Surfside, Florida, just north of Miami Beach.

Search and rescue teams created a 125-feet-long trench at the rescue site on Saturday, which allowed authorities to recover additional bodies and human remains, Levine Cava said.

Miami-Dade police on Saturday night identified four of the deceased as Stacie Dawn Fang, 54; Antonio Lozano, 83; Gladys Lozano, 79; and Manuel LaFont, 54.

Authorities said 156 people remained missing as of Saturday.

Levine Cava and Surfside Mayor Charles Burkett told press on Sunday morning that searchers contained fire in the rescue site on Saturday and are continuing rescue operations. Teams from Mexico and Israel are aiding rescue efforts, according to Levine Cava and Burkett.

“We don’t have a resource problem. We’ve had a luck problem. We just need to start to get a little more lucky right now,” Burkett said on ABC News’ “This Week” on Sunday morning.

Florida Gov. Ron DeSantis said at the press conference Sunday that debris will be moved from the rescue site to a separate location for forensic analysis.

Authorities are still investigating the cause of Thursday’s collapse. An engineer in a 2018 report warned of “major structural damage” in the condo building that collapsed. The report identified issues with waterproofing below the pool deck and “abundant cracking” in the underground parking garage.

Levine Cava on Saturday ordered a 30-day audit of all residential properties, five stories or higher, that are 40 years or older and fall under the county’s jurisdiction. The mayor encouraged cities to do their own building reviews as well.

Surfside has authorized a voluntary evacuation of residents of Champlain Towers North, the sister property of the collapsed building built. The town’s building inspector did not find any immediate causes of concern in the sister property, Levine Cava told NBC News’ “Meet the Press” on Sunday morning.