Democratic presidential nominee and former vice president Joe Biden speaks at a campaign stop in Miami on Oct. 5, 2020. Roberto Schmidt | AFP | Getty Images Taxes could rise for the wealthiest households in a Joe Biden presidency. However, you might want to think twice before making any dramatic moves. Indeed, Biden’s tax plan
Month: October 2020
Getty Images It’s no secret that 2020 has been an unpredictable year. And that uncertainty can cloud the decisions we make, especially when it comes to money. Consequently, investors and their financial advisors need to be on their guard for clouded decision making that could lead to regrets later. “It’s possible that the times have
Morgan Stanley CEO James Gorman has just completed a pivot that began more than a decade ago. With the announcement Thursday that Morgan Stanley is acquiring investment manager Eaton Vance for $7 billion, Gorman is adding heft and scale to the smallest of the New York-based bank’s three main businesses: the manufacturer of mutual funds
Susan G. Komen’s More Than Pink Walk in Atlanta in 2018 Source: Susan G. Komen Breast Cancer Awareness Month is usually marked by galas, walks and other fundraising events. This year, it’s eerily silent. The coronavirus pandemic has pushed those events online, or caused them to be cancelled. The impact could be devastating for nonprofits
J.P. Morgan Securities’ Colleen O’Callaghan is taking steps to protect portfolios from an economic setback. O’Callaghan warns the domino effect from coronavirus aid gridlock on Capitol Hill is the biggest risk facing Wall Street right now. As a result, she’s increasing cash exposure for her ultra-high net worth clients. “What we’ve been working to do
A medical worker takes a nasal swab sample from a student to test for COVID-19 at the Brooklyn Health Medical Alliance urgent care pop up testing site as infection rates spike on October 8, 2020 in New York City. Angela Weiss | AFP | Getty Images California-based lab test manufacturer GenMark Diagnostics announced Thursday that the Food
Kirby Hamilton | Getty Images For some small-business owners, watching their larger peers file for bankruptcy may do little to ease fears about their own financial solvency. With the coronavirus pandemic continuing to take a toll on the economy, Ruby Tuesday has become the latest large restaurant chain to seek protection under the U.S. bankruptcy code.
Audience members listen as Democratic presidential nominee and former vice president Joe Biden participates in a CNN town hall event on Sept. 17, 2020 in Moosic, Pennsylvania. Drew Angerer | Getty Images Expanding the child tax credit Currently, families with qualifying children under age 17 may be eligible to claim a child tax credit of
CNBC’s Jim Cramer on Thursday advised investors to not buy shares of Regeneron Pharmaceuticals, simply because President Donald Trump touted the company’s potential coronavirus treatment. Regeneron’s stock was higher by 2% on Thursday. In a video posted Wednesday, Trump claimed that Regeneron’s experimental antibody treatment for Covid-19, which the president received for his illness, was “a cure.”
An apartments for rent sign is displayed outside a residential building in Hells Kitchen as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 18, 2020 in New York City. Alexi Rosenfeld | Getty Images The number of apartments for rent in Manhattan tripled in September,
Former Goldman Sachs CEO Lloyd Blankfein sees speculative elements across markets for stocks and bonds. Blankfein, a billionaire who served as Goldman’s CEO from 2006 to 2018, said Thursday on Squawk Box that low interest rates were essentially creating free money for big institutional investors. After keeping rates low for years after the 2008 financial
A employee moves pizza boxes before a delivery at a Domino’s Pizza Inc. restaurant in Chantilly, Virginia. Andrew Harrer | Bloomberg | Getty Images Domino’s Pizza on Thursday reported that its quarterly revenue rose 17.9%, led by more U.S. customers ordering pizza delivery during the coronavirus pandemic. But earnings fell short of expectations, hurt by higher
Alex Azar, secretary of Health and Human Services (HHS), wears a protective mask during a House Select Subcommittee on the Coronavirus Crisis hearing in Washington, D.C., U.S., on Friday, Oct. 2, 2020. Azar is appearing before the committee to testify on the coronavirus crisis and the Trump administration’s portrayal of Covid-19 deaths. Photographer: Michael A.
U.S. President Donald Trump walks to Marine One on the South Lawn of the White House on October 1, 2020 in Washington, DC. Drew Angerer | Getty Images It appears unemployed workers won’t get another boost in their weekly benefits any time soon, after President Donald Trump pulled officials out of negotiations on a fifth
Cavan Images | Cavan | Getty Images Things may go green in four states this fall, as voters will decide on legalizing and taxing marijuana. Arizona, Montana, New Jersey and South Dakota all have measures up for a vote to legalize and levy recreational marijuana. Thus far, 11 states have legalized recreational pot: Alaska, California,
SINGAPORE — With uncertainty looming over the upcoming U.S. elections in November, JPMorgan Asset Management’s Patrik Schowitz says investors should look past the “noise” and focus on the medium term instead. “On a six month view, you know, we think the cyclical view matters much, much more than … the exact noise and shenanigans around the
There are now 2,189 billionaires globally with a combined wealth of $10.2 trillion, as the pandemic-induced stock market rally catapulted the net worth of the world’s uber wealthy to a new high. As of July 2020, Asia-Pacific accounted for the highest number of ultra-high net worth individuals, with 831 (38%) of the super rich residing in the
National Securities’ Art Hogan blames the market’s wild swings on lawmakers’ inability to pass a second round of direct coronavirus relief. According to the firm’s chief market strategist, the gridlock influencing stocks is even more powerful than election uncertainty. “The No. 1 catalyst in this market causing the most volatility is the path of fiscal policy
Shoppers wearing protective masks exit from a Hennes & Mauritz (H&M) store in the Herald Square area of New York, U.S., on Thursday, Aug. 6, 2020. Nina Westervelt | Bloomberg | Getty Images “Disaster” is one word being used to describe the potential fallout for the retail sector from on-again, off-again economic stimulus talks in
The cost of a virtual health visit has changed for some people with insurance, even as the coronavirus pandemic rages. That means you may have to pay more to Zoom with your doctor. At the beginning of October, many major insurance companies, including Anthem and UnitedHealth, shifted their policies for telehealth, meaning that cost-sharing for
Martin Seay of FPA Source: Financial Planning Association Martin Seay’s term as president of the Financial Planning Association has, to say the least, been an eventful one so far. Not only has the coronavirus pandemic changed just about everything in the advisory industry, but the Black Lives Matter movement and the nationwide protests that have
CNBC’s Jim Cramer on Wednesday warned investors not to buy or sell stocks based on what President Donald Trump tweets. The “Mad Money” host cites Tuesday afternoon’s tweets from Trump ending broad stimulus talks, which sank stocks, and then Tuesday night’s tweets supporting a piecemeal approach, which boosted stocks. “This is what happens if you invest by
A 67-million-year-old T. rex specimen, named Stan, will be auctioned off by Christie’s on Oct. 6 and will be on display in the windows of Christie’s Rockefeller Center starting Wednesday. Robert Frank | CNBC A fossilized Tyrannosaurus rex, nicknamed Stan, sold at auction for $31.85 million, becoming the most expensive dinosaur fossil ever sold. The
Minneapolis Federal Reserve President Neel Kashkari became the latest central banker to warn against not getting more stimulus to the U.S. economy, saying that the cost of doing nothing could be major. As the impasse in Washington intensifies, Kashkari told CNBC that workers, businesses and governments need more cash from Congress. “There are enormous consequences
Levi Strauss & Co. shares soared more than 9% Tuesday after the denim maker reported online sales growth of 52%, which helped offset losses elsewhere in the business during the fiscal third quarter. Management told analysts it expects the strong performance will continue into the holiday quarter, though it is calling for sales to be down
The crew of the U.S. Coast Guard Cutter Healy, in the midst of their ICESCAPE mission, retrieves supplies for some mid-mission fixes dropped by parachute from a C-130 in the Arctic Ocean. Kathryn Hansen | NASA | Reuters September 2020 was the warmest month on record worldwide, with this year set to be one of
Two men boarded the missing Malaysia Airlines flight 370 using stolen passports. They may have nothing to do with the mystery but it made us think — how easy is it to forge a passport? And what is the government doing to combat fraud?
miodrag ignjatovic The recent disappearance of a financial advisor — and possibly client money — may serve as a cautionary tale for investors. Christopher Burns, owner of Dynamic Money in Atlanta, was reported missing by his wife on Sept. 25 after she couldn’t reach him, according to a Gwinnett County, Georgia, police report. His wife
David Rea, president of No. 1-rated financial advisor firm Salem Investment Counselors, said that, despite the pandemic, the firm’s “ability to manage stocks and bonds and to communicate with our clients is unchanged.” Salem Investment Counselors Stock prices are “OK” — neither cheap nor pricy — given prevailing interest rates and other factors like federal stimulus money
Luis Alvarez | DigitalVision | Getty Images The Covid-19 pandemic has pushed more financial advisors to figure out how to meet virtually with clients. Advisory firms have had to find ways to be able to adapt through the use of virtual technologies to keep their meetings going with clients. That newfound comfort will probably change