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Why are stocks falling again? President Donald Trump says it's because Democrats are gearing up to use their impending control of the House of Representatives to investigate him. As always, when it comes to the markets, the real answer is complicated.The Dow fell by more than 600 points on Monday, dragged down by investors' concerns about the tech sector and the rising dollar. The Nasdaq fell 2% and the broader S&P 500 fell 1.2%.Apple (AAPL) fell 5% after supplier Lumentum cut its earnings and sales forecast because of weak demand, and JPMorgan cut its target price on Apple's stock. That weighed on other technology stocks, including Amazon (AMZN) and Tesla (TSLA) -- down 4% -- as well as Facebook, which fell 3%. Google (GOOGL), Netflix (NFLX) and Microsoft (MSFT) were all down more than 2%.The strong dollar also weighed on stocks. The US currency surged to a 16-month high because investors fear the European economy could stall if no Brexit deal is reached this week. Prospects of another rate hike from the Fed next month have also helped lift the dollar. The rising dollar is a signal of a strong economy, but it hurts sales and profits for American companies that do business overseas.Though Trump blamed Democrats for the drop, the Dow had actually bounced back since the midterms, rising last week in its best showing since March. Wall Street tends to like stagnation in Washington, so investors are actually just fine with Democrats taking the House.As for what Trump termed the "prospect of presidential harassment," there is not much evidence the stock market will bat an eye if Democratic leaders in the House begin investigations into the Trump administration. Stocks rose before, during and after President Bill Clinton's impeachment. 1800
With millions of Americans set to lose a weekly 0 unemployment supplement this week, leaders in Washington are discussing another stimulus package that could extend the supplement for the unemployed. The 0 a week program from the federal government was added to state unemployment benefits.Leaders on Capitol Hill also are pushing for a second round of stimulus checks. While it appears Democrats and Republicans are in agreement that there should be another stimulus bill, compromising to the details remains an issue.On Tuesday, President Donald Trump said that he is looking at continuing an unemployment supplement, but at of 70%. Trump said that he and other GOP lawmakers believed that the supplement gave Americans an incentive to remain unemployed.“We want to have people go back and want to go back to work as opposed to be sort of forced into a position where they're making more money than they expected to make and the employers are having a hard time getting them back to work,” Trump said. “It still worked out well because it gave people a lifeline, a real lifeline. Now we're doing it again.”Senate Minority Leader Chuck Schumer agreed that an unemployment supplement is needed as unemployment levels remain in double figures. Democrats in the House passed a bill in the spring that would have extended the added unemployment through the end of the year. The GOP-held Senate has not considered the legislation.“It makes no sense to cut back at a time when we have over 20 million unemployed and we have the greatest unemployment crisis since the Great Depression,” Schumer said in an interview with CNN. “To cut back on unemployment insurance makes no sense whatsoever. That's what they're proposed. In the other proposal, we'll pay people to go back to work. Well, those who go back to work are getting the salary.”Senate Majority Leader Mitch McConnell suggested that an agreement is still a ways off. He also hasn’t signed off on an unemployment supplement, and says that his focus is to get workers back to work rather than provide supplemental unemployment. McConnell, however, said that his proposal would include a second round of stimulus checks. Details of that plan are not available, but McConnell previously said a second round of stimulus would include fewer Americans. With coronavirus cases remaining at high levels and large gathering spaces forced to operate at reduced capacities, it is hard to imagine employment levels reaching pre-coronavirus levels. McConnell told reporters earlier in July that the next round of stimulus funds should cover Americans making less than ,000 per year, which is far lower than the threshold for stimulus funds during the last round of aid, which many Americans received in April and May.McConnell said on Tuesday that the Senate is also looking at replenishing the Paycheck Protection Program, which gave companies funds to help them make payroll during the coronavirus pandemic.“With the majority of businesses expected to exhaust their initial paycheck protection funding this summer, we'll also be proposing a targeted second round of the PPP with a special eye toward hard hit businesses,” McConnell said. “And speaking of building on what worked in the Cares Act, we want another round of direct payments, direct payments to help American families keep driving our national comeback." 3375
Wildfires have killed one person and forced the evacuation of four towns in Oklahoma, authorities said.The state chief medical examiner's office reported a 61-year-old man died Thursday in Roger MIlls County as a result of injuries sustained in a fire that began southeast of Leedey, the Oklahoma Department of Emergency Management said.A 54-year-old hunter reported missing in the large Dewey County fire was found alive, Oklahoma Forestry Services Fire Chief Scott Huff said. The man was flown to an area hospital Friday, but his condition was unknown. 562
With a .6 billion Mega Millions jackpot up for grabs Tuesday night, lottery players across the country are no doubt looking for any edge they can get.Disclaimer: Your odds of winning the Mega Millions jackpot are 1 in 302,575,350, no matter which numbers you pick or where you buy your tickets.Mathematicians say the simplest way to increase your odds is to buy more tickets. Think about it: Two tickets give you twice the chance (though your odds are still minimal), and buying 100 million tickets would give you a 100 million chances (but you could still lose, and lose 0 million in the process).Whatever you do, don't overspend. Mega Millions reminds players that gambling can be addictive and very damaging. The information below is presented solely for entertainment purposes only, and the E.W. Scripps Co. is not responsible for any losses incurred by using the following tips. 947
When you hear wedding bells, you often see dollar signs. But there are additional costs to consider besides basic ones like the venue, dress, photographer and cake.Here are some often overlooked wedding expenses and how to budget for them. 257