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The Dow Jones Industrial Average continued its volatile run on Monday, closing down 200 points. At one point during the day, the index was about 350 points above its previous close.Struggling tech stocks and fears about trade tariffs have led to selling sprees in the past month. The market is down about 2,000 points from where it opened in October.More on this as it develops. 391
The Broadway League, the trade association that regulates theater performances in New York City, said Monday that all Broadway shows would be canceled through the end of 2020 due to the coronavirus pandemic.The group says that those who have purchased tickets to shows before Jan. 3, 2021 will automatically receive an email detailing refund and exchange information."Every single member of our community is eager to get back to work sharing stories that inspire our audience through the transformative power of a shared live experience," Thomas Schumacher, the Broadway League's Chairman of the Board, said in a statement released Monday. "The safety of our cast, crew, orchestra and audience is our highest priority and we look forward to returning to our stages only when it’s safe to do so. One thing is for sure, when we return we will be stronger and more needed than ever.”“Our membership is working closely with the theatrical unions and in concert with key experts and some of the greatest minds inside and outside of the industry to explore protocols for all aspects of reopening. We are focused on identifying and implementing necessary measures that will enable us to resume performances safely for Broadway audiences and employees,” Charlotte St. Martin, the president of the Broadway League, said in a statement. “We are determined to bring back the people who rely on this industry for their livelihood, and to welcome back all those who love this vital part of New York City, as soon as it is safe to do so. "Broadway performances in New York shut down on March 12, the day before President Donald Trump declared the pandemic a national emergency. Last month, the Broadway League said it was canceling all performances through Sept. 6. 1759

The current day trading boom will end as these frenzies always do: in tears. While we wait for the inevitable crash, let’s review not only why day traders are doomed but also why most people shouldn’t trade, or even invest in, individual stocks.Day trading basically means rapidly buying and selling investments, hoping to profit from small price fluctuations. Brokerages have reported a surge in trading and new accounts this year, starting with March’s stock market crash when investors rushed in looking for bargains. As pandemic lockdowns kept people from their jobs and classrooms, trading continued to soar, especially among young adults.The poster child for this gold rush is Robinhood, a commission-free investing app that uses behavioral nudges to encourage people to trade. Robinhood added over 3 million accounts this year and in June logged more trades than any of the established, publicly traded brokerages. More than half of its customers are opening their first investment account, the company says.People can start trading with small amounts of money because Robinhood offers fractional shares. In addition to stocks and mutual funds, the app allows trading in options, cryptocurrencies and gold. Customers start out with a margin account, which allows them to borrow money to trade and amplify both their gains and their losses.Alexander Kearns, 20, is one example of what can go wrong. The University of Nebraska student killed himself after seeing a 0,165 negative balance in his Robinhood account. The novice trader may have misunderstood a potential loss on part of an options tradethat he made using borrowed money as a loss on the whole transaction. In reality, he had ,000 cash in his account when he died.Research has shown that the vast majority of day traders lose money, and only about 1% consistently get better returns than a low-cost index fund. A rising stock market, and a flood of inexperienced and excitable investors willing to bid up stock prices, has convinced more than a few day traders that they’re part of that 1%. They’re being egged on by the few people who actually will make money: the hucksters selling seminars, e-books and strategies that purport to teach you how to successfully trade.Stocks don’t always go upStocks overall are an excellent way to gain wealth over the long term. If you can weather the downturns, stocks historically have offered good returns.Those downturns can be doozies, however. Stocks lost half their value during the Great Recession that started December 2007. The market lost nearly 90% of its value in the early years of the Great Depression.Extended downturns have popped previous day trading bubbles, including the one that formed during the dot-com boom. The Nasdaq composite stock index rose 400% in five years, only to lose all of those gains from March 2000 to October 2002.Markets that go down eventually come back up. That’s not true of individual stocks. Any single stock can lose value, sometimes all the way to zero, and never recover.The sensible way to hedge that risk is diversification. That means buying stocks in many, many companies, including companies of different sizes, in different industries and in different countries. That’s prohibitively expensive for most individual investors, which is why mutual funds and exchange-traded funds are a better bet.There’s no such thing as a free tradeAnother way to grow wealth is to minimize investing costs. That means trading less, not more, because trading incurs costs even when there are no commissions involved.Investments held more than a year benefit from favorable capital gains tax rates, for example. Those held less than a year are taxed as income if the trade wasn’t made in a tax-deferred account such as an IRA.Another way cost is incurred is in what’s known as the bid/ask spread. The banks and financial institutions that facilitate trading in various stocks are called market makers. They offer to sell stocks at a certain price (the ask price) and will purchase at a slightly lower price (the bid price). People who trade stocks instantly lose a little money on each transaction because of this difference. That’s not a big deal for infrequent traders, but the costs add up if you churn stocks in and out of your portfolio.The biggest potential cost, though, is that every trade exposes your portfolio to the many ways we humans have of screwing up our money. We’re loss-averse and we want to avoid regret, so we hang on to losing stocks. We think that we can predict the future or that it will reflect the recent past, when this year should have taught us that we can’t and it won’t.We also think we know more than we do, a cognitive bias known as overconfidence. If you’re determined to trade, or day trade, don’t gamble more than you can afford to lose, because you almost certainly will.This article was written by NerdWallet and was originally published by the Associated Press.More From NerdWalletSuddenly Retired? Here’s What to Do NextSmart Money Podcast: Sudden Retirement and Finding Lost MoneyYou Can Use a Crisis to Build Helpful Money HabitsLiz Weston is a writer at NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. 5216
The FDA is offering formal guidance on the amount of inorganic arsenic allowed in infant rice cereal.Exposure to inorganic arsenic has been associated with neurodevelopmental effects, according to the Food and Drug Administration, including lung and bladder cancer risk. Arsenic occurs naturally in the soil, and rice has been shown to absorb a small amount during the growing process.The new guidance identifies a level of at or below 100 micrograms per kilogram and is based on draft guidance from 2016. The guidance is recommended, but not legally enforceable.“It is important to note that the agency’s data show that most products on the market are already below this level and that parents and caregivers should know that a well-balanced diet also includes a variety of grains like oats and barley,” said a statement from Susan Mayne, Ph.D., director of the FDA’s Center for Food Safety and Applied Nutrition.According to the FDA, results from testing in 2018 showed 76 percent of samples were at or below the 100 ppb level, compared to 47 percent of samples tested in 2014 and 36 percent of samples tested between 2011-2013.The FDA attributes the drop in inorganic arsenic presence to changes manufacturers are making in sourcing rice and testing their ingredients. 1279
The COVID-19 death of the speaker of the New Hampshire House of Representatives has raised fears that other members of one of the world's largest legislatures might have been exposed at their swearing-in ceremony last week. A medical examiner announced the cause of death Thursday of 71-year-old Dick Hinch. Hinch was found dead in his home.He was photographed at the outdoor swearing-in wearing a mask improperly, without it covering both his nose and mouth. Dozens reportedly attended without wearing masks at all. Several Republican lawmakers have tested positive after attending an indoor meeting in late November where many attendees didn't wear masks. One Republican representative says Hinch's death may be a result of “peer pressure exerted by those in the Republican Party who refuse to take reasonable precautions."At a news conference Thursday, New Hampshire Governor Chris Sununu, a fellow Republican, called Hinch a "tireless leader" and close friend. He then said Hinch's death was a "cautionary tale" about not wearing a mask properly.“For those who are just out there doing the opposite just to make some ridiculous political point, it is horribly wrong,” Sununu said. “Please use your heads. Don’t act like a bunch of children, frankly.”Other state Republicans were harsher in their messaging. Representative William Marsh, a retired doctor, posted on Twitter, “Those in our caucus who refused to take precautions are responsible for Dick Hinch’s death." 1479
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