Tag: economy

Global Stock Markets Continue to Plunge

Newsmax-Friday, 28 February 2020

The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could push the economy into recession.

However, stocks regained some ground right at the end of a volatile session.

The Dow and the Nasdaq also registered their deepest weekly percentage losses since October 2008.

The Dow Jones Industrial Average swung back from an early slide of more than 1,000 points to close around 350 points lower. The S&P 500 fell 0.8% and is now down 13% since hitting a record high just 10 days ago. The Nasdaq reversed an early decline to finish flat.

The Dow lost nearly 3,600 points this week and the S&P 500 posted a double-digit weekly percentage loss for only the fifth time since 1940.

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Retail Apocalypse Surges Into 2020: No End In Sight

Mac Slavo – January 9, 2020

The retail apocalypse was particularly bad in 2019, and only days into 2020, Macy’s has announced it’ll begin closing stores, following a trend in the industry.  Macy’s will close a minimum of 28 stores, and one Bloomingdale’s as problems in retail continue.

With consumer spending so high, it’s hard to imagine a reason for store closures.  “We regularly review our store portfolio and will provide an update at our Investor Day on February 5th,” the company said in a statement sent to USA TODAY.

Clearance sales will begin this month and run for eight to 12 weeks, Macy’s Media Relations Manager Julianne Bartosz said in an email to TCPalm.com, which is part of the USA TODAY Network, about the Macy’s in the Indian River Mall in Vero Beach, Florida.  Most other locations to be shuttered have not yet been disclosed.  Officials also steered clear of an exact number of closings, say there would be a “minimum of 28 stores” permanently closed.

Among the government and Federal Reserve’s insistence that consumers are spending money, Macy’s reported a drop in holiday sales. Macy’s November and December sales results Wednesday, which showed holiday sales did not meet the expectations. “Macy’s, Inc.’s performance during the holiday season reflected a strong trend improvement from the third quarter,” CEO Jeff Gennette said in a news release. “Additionally, customers responded to our gifting assortment and marketing strategy, particularly in the 10 days before Christmas.”

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