You weren't able to keep up with the news this week? Don't worry! Here you will find a short list of the main news of the week you definitely must read.
Good morning! The weekend is finally here! Before you start planning your day, check out the main news of the week you need to read.
The things you should know before you finish your coffee are related to the impact of the Coronavirus on the US economy and the debate of a new stimulus package at Congress. Take a look at our news selection!
- As the debate continues at Congress, Republicans unveiled a new unemployment benefits' plan to replace the $600-per-week plan launched with the CARES Act back in March. The new plan proposes a reduction of the benefit to $200 a week. Here you will find further information about Senate Republicans' proposal.
- The US Commerce Department reported the worst economic contraction in modern American history, triggered by the Coronavirus pandemic. The Gross Domestic Product shrank at an annual rate of 39% in the second quarter. During April, May and June, the US suffered an economic shock that was more than three times as sharp as the previous record, registered in 1958. Check out the analysis of the GDP report here.
- The Federal Reserve announced that it will extend by three months its emergency lending programs to support the economy in the midst of the Coronavirus pandemic. Read on about the extension of its programs.
- The CEOs of Big Tech were questioned by Congressional lawmakers regarding allegations of monopolistic practices. Facebook's Mark Zuckerberg, Amazon's Jeff Bezos, Google's Sundar Pichai and Apple's Tim Cook participated at a hearing before the House Judiciary subcommittee on antitrust. Learn more about the hearing here.
- Individual investors have noticeably become a part of the market since last March, according to NYSE President Stacey Cunningham. Mainly encouraged by stay-at-home orders amid the Coronavirus pandemic, consumers have seriously engaged in the rebound from the market and triggered a record retail trading volume in the second quarter. Learn more about the role of individual investors in the markets.