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Tech Selloff Eases After Fed Signals Steady Course
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Biden s American Rescue Plan Hurts Working-Class Americans and Black America Part I : ThyBlackMan com
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Gold Futures Settle Slightly Lower
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Larry Kudlow Says $1.9T Relief Package Unnecessary, Pandemic Coming to an End
On 2/23/21 at 4:59 PM EST
Larry Kudlow, White House economics adviser under former President Donald Trump, ridiculed President Joe Biden s $1.9 trillion relief package as a bloated and completely unnecessary bill because the pandemic is coming to a rolling end.
Kudlow said economic history shows that targeted assistance packages should only offer direct payments to people making under $40,000-to-$50,000-a-year and should instead focus on small businesses and schools. Kudlow echoed the criticism of many Republicans who say they won t support blanket checks to individuals making more than $75,000 and are refusing to support the $15 federal minimum wage hike included in the bill. Kudlow said the economy must open and he mocked his own friends for saying you shouldn t go to dinner and other nonsense that takes the focus away from America s vaccination successes.
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Wall Street reversed course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy. Both the Nasdaq and Canada’s TSX ended lower, as tech stocks remained under pressure.
The S&P/TSX Composite Index closed down 86.65 points, or 0.47%, at 18,330.09, with gold and cannabis stocks - as well as Shopify - keeping the benchmark in the red to end the session. That was despite a rally in the financials sector after Bank of Montreal and Bank of Nova Scotia both beat Street expectations in reporting quarterly profits this morning. The financials sector was up 1% for