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One of New York’s Oldest Food Markets Closes its Doors

One of New York’s Oldest Food Markets Closes its Doors


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TriBeCa’s iconic Bell Bates Natural Foods Market has closed

One of New York City's oldest food markets, Bell Bates, has shuttered. DNAinfo reported earlier today that the market, which opened in 1885, would be closing soon, but calls went unanswered and a call to the dry cleaner next door revealed that they'd closed down for good.

As one of the oldest food markets in the area, Bell Bates remained successful for a long time. However, they faced stiff competition in the neighborhood over the last 10 years; for example, a Whole Foods market opened nearby in 2008 and spans an entire city block. Shortly after, Vitamin Shoppe opened another branch a few blocks over. Even so, Bell Bates had been able to retain loyal customers for 7 additional years until now.

One regular shopper told DNAinfo just how devastating this loss is, citing this store as her favorite spot to buy juices, organic foods, and other health products.

Tribeca Citizen reported that Bell Bates sold their space to a public school close by. It seems that even with so much praise for the originality of Bell Bates market, the company had trouble maintaining that success. 128 years was a good run, though!


There Is Still A Little Life Left In Lord & Taylor, Two Locations Reopen

The Lord & Taylor in Boca Raton, Florida is one of two locations that reopened after COVID-19 . [+] shuttered the entire chain. This image was taken on May 16, 2020.

When Lord & Taylor first opened its doors back in 1826, John Quincy Adams was president of the United States. Recent reports have stated that the business is on the brink of liquidation. There has been plenty of doubt that its doors will reopen after being impacted by COVID-19.

Earlier this year, the company had 38 locations, all situated east of the Mississippi River. Last Friday, Lord & Taylor reopened its stores in Boca Raton, Florida and Rockingham, New Hampshire. Employees at both stores dismiss the reports of an impending closure. They say it is just rumor and Lord & Taylor is here to stay. It’s “business as usual.”

The Boca Raton, Florida Lord & Taylor store reopened after COVID-19 closures on May 15, 2020.

The situation has been far from usual at the department store. In August 2019, the start-up clothing rental company Le Tote purchased Lord & Taylor for $77 million from its latest owner Canada’s Hudson’s Bay Company (HBC.) As part of the purchase agreement, HBC maintained ownership of the real estate. Le Tote purchased the Lord & Taylor business, including its inventory.

Over the past six months Le Tote has struggled to keep Lord & Taylor afloat. Le Tote’s plan to open rental boutiques and install digital shopping devices within the stores never truly realized and bills mounted. Along came the COVID-19 closures accompanied by news that Le Tote had disbanded Lord & Taylor’s executive leadership. In early May, Reuters reported that Le Tote was actively seeking bankruptcy and that a liquidation firm had been engaged. Reuters’ inside source said that a liquidation sale would commence once the stores reopened.

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However, last weekend the Boca Raton and Rockingham stores welcomed customers. There were no “Going Out of Business” signs and no racks of dramatically reduced merchandise. Both locations were well stocked and trucks were still scheduled to make weekly deliveries. Lord & Taylor seemed like it was back.

A plastic curtain separates the customer and the salesperson at the Boca Raton, Florida Lord & . [+] Taylor store. It is one of two Lord & Taylor locations that reopened after COVID-19 were lifted. This photograph was taken on May 15, 2020..

When its Fifth Avenue flagship opened in October 1914, Lord & Taylor was already marketed as “America’s first store.” In 1938, it established the tradition of animated holiday windows when it installed a fan that whirled white painted corn flakes and simulated a blizzard scene. Dorothy Shaver assumed the position of store president in 1945 and transformed the business. Under her leadership, Lord & Taylor championed American fashion designers who were shut out of traditional department stores. The store pumped fragrance onto Fifth Avenue that enticed shoppers to enter its doors. Its signature script and its American beauty rose logo symbolized retail tradition and elegance.

Lord & Taylor successfully expanded into the New York suburbs, along with locations in Connecticut, Boston, Philadelphia, and Washington. It developed an amazingly loyal customer base who demanded a level of quality somewhere between a Macy’s M and Saks Fifth Avenue. By the early 2000s, it swelled to 86 stores and had lost some of its former grandeur. A number of store closures along with a renewed commitment to higher end merchandise helped restore the brand.

When the Hudson’s Bay Company sold the Fifth Avenue flagship building and closed the store in 2019, Lord & Taylor’s future was called into question. Its well-publicized closure left a gaping commercial hole in midtown Manhattan. But a $119 million loss on $1.4 billion in sales showed that the department store was in financial trouble.

The Fifth Avenue Lord & Taylor began its final closing sale in the fall of 2018. The former flagship . [+] store officially closed on January 2, 2019.

Despite some recent closures, Lord & Taylor’s suburban fleet of stores remains relatively strong. Some locations, such as Manhasset, Scarsdale, Stamford, Boston, and Chevy Chase have historically performed well and have remained invested in their communities. They support local charities, hold frequent “Trend Shows,” and sponsor speaker series and community workshops. Many of the most successful Lord & Taylor stores are older locations and serve as community anchors.

In December 2019, Le Tote opened a small temporary pop-up Lord & Taylor boutique in New York's SoHo . [+] neighborhood. The small store presented a Christmas display window as it attempted to bring the department store brand back to Manhattan for the holiday season.

The recent sale of the Lord & Taylor business from Hudson’s Bay Company to Le Tote raised eyebrows in the business world. “The Lord & Taylor chain was already a shadow of its former self by the time Le Tote got hold of it,” says retail consultant Jan Rogers Kniffen. He states that HBC could never get Lord & Taylor to perform. “[The sale to Le Tote] was merely a vehicle for HBC to do a gradual wind down of Lord & Taylor. I assume that Le Tote thought the Lord & Taylor purchase would give them recognition and cachet that they did not have as Le Tote.” A former member of Lord & Taylor’s executive team, Kniffen feels the department store has reached its end. “Do I think its IP address will live on? Probably.”

Le Tote has not made any type of statement since the first of April. It hasn’t done anything to squelch any of the disastrous rumors. It also has deactivated Lord & Taylor’s Twitter and Instagram accounts and the department store’s corporate headquarters’ contact number connects the caller directly with Capital One COF Card Services, with no other option. Despite numerous attempts, Le Tote would not respond to requests to comment for this article.

But as shown by its active and updated website and the return of two stores, and until there is any official word from Le Tote that states otherwise, Lord & Taylor is still alive. It’s not time to write an obituary. Any retailer that can make it from 1826 to 2020 deserves to live for another day.

Update: May 25, 2020: The name of the former store president has been corrected to Dorothy Shaver.


India, Day 1: World’s Largest Coronavirus Lockdown Begins

India’s 1.3 billion people have been told to stay at home. For some, it will mean starving. And an already fragile economy may collapse.

NEW DELHI — India’s economy was sputtering even before its leader announced the world’s largest coronavirus lockdown. Now the state-ordered paralysis of virtually all commerce in the country has put millions of people out of work and left many families struggling to eat.

On the first day of the nationwide 21-day shutdown of nearly all services on Wednesday, the streets of Mumbai, India’s largest metropolis — usually so busy it’s known as Maximum City — were silent. Shuttered shops, empty train tracks, closed airports and idle factories all across the country were signs of the economic impact of the social distancing that the Indian government said was necessary to prevent new coronavirus infections.

India has reported 606 coronavirus cases so far, but with the population density so high and the public health system so weak, Prime Minister Narendra Modi ordered the country’s 1.3 billion residents to stay inside to keep India from sliding into a disaster that could potentially dwarf what China, Italy, Spain, the United States and other countries have faced.

But Mr. Modi’s effort to prevent the spread of the virus will lead to its own calamitous damage.

Manual laborers have no work, farmers cannot tend fields, online retailers and pharmacists have been harassed by overzealous police officers. Countless people have been running out of cash.

“The kind of devastation that is going to be faced by the bottom 50 percent of the workers in the informal sector is unimaginable,” said Jayati Ghosh, an economist and professor at the Jawaharlal Nehru University in New Delhi.

In some places, police officers have staked out roads and highways, stopping motorists and demanding to know why they were outside. Several states have closed their borders, forcing cargo trucks to simply park by the roadside.

Flipkart, the country’s largest online retailer, found it so difficult to move people and goods that it suspended delivery of everything except food.

Grocery stores were allowed to remain open, and in the cities, crowds swarmed and emptied the shelves. At an upscale market in New Delhi, one man stuffed his Mercedes with groceries on Wednesday afternoon, jumped behind the wheel and zoomed off — wearing blue rubber dishwashing gloves and a snorkeling mask.

The National Restaurant Association of India estimated that perhaps 20 percent of the 7.3 million restaurant workers will permanently lose their jobs as employers go out of business. “Many companies may not survive this onslaught,” said Anurag Katriar, the association’s chief executive and the owner of a chain of upscale eateries.

Harcharan Singh, a vendor in rural Punjab state who usually goes door to door peddling everything from oranges to cauliflower, has had nothing to sell for days. The big wholesale food markets he normally relies on have all been closed.

“Our business is completely shut,” he said. “We need this money to survive, get food for our families.”

Hundreds of millions of Indians are like Mr. Singh, with little or no savings. Rickshaw drivers, for example, buy food for their families with the money they make that day. Banned from the roads, many drivers don’t know how they will survive.

Economists at Barclays predicted Wednesday that the lockdown would last a month and shave two percentage points off India’s anemic economic growth rate. Although India is likely to escape a recession, Barclays said, such a significant slowdown would mean rising joblessness in a country where millions of young people enter the work force every year.

Mr. Modi acknowledged the trade-offs in a televised address on Tuesday night, when he first announced the nationwide lockdown.

“No doubt this lockdown will entail an economic cost for the country, but saving the life of each and every Indian is the first priority for me,” he said. “If we are not able to manage the next 21 days, then many families will be destroyed forever.”

Economists are urging the government to create a huge stimulus package to blunt the effects of the lockdown.

India’s government stores an enormous grain supply, which could quickly be distributed to the poor, said Dharmakirti Joshi, chief economist at CRISIL, a Mumbai-based credit ratings agency.

Mr. Joshi also urged direct cash payments to individuals, and loans to small and medium-size businesses. “Give a clear signal that you will help,” he said.

The Modi administration is deliberating what kind of stimulus to offer, and a plan is expected to be unveiled within days.


Elmhurst Dairy closes the last milk-processing plant in the city amid industry consolidation

But ultimately, the high cost of processing milk in the city finally caught up with Elmhurst Dairy, which announced Tuesday that it was closing its doors, unable to compete as the last remaining pasteurizing facility in the city. The Jamaica, Queens company's cartons have been a fixture in New York supermarkets and schools for many decades.

&ldquoIt is with deep emotion and sadness that I announce Elmhurst Dairy and its family of ownership, management and employees will conclude more than 80 years of milk production at its Queens&rsquo processing plant,&rdquo Chief Executive Henry Schwartz said in a statement announcing that 273 employees will lose their jobs.

The company has a 15-acre site where it received 25 to 30 tanker trucks of milk daily and stored in its 12 silos enough milk to feed New Yorkers for a day, the company said. A spokesman said the company is "discussing the options internally and working with city to secure the most beneficial use for the community and the city."

Elmhurst&rsquos demise comes after another Queens-based dairy, Beyer Farms, filed for bankruptcy and closed in late 2012. There were 20 milk-processing plants in the city as recently as 25 years ago. None remains in the city or Nassau, Westchester, Rockland or Putnam counties. Much of the city's milk comes from further upstate, New Jersey and Pennsylvania. Only two small suppliers exist in Suffolk county. Nationwide the industry has consolidated. Milk buyers tend to have leverage with farmers who must move their perishable product quickly. That fact has given an edge to large buyers, which can both dictate prices to farmers and undercut competitors.

Tough times in the industry may be one reason why city Comptroller Scott Stringer found in 2014 that Elmhurst, Beyer and Queens-based distributor Bartlett Dairy had engaged in &ldquopossible collusion&rdquo to carve up business at city schools. Bartlett denied the claim.

In 2011, Elmhurst tangled with Bartlett Dairy, the largest milk distributor, with $185 million in revenue in 2014, according to Crain's list of largest privately held companies. The companies fought over the right to supply area Starbucks franchises. The companies had agreed that Bartlett would distribute Elmhurst-label milk at Starbucks through 2013 until Bartlett changed its mind and decided to start supplying the coffee giant with milk from Dean Foods, the country's largest milk processor with around one-third market share. Elmhurst sued for breach of contract, but a state judge ruled in Bartlett&rsquos favor.

Schwartz said Elmhurst kept its plant in Queens open long after it was economically viable in order to honor the wishes of his father, Max, the company founder. &ldquoThe family did so at a very high cost but is unable to continue to do so without ongoing losses,&rdquo he said.


It's midnight in New York and midday in Beijing. Here's a global breakdown of the coronavirus pandemic

Bodies are moved to a refrigerator truck serving as a temporary morgue outside of Wyckoff Hospital in Brooklyn, New York on April 4. Bryan R. Smith/AFP/Getty Images

The novel coronavirus pandemic continues to batter much of the world, with total global cases past 1.27 million.

The US now has more than four times China's total cases, and is the worst-hit country.

This is how the pandemic looks around the world:

  • Chaos in the US: The US has more than 337,000 cases, with New York at the epicenter. Most of the country is under movement restrictions, with people ordered to stay at home except for essential reasons. Emergency personnel and medical staff have spoken of insufficient resources, war-like conditions, exhaustion and fear. In one New York hospital, six patients went into cardiac arrest and four died within 40 minutes.
  • China returns to normal life: The past few weeks have seen the rate of new daily cases drop dramatically in mainland China, according to government figures. Yesterday, China reported 39 new cases nationwide and just one death -- a striking contrast to the thousands of new cases reported each day during the peak in February. Restrictions are now lifting and people are returning to normal life photos this weekend show hikers crammed onto a famous mountain.
  • Controversy in Japan: The daily count of new coronavirus cases in Japan has doubled in the past week. Many have criticized the government's handling of the crisis: the Prime Minister has repeatedly refused to declare a state of emergency or lock down Tokyo, and patients have had difficulty getting tested. To make things worse, people are reluctant to work from home, continue to gather outside, and are commuting during rush hours.
  • Slowdown in parts of Europe: Spain, Italy, Germany, and France are the four countries with the highest number of cases after the US. But evidence suggests the worst may have passed for some of these places yesterday Spain saw the lowest rise in deaths since early March. Meanwhile, the mood in the UK is grim, with Prime Minister Boris Johnson admitted to hospital and the Queen giving a rare national address.
  • Cases spike in Iran: Iran, which became the epicenter of the Middle East outbreak in March, is still seeing high numbers -- 2,483 new cases in 24 hours were reported yesterday. Despite this, the President said yesterday that foreign media "exaggerate the issue," and that some restrictions will be lifted this week, allowing "low-risk businesses" to return to work.

Letter to the Editor: ‘COVID-19 crisis exacerbates food insecurity issues across the Southern Tier’

Before the COVID-19 pandemic emerged, Tompkins and Cortland counties were already facing a long-standing food insecurity crisis. Hunger can lead to reduced cognitive development and educational attainment in children, as well as higher rates of chronic diseases like diabetes and heart disease, reduced earnings, and premature mortality.

According to FeedingAmerica.org, approximately 18% of people in Tompkins and Cortland counties were food insecure in 2017, the latest year for which data is available.

There are many community organizations working to provide support to families, but the demand outpaces their ability to supply food. For example, the Food Bank of the Southern Tier, which provides over one million meals to Tompkins County residents annually, is still only able to meet less than half of the need. According to FeedingAmerica.org, there is an $11 million annual shortfall in order to provide for everyone in Tompkins and Cortland Counties. ($1.2 billion for the whole state).

If families across the region were facing this imbalance when the overall economy was stable and unemployment was relatively low, imagine how COVID-19 has magnified this crisis.

An emergency food task force emerges in Tompkins County to address COVID-19

In mid-March, I connected with a group of farmers and community organizers — Rafael Aponte, Dr. Rachel Bezner Kerr, and Kirby Edmonds, in a grassroots effort to mitigate the growing local food crisis. The existence of enough food was not the problem. The first problem was getting the food to the growing number of people who needed it without increasing anyone’s risk of contracting COVID-19. The second problem was supporting local farmers who had suddenly lost markets as restaurants, schools, and cafes closed their doors.

An initial meeting took place with 65 people representing a wide range of stakeholders in the food system. As a result, the Tompkins County Covid-19 Food Task Force was created and working groups emerged to address three critical areas of need: production, distribution, and health.

An emergency food hub is established

The task force established an emergency food hub in the former GreenStar Space thanks to the generosity of the GreenStar Cooperative, and later by its current owners, the City Harbor group.

The coordinated work of the Task Force and the Emergency Food Hub has highlighted the power of combining our efforts and resources. In the first week, we accomplished:

Packing and delivering 600 boxes of food from the GreenStar’s The Space by volunteers with the Food Bank of the Southern Tier

Packing and delivering 10,000 masks with Spanish inserts and hand sanitizer for delivery to farms and farmworkers in the region through the NYS Department of Agriculture, Cornell Cooperative Extension, and the Cornell Farmworker Program

Coordinating $2000 worth of locally-farmed fruits and vegetables from Headwater Food Hub to be distributed to families in need through the Ithaca City School District.

Last week, Engaged Cornell in partnership with Cornell Cooperative Extension funded a full-time temporary coordinator position, filled by local food system expert Holly Payne to take over the extensive effort previously led by our core group of volunteers.

Long-term solutions inspired by COVID-19 state actions

On April 27th, Governor Cuomo announced $25 million in funding to support the Nourish New York initiative. Through this program, the state purchases produce from upstate farms and distributes it to communities and households in greatest need through the state network of food banks. If made permanent, Nourish NY could serve as the core for a statewide fight to eradicate hunger. To make the initiative cost-effective, we must capitalize on community programs and social service programs that already exist, and incentivize coordination.

The Taskforce and food hub created in Tompkins County, as well as similar models operating in other counties like Schenectady, demonstrate that a comprehensive coordinated effort can address food insecurity in our community effectively, efficiently, and equitably with the help of state aid.

Food insecurity is a deep-rooted and long-standing issue in our community. Investments in nutrition are a smart way to reduce long term poverty and dependency on social services, lessening the burden on the healthcare system and programs like Medicaid, and ultimately saving taxpayers’ dollars while ensuring that no one in our community goes hungry.

Anna Kelles
Tompkins County Legislature
Candidate for the NY State Assembly 125th


S&P 500 closes barely higher as investors balance pandemic with recovery

NEW YORK (Reuters) – The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.

Technology and healthcare shares provided the biggest lift to all three major U.S. stock indexes and led the tech-heavy Nasdaq to its sixth consecutive advance.

The blue-chip Dow lost ground.

The S&P 500 and Dow Jones Industrial Average remain within 20% of all-time highs reached in February, and the tech-heavy Nasdaq is within 10% of its closing record.

Indeed, despite bleak recent economic data, including Friday’s 20.2 million drop in U.S. payrolls, Wall Street has gained in recent weeks as investors look beyond pandemic to recovery.

Three-time Tony-Award winning producer, Bonnie Comley

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“Investors have been buying equities given the realistic expectation that massive fiscal and monetary stimulus will reignite economic and profit growth,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “There is still a fair amount of optimism in the markets, but this could be quelled if coronavirus cases re-emerge.”

But a surge of new coronavirus infections in Germany and South Korea suggested early efforts to lift restrictions could be premature, even as businesses around the world, shuttered by social distancing restrictions, begin re-opening their doors.

“There’s really no playbook for a health crisis like the world is now experiencing,” Carter added. “With no playbook, there’s much less certainty and markets are more likely to vacillate.”

The Dow Jones Industrial Average <.DJI> fell 109.33 points, or 0.45%, to 24,221.99, the S&P 500 <.SPX> gained 0.39 points, or 0.01%, to 2,930.19 and the Nasdaq Composite <.IXIC> added 71.02 points, or 0.78%, to 9,192.34.

Of the 11 major sectors in the S&P 500, four closed in the black, with healthcare <.SPXHC> enjoying the largest percentage gain.

First-quarter earnings season is nearing the final stretch, with 440 of the companies in the S&P 500 having reported. Of those, 67.5% have beaten Wall Street estimates, according to Refinitiv data.

In aggregate, S&P 500 earnings are seen to have dropped by 12.1% in the first quarter, compared with a year ago.

Drug distributor Cardinal Health Inc <CAH.N> jumped 6.7% as the pandemic boosted third-quarter sales.

Chesapeake Energy Corp <CHK.N> slid 12.2% after it said bankruptcy is among the options under consideration as the shale driller copes with plummeting oil and gas prices.

Marriott <MAR.O> missed first-quarter profit margins by a wide margin as bookings plunged. The hotel operator’s shares lost 5.6%.

Shares of Under Armour Inc <UAA.N> plunged 9.7% after the athletic wear company forecast a 50% to 60% drop in the second quarter as many of its stores remain shuttered.

Packaged food company General Mills <GIS.N> said it expects to surpass its fiscal 2020 sales expectations as consumers stock their pantries amid lockdowns, sending its stock up 1.8%.

Declining issues outnumbered advancing ones on the NYSE by a 1.68-to-1 ratio on Nasdaq, a 1.20-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and one new low the Nasdaq Composite recorded 104 new highs and 10 new lows.


S&P 500 closes barely higher as investors balance pandemic with recovery

NEW YORK (Reuters) - The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.

Technology and healthcare shares provided the biggest lift to all three major U.S. stock indexes and led the tech-heavy Nasdaq to its sixth consecutive advance.

The blue-chip Dow lost ground.

The S&P 500 and Dow Jones Industrial Average remain within 20% of all-time highs reached in February, and the tech-heavy Nasdaq is within 10% of its closing record.

Indeed, despite bleak recent economic data, including Friday’s 20.2 million drop in U.S. payrolls, Wall Street has gained in recent weeks as investors look beyond pandemic to recovery.

“Investors have been buying equities given the realistic expectation that massive fiscal and monetary stimulus will reignite economic and profit growth,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “There is still a fair amount of optimism in the markets, but this could be quelled if coronavirus cases re-emerge.”

But a surge of new coronavirus infections in Germany and South Korea suggested early efforts to lift restrictions could be premature, even as businesses around the world, shuttered by social distancing restrictions, begin re-opening their doors.

“There’s really no playbook for a health crisis like the world is now experiencing,” Carter added. “With no playbook, there’s much less certainty and markets are more likely to vacillate.”

The Dow Jones Industrial Average .DJI fell 109.33 points, or 0.45%, to 24,221.99, the S&P 500 .SPX gained 0.39 points, or 0.01%, to 2,930.19 and the Nasdaq Composite .IXIC added 71.02 points, or 0.78%, to 9,192.34.

Of the 11 major sectors in the S&P 500, four closed in the black, with healthcare .SPXHC enjoying the largest percentage gain.

First-quarter earnings season is nearing the final stretch, with 440 of the companies in the S&P 500 having reported. Of those, 67.5% have beaten Wall Street estimates, according to Refinitiv data.

In aggregate, S&P 500 earnings are seen to have dropped by 12.1% in the first quarter, compared with a year ago.

Drug distributor Cardinal Health Inc CAH.N jumped 6.7% as the pandemic boosted third-quarter sales.

Chesapeake Energy Corp CHK.N slid 12.2% after it said bankruptcy is among the options under consideration as the shale driller copes with plummeting oil and gas prices.

Marriott MAR.O missed first-quarter profit margins by a wide margin as bookings plunged. The hotel operator's shares lost 5.6%.

Shares of Under Armour Inc UAA.N plunged 9.7% after the athletic wear company forecast a 50% to 60% drop in the second quarter as many of its stores remain shuttered.

Packaged food company General Mills GIS.N said it expects to surpass its fiscal 2020 sales expectations as consumers stock their pantries amid lockdowns, sending its stock up 1.8%.

Declining issues outnumbered advancing ones on the NYSE by a 1.68-to-1 ratio on Nasdaq, a 1.20-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and one new low the Nasdaq Composite recorded 104 new highs and 10 new lows.


S&P 500 closes barely higher as investors balance pandemic with recovery

NEW YORK - The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.

Technology and healthcare shares provided the biggest lift to all three major US stock indexes and led the tech-heavy Nasdaq to its sixth consecutive advance.

The blue-chip Dow lost ground.

The S&P 500 and Dow Jones Industrial Average remain within 20% of all-time highs reached in February, and the tech-heavy Nasdaq is within 10% of its closing record.

Indeed, despite bleak recent economic data, including Friday's 20.2 million drop in US payrolls, Wall Street has gained in recent weeks as investors look beyond pandemic to recovery.

"Investors have been buying equities given the realistic expectation that massive fiscal and monetary stimulus will reignite economic and profit growth," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "There is still a fair amount of optimism in the markets, but this could be quelled if coronavirus cases re-emerge."

But a surge of new coronavirus infections in Germany and South Korea suggested early efforts to lift restrictions could be premature, even as businesses around the world, shuttered by social distancing restrictions, begin re-opening their doors.

"There's really no playbook for a health crisis like the world is now experiencing," Carter added. "With no playbook, there's much less certainty and markets are more likely to vacillate."

The Dow Jones Industrial Average fell 109.33 points, or 0.45%, to 24,221.99, the S&P 500 gained 0.39 points, or 0.01%, to 2,930.19 and the Nasdaq Composite added 71.02 points, or 0.78%, to 9,192.34.

Of the 11 major sectors in the S&P 500, four closed in the black, with healthcare enjoying the largest percentage gain.

First-quarter earnings season is nearing the final stretch, with 440 of the companies in the S&P 500 having reported. Of those, 67.5% have beaten Wall Street estimates, according to Refinitiv data.

In aggregate, S&P 500 earnings are seen to have dropped by 12.1% in the first quarter, compared with a year ago.

Drug distributor Cardinal Health Inc jumped 6.7% as the pandemic boosted third-quarter sales.

Chesapeake Energy Corp slid 12.2% after it said bankruptcy is among the options under consideration as the shale driller copes with plummeting oil and gas prices.

Marriott missed first-quarter profit margins by a wide margin as bookings plunged. The hotel operator's shares lost 5.6%.

Shares of Under Armour Inc plunged 9.7% after the athletic wear company forecast a 50% to 60% drop in the second quarter as many of its stores remain shuttered.

Packaged food company General Mills said it expects to surpass its fiscal 2020 sales expectations as consumers stock their pantries amid lockdowns, sending its stock up 1.8%.

Declining issues outnumbered advancing ones on the NYSE by a 1.68-to-1 ratio on Nasdaq, a 1.20-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and one new low the Nasdaq Composite recorded 104 new highs and 10 new lows.


S&P 500 closes barely higher as investors balance pandemic with recovery

NEW YORK (Reuters) – The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.

Technology and healthcare shares provided the biggest lift to all three major U.S. stock indexes and led the tech-heavy Nasdaq to its sixth consecutive advance.

The blue-chip Dow lost ground.

The S&P 500 and Dow Jones Industrial Average remain within 20% of all-time highs reached in February, and the tech-heavy Nasdaq is within 10% of its closing record.

Indeed, despite bleak recent economic data, including Friday&rsquos 20.2 million drop in U.S. payrolls, Wall Street has gained in recent weeks as investors look beyond pandemic to recovery.

&ldquoInvestors have been buying equities given the realistic expectation that massive fiscal and monetary stimulus will reignite economic and profit growth,&rdquo said David Carter, chief investment officer at Lenox Wealth Advisors in New York. &ldquoThere is still a fair amount of optimism in the markets, but this could be quelled if coronavirus cases re-emerge.&rdquo

But a surge of new coronavirus infections in Germany and South Korea suggested early efforts to lift restrictions could be premature, even as businesses around the world, shuttered by social distancing restrictions, begin re-opening their doors.

&ldquoThere&rsquos really no playbook for a health crisis like the world is now experiencing,&rdquo Carter added. &ldquoWith no playbook, there&rsquos much less certainty and markets are more likely to vacillate.&rdquo

The Dow Jones Industrial Average .DJI fell 109.33 points, or 0.45%, to 24,221.99, the S&P 500 .SPX gained 0.39 points, or 0.01%, to 2,930.19 and the Nasdaq Composite .IXIC added 71.02 points, or 0.78%, to 9,192.34.

Of the 11 major sectors in the S&P 500, four closed in the black, with healthcare .SPXHC enjoying the largest percentage gain.

First-quarter earnings season is nearing the final stretch, with 440 of the companies in the S&P 500 having reported. Of those, 67.5% have beaten Wall Street estimates, according to Refinitiv data.

In aggregate, S&P 500 earnings are seen to have dropped by 12.1% in the first quarter, compared with a year ago.

Drug distributor Cardinal Health Inc ( CAH.N ) jumped 6.7% as the pandemic boosted third-quarter sales.

Chesapeake Energy Corp ( CHK.N ) slid 12.2% after it said bankruptcy is among the options under consideration as the shale driller copes with plummeting oil and gas prices.

Marriott ( MAR.O ) missed first-quarter profit margins by a wide margin as bookings plunged. The hotel operator&rsquos shares lost 5.6%.

Shares of Under Armour Inc ( UAA.N ) plunged 9.7% after the athletic wear company forecast a 50% to 60% drop in the second quarter as many of its stores remain shuttered.

Packaged food company General Mills ( GIS.N ) said it expects to surpass its fiscal 2020 sales expectations as consumers stock their pantries amid lockdowns, sending its stock up 1.8%.

Declining issues outnumbered advancing ones on the NYSE by a 1.68-to-1 ratio on Nasdaq, a 1.20-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and one new low the Nasdaq Composite recorded 104 new highs and 10 new lows.


Watch the video: ΑΣΤΟΡΙΑ, ΝΕΑ ΥΟΡΚΗ, ΤΙΤΑΝ ΜΕΓΑΛΟ ΣΑΒΒΑΤΟ


Comments:

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  2. Firas

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  3. Fairfax

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  4. Goltigrel

    I would be sick with those in the crib.

  5. Audie

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  6. Daylan

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