Here's what happened to the stock market on Friday
Here's who is paying the nearly $300 billion for your stimulus checks
Congress has yet to pass a second round of stimulus checks, but we already know how the potential new payments will be funded.
The CARES Act in March authorized about $300 billion in stimulus checks to go directly to Americans' bank accounts.
The payments process involves an interesting way to borrow and figuratively print money, according to Sahil Bloom, a financial educator and vice president at Altamont Capital Partners.
Bloom said that the government can create money without actually printing physical currency. "We live in a digital age. So really money is just numbers on a screen," he said.
The undertaking involves three key players: Congress, the Department of the Treasury and the Federal Reserve. Check out this video to see who actually "clicks the button" and to learn how the process can backfire.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
CEO of German Wholesaler Metro to Step Down at End of Year
The head of German wholesaler Metro AG plans to step down at the end of the year, an early departure from a position he was slated to hold until March 2022.
Chief Executive Officer Olaf Koch, who has helped oversee a dramatic shift in the company’s strategy, will leave the management board as of Dec. 31, Metro said Friday in a filing. The supervisory board “will deliberate on the matter shortly.”
The Duesseldorf-based company, which recently fended off a takeover bid from Czech billionaire Daniel Kretinsky, has shed retail operations as it seeks to become a pure wholesale company. The business has come under pressure in recent years amid increased concentration in Germany’s grocery landscape, with discounters Aldi, Lidl and Netto gaining market share.
Sysco Corp. approached Metro earlier this year about a potential takeover, Bloomberg has reported.
Thai student protests: Minister meets organisers
The minister says he and others in the government are willing to continue discussions with the protesters.
Thai police have begun arresting student anti-government protest organisers to prevent what officials fear was an escalation.
But for the first time, a minister sat down with some of the students.
Al Jazeera’s Scott Heidler, in Bangkok, asked him how it went.
Avalanche-Stars Game 1 set for Saturday night in Edmonton
With the Colorado Avalanche and Dallas Stars able to clinch their first-round series early, the NHL decided to move up the start time of their second-round series to Saturday night.
The Western Conference rivals will meet in Game 1 at 6 p.m. Saturday at Rogers Place in Edmonton the league announced Friday afternoon, with the game available on NBC.
As for when Game 2 begins? The NHL will get back to you on that.
The full schedule for the second round of the playoffs “will be announced as soon as it is confirmed,” the league stated in a new release.
Student firm STA Travel ceases trading in the UK
Student travel firm STA Travel UK has ceased trading, saying the coronavirus pandemic has brought its industry to a “standstill”.
In a statement on its website, it said anyone with a live booking would receive “further communication in the coming days”.
It added that it was “sorry for the inconvenience”.
Virus in Mexico Under-Recognized With Poor Hit Hardest, WHO Says
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Mexico’s limited testing means the pandemic is “clearly under-recognized,” according to the World Health Organization.
Testing continues to be limited, with the country performing only about three tests per 100,000 people, said Michael Ryan of the WHO’s Health Emergencies Program on a webcast published on CBC’s website Friday.
Mexico’s situation is “complex,” Ryan said, because many people are being under-diagnosed or diagnosed late and it’s hitting poor and indigenous communities especially hard. There’s a sharp difference in mortality among the wealthier districts and the poor municipalities, he said, adding that people living in poverty are more than twice as likely to die from Covid-19 than those in more affluent areas.
As of Friday, the country has confirmed 543,806 cases and 59,106 deaths, though experts have said limited testing means the real number of cases could be in the millions.
Here's what happened to the stock market on Friday
The Dow climbed 190.6 points, or 0.7%, to close at 27,930.33. The S&P 500 climbed 0.3% to end the day at 3397.16, another closing record. The Nasdaq Composite advanced 0.4% to 11,311.80, also a record close. Wall Street wrapped up a record setting week with solid gains on the back of strong U.S. economic data.
U.S. manufacturing and services activity surge along with home sales
Data from IHS Markit showed U.S. manufacturing activity hit its highest level in 19 months in August, while services were at their highest level in 17 months. Meanwhile, existing home sales for July saw a record month-over-month spike of 24.7%. The average selling price for homes also hit an all-time high, jumping to $304,100.
Apple extends rally, Deere gains
Apple shares rose 5% to a fresh all-time high, building on its rally for the week. Deere, meanwhile, climbed 4% on the back of better-than-expected results for the previous quarter.
What happens next?
Consumer confidence and even more housing numbers are set for release next week. The Federal Reserve is also set to hold its annual symposium on monetary policy.
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