Wall Street in the US reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, it was driven by increased stimulus and an accelerated vaccine rollout as well.

World Business Watch: Wall Street sets record closing highs on stimulus hopes

A film describing the&nbsp;GameStop-Wall Street incident is in development at HBO.&nbsp;

The film is described as exploring how a populist uprising of social media day traders beat Wall Street at their own game, turning the stock market upside down and shaking the financial world to its core.&nbsp;According to The Hollywood Reporter, 'Billions'&nbsp;co-creator and financial journalist Andrew Ross Sorkin, Jason Blum, and former HBO Films head Len Amato are executive&nbsp;producing the project. The untitled show will follow the stock saga where hedge fund managers had bet on GameStop to lose a lot of value, but several scores of people in the wallstreetbets Reddit forum exchanged tips and bought the company's shares. 
 
<a href="https://www.wionews.com/business-economy/how-gamestop-stocks-surge-exposed-wall-street-elites-360171">How GameStop stocks surge exposed Wall Street elites</a>

This is the latest onscreen project set up to detail the ongoing stock market saga around GameStop. A feature documentary was announced recently, while earlier this week a feature film adaptation from writer Mark Boal ('The Hurt Locker,'&nbsp;'Zero Dark Thirty') was announced, with Noah Centineo set to star in a major role. MGM also recently picked up the rights to author Ben Mezrich’s book proposal, 'The Antisocial Network,'&nbsp;which also dives into the Wall Street fiasco. Grand Central Publishing plans to publish the book in the fall, according to Variety. 
 
<a href="https://www.wionews.com/business-economy/four-things-to-know-about-the-gamestop-insanity-359947?fbclid=IwAR1VWpWmbdqf9oIvDYuM_jIuxW8ea4kIbLNkV96mQNS_oKBmVVA3YTeJrEw">Four things to know about the GameStop insanity</a>

Sorkin is the co-creator of the Showtime drama “Billions,” which is set in the world of hedge funds. He is also the author of the 2008 financial crisis book “Too Big to Fail,” and co-produced a film adaptation previously for HBO Films, which was nominated for 11 Emmy Awards.

Amato is the former head of HBO Films. During his time there, HBO Films won 43 Emmy Awards and 12 Golden Globes, winning the Outstanding Made For Television Movie Emmy in 2009, 2010, 2012, 2013, 2014, and 2015. Amato also developed and executive produced 2008’s “Recount,” which garnered 3 Emmy Awards including Best Made for Television Movie, and resulted in an Emmy for Amato as executive producer.

 
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A film describing the GameStop-Wall Street incident is in development at HBO. The film is described as exploring how a populist uprising of social media day traders beat Wall Street at their own game, turning the stock market upside down and shaking the financial world to its core.

A film describing the GameStop-Wall Street incident is in development at HBO. The film is described as exploring how a populist uprising of social media day traders beat Wall Street at their own game, turning the stock market upside down and shaking the financial world to its core. According to The Hollywood Reporter, 'Billions' co-creator and financial journalist Andrew Ross Sorkin, Jason Blum, and former HBO Films head Len Amato are executive producing the project. The untitled show will follow the stock saga where hedge fund managers had bet on GameStop to lose a lot of value, but several scores of people in the wallstreetbets Reddit forum exchanged tips and bought the company's shares. How GameStop stocks surge exposed Wall Street elites This is the latest onscreen project set up to detail the ongoing stock market saga around GameStop. A feature documentary was announced recently, while earlier this week a feature film adaptation from writer Mark Boal ('The Hurt Locker,' 'Zero Dark Thirty') was announced, with Noah Centineo set to star in a major role. MGM also recently picked up the rights to author Ben Mezrich’s book proposal, 'The Antisocial Network,' which also dives into the Wall Street fiasco. Grand Central Publishing plans to publish the book in the fall, according to Variety. Four things to know about the GameStop insanity Sorkin is the co-creator of the Showtime drama “Billions,” which is set in the world of hedge funds. He is also the author of the 2008 financial crisis book “Too Big to Fail,” and co-produced a film adaptation previously for HBO Films, which was nominated for 11 Emmy Awards. Amato is the former head of HBO Films. During his time there, HBO Films won 43 Emmy Awards and 12 Golden Globes, winning the Outstanding Made For Television Movie Emmy in 2009, 2010, 2012, 2013, 2014, and 2015. Amato also developed and executive produced 2008’s “Recount,” which garnered 3 Emmy Awards including Best Made for Television Movie, and resulted in an Emmy for Amato as executive producer.

HBO to develop film chronicling the GameStop-Wall Street incident

It is Occupy Wall Street, the sequel. It is elements of the Tea Party, again. It is Bernie bros and MAGA maniacs.

The hordes of young traders who this week fueled a spectacular surge in the value of video game retailer GameStop may lack a unified political ideology. But they have forced a reckoning on Wall Street and caught the attention of leaders in Washington who recognize a populist uprising when they see one.

Wall Street has long been an easy villain for many on Capitol Hill. But the rush to side with speculative traders by both Democrats and Republicans reflects the broad recognition of the impulses that have driven U.S. politics in recent years, fueling both the ascension of President Donald Trump and a liberal wing of the Democratic Party that grew stronger in opposition.

Also read|&nbsp;<a href="https://www.wionews.com/world/trading-curbs-reverse-gamestop-rally-angering-upstart-traders-360011">Trading curbs reverse GameStop rally, angering upstart traders</a>

The decision by online brokerage app Robinhood to impose trading limits as hedge funds were hammered by the wild market fluctuation has prompted the rarest of all political occurrences: bipartisan agreement. Lawmakers from across the political spectrum condemned the move and called for hearings into the decision — among them Sen. Ted Cruz, R-Texas, a staunch conservative; and Rep. Alexandria Ocasio-Cortez, D-N.Y., a standard-bearer of the left. The conservative attorney general of Texas and his progressive counterpart in New York have both initiated inquiries into Robinhood.

“For years, the stock market has been less and less about the value of business and more and more like casino gambling,” said Sen. Elizabeth Warren, D-Mass., who called for increased regulation of Wall Street shortly after the market frenzy over GameStop began this week.

“GameStop is just the latest and most visible example,” she said in an interview Friday. “We need to take this not as a one-off problem but as a systemic problem that requires systemic regulation and enforcement.”

While President Joe Biden defeated Trump with a centrist message of restoring political norms, the trading frenzy this week provided a potent reminder of the strong undercurrent of grievance and institutional distrust in the country. Many believe that will only intensify as the nation wrestles with the economic fallout from a devastating pandemic.

Also read|&nbsp;<a href="https://www.wionews.com/business-economy/how-gamestop-stocks-surge-exposed-wall-street-elites-360171">How GameStop stocks surge exposed Wall Street elites</a>

As Wall Street booms, unemployment has hit record highs, with nearly 10 million fewer people holding jobs than at the beginning of last year — a situation that reminds some former officials of the 2008 economic crisis that led to both the Occupy Wall Street and the Tea Party movements.

“It’s not about Republicans and Democrats,” said Newt Gingrich, the former Republican House Speaker and an ally of Trump. “It’s lots and lots of normal, everyday people who began to figure out they really got ripped off for the last year just like they got ripped off in 2008 and 2009. What you’re seeing is an almost spontaneous cultural reaction in which the little guys and gals are getting together and going after the bigs, so the bigs are having to rig the game in order to survive.”

The reality is more complicated. There is little sign of any central political mission shared by the millions of amateur traders who combined to squeeze at least two hedge funds that bet against the stocks of companies like GameStop and movie chain AMC. One of the originators of the scheme is far from a “little guy,” with the financial resources to have purportedly transformed an initial investment of $53,000 into $48 million. Overall, only about half the country owns any stock at all.

On Reddit, the online message board that helped fuel the surge, few of the mostly young participants frame their flood of investments in clearly partisan terms. Yet many write of being driven by anger over the 2008 financial bailouts that kept the big banks afloat while 10 million Americans lost their homes.

“When that crisis hit our family, we were able to keep our little house, but we lived off of pancake mix, and powdered milk, and beans and rice for a year,” one person identified as ssauronn posted on Reddit. “Your ilk were bailed out and rewarded for terrible and illegal financial decisions that negatively changed the lives of millions.”

Other posters responded with their own stories of economic struggle and political rage.

Also read|&nbsp;<a href="https://www.wionews.com/technology/gamestop-prompts-surge-in-hyper-rally-after-elon-musks-tweet-359791">GameStop prompts surge in hyper-rally after Elon Musk's tweet</a>

“Forget republican/democrat, left/right... the bankers play both sides and have almost always come out on top,” a poster identified as ChrisFrettJunior wrote, after recounting watching his parents struggle through the 2008 recession.

The decision to bail out the biggest banks and also decline to prosecute any of their top executives led to much of the populist fervor that has driven U.S. politics in the past decade. The Tea Party surged to political prominence in the wake of the $700 billion financial rescue package that passed in 2008, eventually becoming a force that defeated both moderate Republicans and Democrats.

After Republicans won control of the House in 2010, Democrats began to face their own backlash, beginning with Occupy Wall Street — a loose coalition of largely liberal protesters who fueled a national conversation about economic inequality.

These days, political strategists warn, hedge funds, private equity investors and bankers are unlikely to find the same kind of deep support in Washington. Anger over the bailouts fueled the campaigns of political outsiders, creating a Congress that is less receptive to the pleas of Wall Street and far more eager to make use of upheaval to advance their agendas.

“There’s a ton of political currency in holding hedge funds’ feet to the fire from Democrats and Republicans,” said Josh Holmes, a Republican strategist and longtime adviser to Sen. Mitch McConnell, R-Ky. “If you’re sitting on Wall Street looking at this, dismissing people as folks who don’t understand the way that the markets work, I think you’re going to be in a lot of trouble.”

For Republicans, the market upheaval was a referendum on elitism. Democrats saw pure corporate greed and the need for greater regulation.

“Big Hedge, with outposts in South Hedge-i-stan (Wall Street) and North Hedge-i-stan (Greenwich, CT), has made trillions shorting great American companies facing a rough patch,” said Rep. Jeff Fortenberry, R-Neb. “Now they are getting a comeuppance from flash mobs of day traders and are paying dearly.”

Most of the ire this week was directed at Robinhood, a brokerage app catering to younger investors, which suddenly limited trading in GameStop, AMC and other stocks. Lawmakers argued that the app was protecting hedge funds and other big investors over retail investors. Robinhood said the additional restrictions were necessary to comply with government financial requirements.

Yet even centrists like Sen. Pat Toomey, R-Pa., who is poised to become the top Republican on the Senate Banking Committee, expressed concerns about the lack of transparency in the online company’s decision-making.

“I find it disturbing when retail investors who are simply seeking to buy a stock are frozen out of the market,” Toomey said in a statement. “Retail investors should be free to purchase even highly speculative stocks, just as hedge funds should be free to short them.”

Although politicians from both sides joined calls for greater scrutiny, it was hardly a kumbaya moment for the two parties.

After Cruz tweeted that he agreed with Ocasio-Cortez’s call for a probe into Robinhood’s action, she quickly disavowed any support from Cruz, who was a prominent backer of Trump’s baseless claims of election fraud.

“I am happy to work with Republicans on this issue where there’s common ground, but you almost had me murdered 3 weeks ago so you can sit this one out,” she responded. “Happy to work w/ almost any other GOP that aren’t trying to get me killed. In the meantime if you want to help, you can resign.”

Cruz condemned her response as “partisan anger” that’s “not healthy for our country,” drawing another response from Ocasio-Cortez, while his allies in the House called for an apology.

The uproar over GameStop and Robinhood comes at a challenging time for the Biden administration, which took office promising to restore a sense of calm to the country. The Senate Banking Committee has yet to schedule a hearing to confirm Gary Gensler, Biden’s pick to lead the Securities and Exchange Commission, leaving the agency with an acting chair for the indefinite future. On Friday the White House press secretary, Jen Psaki, deferred questions on the issue.

“It’s a good reminder, though, that the stock market isn’t the only measure of the health of our economy,” she said, an apparent reference to Trump’s persistent fixation on stock prices during his tenure. Biden has not yet commented on the issue.

Rep. Ro Khanna, D-Calif., a progressive who represents a district that includes Silicon Valley, said this week’s events should alert lawmakers to the need to tighten financial regulations and increase transparency and equity.

He said the wide range of Republicans and Democrats who have spoken out are a reflection of “a real populist anger in this country.”

“Some people go get fancy degrees, know the right people and spend all day in front of their computers short selling, Khanna said. “And it’s a form of manipulation that has hurt our country. That has enriched the few at the expense of many Americans.”

Although many Americans own no stock at all, the sense that Wall Street has gamed a rigged system cuts across demographic barriers, he argued.

“I think this has been bubbling up since the Wall Street crash of 2008,” Khanna said. “And it’s coming to a boiling point.”

It is Occupy Wall Street, the sequel. It is elements of the Tea Party, again. It is Bernie bros and MAGA maniacs. The hordes of young traders who this week fueled a spectacular surge in the value of video game retailer GameStop may lack a unified political ideology.

It is Occupy Wall Street, the sequel. It is elements of the Tea Party, again. It is Bernie bros and MAGA maniacs. The hordes of young traders who this week fueled a spectacular surge in the value of video game retailer GameStop may lack a unified political ideology. But they have forced a reckoning on Wall Street and caught the attention of leaders in Washington who recognize a populist uprising when they see one. Wall Street has long been an easy villain for many on Capitol Hill. But the rush to side with speculative traders by both Democrats and Republicans reflects the broad recognition of the impulses that have driven U.S. politics in recent years, fueling both the ascension of President Donald Trump and a liberal wing of the Democratic Party that grew stronger in opposition. Also read| Trading curbs reverse GameStop rally, angering upstart traders The decision by online brokerage app Robinhood to impose trading limits as hedge funds were hammered by the wild market fluctuation has prompted the rarest of all political occurrences: bipartisan agreement. Lawmakers from across the political spectrum condemned the move and called for hearings into the decision — among them Sen. Ted Cruz, R-Texas, a staunch conservative; and Rep. Alexandria Ocasio-Cortez, D-N.Y., a standard-bearer of the left. The conservative attorney general of Texas and his progressive counterpart in New York have both initiated inquiries into Robinhood. “For years, the stock market has been less and less about the value of business and more and more like casino gambling,” said Sen. Elizabeth Warren, D-Mass., who called for increased regulation of Wall Street shortly after the market frenzy over GameStop began this week. “GameStop is just the latest and most visible example,” she said in an interview Friday. “We need to take this not as a one-off problem but as a systemic problem that requires systemic regulation and enforcement.” While President Joe Biden defeated Trump with a centrist message of restoring political norms, the trading frenzy this week provided a potent reminder of the strong undercurrent of grievance and institutional distrust in the country. Many believe that will only intensify as the nation wrestles with the economic fallout from a devastating pandemic. Also read| How GameStop stocks surge exposed Wall Street elites As Wall Street booms, unemployment has hit record highs, with nearly 10 million fewer people holding jobs than at the beginning of last year — a situation that reminds some former officials of the 2008 economic crisis that led to both the Occupy Wall Street and the Tea Party movements. “It’s not about Republicans and Democrats,” said Newt Gingrich, the former Republican House Speaker and an ally of Trump. “It’s lots and lots of normal, everyday people who began to figure out they really got ripped off for the last year just like they got ripped off in 2008 and 2009. What you’re seeing is an almost spontaneous cultural reaction in which the little guys and gals are getting together and going after the bigs, so the bigs are having to rig the game in order to survive.” The reality is more complicated. There is little sign of any central political mission shared by the millions of amateur traders who combined to squeeze at least two hedge funds that bet against the stocks of companies like GameStop and movie chain AMC. One of the originators of the scheme is far from a “little guy,” with the financial resources to have purportedly transformed an initial investment of $53,000 into $48 million. Overall, only about half the country owns any stock at all. On Reddit, the online message board that helped fuel the surge, few of the mostly young participants frame their flood of investments in clearly partisan terms. Yet many write of being driven by anger over the 2008 financial bailouts that kept the big banks afloat while 10 million Americans lost their homes. “When that crisis hit our family, we were able to keep our little house, but we lived off of pancake mix, and powdered milk, and beans and rice for a year,” one person identified as ssauronn posted on Reddit. “Your ilk were bailed out and rewarded for terrible and illegal financial decisions that negatively changed the lives of millions.” Other posters responded with their own stories of economic struggle and political rage. Also read| GameStop prompts surge in hyper-rally after Elon Musk's tweet “Forget republican/democrat, left/right... the bankers play both sides and have almost always come out on top,” a poster identified as ChrisFrettJunior wrote, after recounting watching his parents struggle through the 2008 recession. The decision to bail out the biggest banks and also decline to prosecute any of their top executives led to much of the populist fervor that has driven U.S. politics in the past decade. The Tea Party surged to political prominence in the wake of the $700 billion financial rescue package that passed in 2008, eventually becoming a force that defeated both moderate Republicans and Democrats. After Republicans won control of the House in 2010, Democrats began to face their own backlash, beginning with Occupy Wall Street — a loose coalition of largely liberal protesters who fueled a national conversation about economic inequality. These days, political strategists warn, hedge funds, private equity investors and bankers are unlikely to find the same kind of deep support in Washington. Anger over the bailouts fueled the campaigns of political outsiders, creating a Congress that is less receptive to the pleas of Wall Street and far more eager to make use of upheaval to advance their agendas. “There’s a ton of political currency in holding hedge funds’ feet to the fire from Democrats and Republicans,” said Josh Holmes, a Republican strategist and longtime adviser to Sen. Mitch McConnell, R-Ky. “If you’re sitting on Wall Street looking at this, dismissing people as folks who don’t understand the way that the markets work, I think you’re going to be in a lot of trouble.” For Republicans, the market upheaval was a referendum on elitism. Democrats saw pure corporate greed and the need for greater regulation. “Big Hedge, with outposts in South Hedge-i-stan (Wall Street) and North Hedge-i-stan (Greenwich, CT), has made trillions shorting great American companies facing a rough patch,” said Rep. Jeff Fortenberry, R-Neb. “Now they are getting a comeuppance from flash mobs of day traders and are paying dearly.” Most of the ire this week was directed at Robinhood, a brokerage app catering to younger investors, which suddenly limited trading in GameStop, AMC and other stocks. Lawmakers argued that the app was protecting hedge funds and other big investors over retail investors. Robinhood said the additional restrictions were necessary to comply with government financial requirements. Yet even centrists like Sen. Pat Toomey, R-Pa., who is poised to become the top Republican on the Senate Banking Committee, expressed concerns about the lack of transparency in the online company’s decision-making. “I find it disturbing when retail investors who are simply seeking to buy a stock are frozen out of the market,” Toomey said in a statement. “Retail investors should be free to purchase even highly speculative stocks, just as hedge funds should be free to short them.” Although politicians from both sides joined calls for greater scrutiny, it was hardly a kumbaya moment for the two parties. After Cruz tweeted that he agreed with Ocasio-Cortez’s call for a probe into Robinhood’s action, she quickly disavowed any support from Cruz, who was a prominent backer of Trump’s baseless claims of election fraud. “I am happy to work with Republicans on this issue where there’s common ground, but you almost had me murdered 3 weeks ago so you can sit this one out,” she responded. “Happy to work w/ almost any other GOP that aren’t trying to get me killed. In the meantime if you want to help, you can resign.” Cruz condemned her response as “partisan anger” that’s “not healthy for our country,” drawing another response from Ocasio-Cortez, while his allies in the House called for an apology. The uproar over GameStop and Robinhood comes at a challenging time for the Biden administration, which took office promising to restore a sense of calm to the country. The Senate Banking Committee has yet to schedule a hearing to confirm Gary Gensler, Biden’s pick to lead the Securities and Exchange Commission, leaving the agency with an acting chair for the indefinite future. On Friday the White House press secretary, Jen Psaki, deferred questions on the issue. “It’s a good reminder, though, that the stock market isn’t the only measure of the health of our economy,” she said, an apparent reference to Trump’s persistent fixation on stock prices during his tenure. Biden has not yet commented on the issue. Rep. Ro Khanna, D-Calif., a progressive who represents a district that includes Silicon Valley, said this week’s events should alert lawmakers to the need to tighten financial regulations and increase transparency and equity. He said the wide range of Republicans and Democrats who have spoken out are a reflection of “a real populist anger in this country.” “Some people go get fancy degrees, know the right people and spend all day in front of their computers short selling, Khanna said. “And it’s a form of manipulation that has hurt our country. That has enriched the few at the expense of many Americans.” Although many Americans own no stock at all, the sense that Wall Street has gamed a rigged system cuts across demographic barriers, he argued. “I think this has been bubbling up since the Wall Street crash of 2008,” Khanna said. “And it’s coming to a boiling point.”

Lawmakers look at GameStop furor and see a populist issue to seize

The shares of GameStop soared by 2000% this month - when small investors on an internet forum decided to teach Wall Street a lesson. WION's Palki tells you how experienced traders were outplayed by amateurs in their own game.

Gravitas: How small investors taught Wall Street a lesson

Online broker Robinhood, one of the hottest venues in this week's retail-trading frenzy, said it put temporary buying restrictions on a small number of securities as clearing house-mandated deposit requirements for equities increased ten-fold.

"....the required amount we had to deposit with the clearing house was so large, with individual volatile securities accounting for hundreds of millions of dollars in deposit requirements - that we had to take steps to limit buying in those volatile securities to ensure we could comfortably meet our requirements," it said in a blog post late on Friday.&nbsp;

Meanwhile,&nbsp;Texas's attorney general announced on Friday a probe into&nbsp;Robinhood&nbsp;and 12 other online stock exchanges after they suspended trading on GameStop and other volatile equities.

Ken Paxton, the top prosecutor for the country's second-most-populous state, sent a civil investigative demand to the companies, the latest sign of escalating scrutiny from regulators and lawmakers over the trade suspensions. Trading of GameStop resumed Friday on&nbsp;Robinhood.&nbsp;

Paxton echoed criticism from across the political spectrum of the trading halts, which he said "stinks of corruption" and appears to show coordination among powerful interests.

US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday&nbsp;Robinhood&nbsp;chief Vlad Tenev told CNBC the company was not facing a liquidity crunch.

Robinhood&nbsp;needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well.

Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities.

Retail investors using Robinhood and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

Online broker Robinhood, one of the hottest venues in this week's retail-trading frenzy, said it put temporary buying restrictions on a small number of securities as clearing house-mandated deposit requirements for equities increased ten-fold.

Online broker Robinhood, one of the hottest venues in this week's retail-trading frenzy, said it put temporary buying restrictions on a small number of securities as clearing house-mandated deposit requirements for equities increased ten-fold. "....the required amount we had to deposit with the clearing house was so large, with individual volatile securities accounting for hundreds of millions of dollars in deposit requirements - that we had to take steps to limit buying in those volatile securities to ensure we could comfortably meet our requirements," it said in a blog post late on Friday. Meanwhile, Texas's attorney general announced on Friday a probe into Robinhood and 12 other online stock exchanges after they suspended trading on GameStop and other volatile equities. Ken Paxton, the top prosecutor for the country's second-most-populous state, sent a civil investigative demand to the companies, the latest sign of escalating scrutiny from regulators and lawmakers over the trade suspensions. Trading of GameStop resumed Friday on Robinhood. Paxton echoed criticism from across the political spectrum of the trading halts, which he said "stinks of corruption" and appears to show coordination among powerful interests. US media reported the company had also raised $1 billion from its investors to help it stay afloat and allow its customers to continue trading, though on Thursday Robinhood chief Vlad Tenev told CNBC the company was not facing a liquidity crunch. Robinhood needs to maintain a certain amount of funds in the financial institutions that facilitate orders made on its platforms, and when it sees increased demand, that liquidity needs to increase as well. Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities. Retail investors using Robinhood and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

Robinhood imposes one share buy limit on dozens of stocks amid GameStop scrutiny

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson.

On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days.

GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money.

In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade.

Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders.

It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008.

An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate.

The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation.

Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well. The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson. On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days. GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money. In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade. Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders. It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008. An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate. The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation. Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

How GameStop stocks surge exposed Wall Street elites

Indian stock market indices fluctuated between gains and losses in Friday's volatile session as Finance Minister Nirmala Sitharaman tabled Economic Survey in the Lok Sabha.

The Sensex plunged 588.59 points, or 1.26 per cent to 46,285.77, while the Nifty settled at 13,634.60, lower by 182.95 points, or 1.32 per cent.

Broader markets, Nifty Midcap100 and Nifty Smallcap100 ended 0.38 per cent and 0.63 per cent lower, respectively. Among sectors, metal, pharma and FMCG also reeled under pressure, while banking and realty index ended in the green.

(With inputs from agencies)

Indian stock market indices fluctuated between gains and losses in Friday's volatile session as Finance Minister Nirmala Sitharaman tabled Economic Survey in the Lok Sabha.

Indian stock market indices fluctuated between gains and losses in Friday's volatile session as Finance Minister Nirmala Sitharaman tabled Economic Survey in the Lok Sabha. The Sensex plunged 588.59 points, or 1.26 per cent to 46,285.77, while the Nifty settled at 13,634.60, lower by 182.95 points, or 1.32 per cent. Broader markets, Nifty Midcap100 and Nifty Smallcap100 ended 0.38 per cent and 0.63 per cent lower, respectively. Among sectors, metal, pharma and FMCG also reeled under pressure, while banking and realty index ended in the green. (With inputs from agencies)

Sensex tanks 588 points, Nifty gives up 13,700

An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop&nbsp;skyrocketing for a fourth straight day, thanks in part to&nbsp;Elon&nbsp;Musk.

Tesla founder Elon Musk, who has waged his own battle with short sellers before seeing spectacular gains for the electric carmaker, appeared to encourage the movement by tweeting a link to the Reddit forum along with the cryptic comment&nbsp;"Gamestonk!!"&nbsp;

"Stonks" is a tongue-in-cheek term for stocks widely used on social media.

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Gamestonk!! <a href="https://t.co/RZtkDzAewJ">https://t.co/RZtkDzAewJ</a>
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Herds of amateur investors on Reddit have long been supporters of Tesla and other hyper-volatile stocks, and their influence appears to be growing.

'Short squeeze'

The WallStreetBets followers have been on a GameStop buying spree, which not only pushes up the shares but puts pressure on short sellers to make purchases to "cover" their bets to avoid steeper losses.

This is known on Wall Street as a "short squeeze" and can result in a dizzying rally by forcing short-sellers into becoming buyers.

As a result, GameStop surged 18 per cent on Monday, another 115 per cent Tuesday and had leapt 135 per cent Wednesday. That followed a stunning 50 per cent jump on Friday.

Short sellers, while reviled by some market players, are nonetheless seen as playing an important role in the markets by providing liquidity and driving down overpriced shares.&nbsp;

But at least one GameStop short-seller said he walked away from the stock after what he claimed was harassment and threats by an "angry mob."

As well as GameStop, BlackBerry, also favoured on Wallstreetbets, advanced 4.9&nbsp;per cent&nbsp;and is up 185&nbsp;per cent&nbsp;this year. An earlier tweet by&nbsp;Musk&nbsp;sent Etsy up almost 9% before it reversed its gains.

The surge in recent days - GameStop has increased more than seven-fold to $147.98 from $19 since January&nbsp;12 - has spurred concerns over bubbles in stocks that hedge funds and other speculative players had bet would fall in value.

Trading in GameStop stock was halted for volatility nine times on Monday and five times on Tuesday.

Why have GameStop shares been so volatile?

GameStop, a well-known retail chain whose business model of selling games on discs appears to have been overtaken by a move to the internet, has been the target of "short-sellers," often big hedge funds that bet on a decline by selling borrowed shares in the hope of repaying at a lower price.

But a group of amateur investors, organizing via the online platform Reddit, has fought the trend. A group calling itself WallStreetBets, with some three million members who exchange tips and boast about beating "the system," is credited with pushing up GameStop shares and roiling the Wall Street establishment.

Some analysts have described the situation as a "nerds vs Wall Street" battle.

Jaime Rogozinski, the founder of WallStreetBets, said the movement "is able to do what Occupy Wall Street was never able to do but on a completely different angle."

"Occupy Wall Street was fed up with this saying 'It's a game we can't play, you're forgetting the little guy.' Now the little guy figured out a different way around it," he said.

The WallStreetBets forum had restricted access to those outside its 3.6 million subscribers for a few hours Wednesday evening but was again visible to the public by 0115 GMT early Thursday.

Should regulators intervene?

The extreme volatility has raised concerns about manipulation, which could lead to an investigation by stock market regulators, and has even drawn attention from the White House.

"Our economic team including (Treasury) Secretary (Janet) Yellen and others are monitoring the situation," said White House spokeswoman Jen Psaki.

"It's a good reminder, though, that the stock market isn't the only measure of the health of our economy."

Late Wednesday, the Securities and Exchange Commission said it was monitoring the activity.

"We are aware of and actively monitoring the ongoing market volatility in the options and equities markets and... we are working with our fellow regulators to assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants," an SEC statement said.

Jacob Frenkel, a former enforcement lawyer with the SEC, said the situation warrants regulatory review.

One option would be "a trading pause for 10 days to ensure that all investors would have access to accurate and timely information," Frenkel said.

Senator Elizabeth Warren also called for scrutiny.

"For years, the same hedge funds, private equity firms, and&nbsp;wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino&nbsp;while everyone else pays the price," she said in a statement.&nbsp;

"It's long past time for the SEC and other financial regulators to wake up and do their jobs."

An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop skyrocketing for a fourth straight day, thanks in part to Elon Musk.

An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop skyrocketing for a fourth straight day, thanks in part to Elon Musk. Tesla founder Elon Musk, who has waged his own battle with short sellers before seeing spectacular gains for the electric carmaker, appeared to encourage the movement by tweeting a link to the Reddit forum along with the cryptic comment "Gamestonk!!" "Stonks" is a tongue-in-cheek term for stocks widely used on social media. Gamestonk!! https://t.co/RZtkDzAewJ — Elon Musk (@elonmusk) January 26, 2021 × Herds of amateur investors on Reddit have long been supporters of Tesla and other hyper-volatile stocks, and their influence appears to be growing. 'Short squeeze' The WallStreetBets followers have been on a GameStop buying spree, which not only pushes up the shares but puts pressure on short sellers to make purchases to "cover" their bets to avoid steeper losses. This is known on Wall Street as a "short squeeze" and can result in a dizzying rally by forcing short-sellers into becoming buyers. As a result, GameStop surged 18 per cent on Monday, another 115 per cent Tuesday and had leapt 135 per cent Wednesday. That followed a stunning 50 per cent jump on Friday. Short sellers, while reviled by some market players, are nonetheless seen as playing an important role in the markets by providing liquidity and driving down overpriced shares. But at least one GameStop short-seller said he walked away from the stock after what he claimed was harassment and threats by an "angry mob." As well as GameStop, BlackBerry, also favoured on Wallstreetbets, advanced 4.9 per cent and is up 185 per cent this year. An earlier tweet by Musk sent Etsy up almost 9% before it reversed its gains. The surge in recent days - GameStop has increased more than seven-fold to $147.98 from $19 since January 12 - has spurred concerns over bubbles in stocks that hedge funds and other speculative players had bet would fall in value. Trading in GameStop stock was halted for volatility nine times on Monday and five times on Tuesday. Why have GameStop shares been so volatile? GameStop, a well-known retail chain whose business model of selling games on discs appears to have been overtaken by a move to the internet, has been the target of "short-sellers," often big hedge funds that bet on a decline by selling borrowed shares in the hope of repaying at a lower price. But a group of amateur investors, organizing via the online platform Reddit, has fought the trend. A group calling itself WallStreetBets, with some three million members who exchange tips and boast about beating "the system," is credited with pushing up GameStop shares and roiling the Wall Street establishment. Some analysts have described the situation as a "nerds vs Wall Street" battle. Jaime Rogozinski, the founder of WallStreetBets, said the movement "is able to do what Occupy Wall Street was never able to do but on a completely different angle." "Occupy Wall Street was fed up with this saying 'It's a game we can't play, you're forgetting the little guy.' Now the little guy figured out a different way around it," he said. The WallStreetBets forum had restricted access to those outside its 3.6 million subscribers for a few hours Wednesday evening but was again visible to the public by 0115 GMT early Thursday. Should regulators intervene? The extreme volatility has raised concerns about manipulation, which could lead to an investigation by stock market regulators, and has even drawn attention from the White House. "Our economic team including (Treasury) Secretary (Janet) Yellen and others are monitoring the situation," said White House spokeswoman Jen Psaki. "It's a good reminder, though, that the stock market isn't the only measure of the health of our economy." Late Wednesday, the Securities and Exchange Commission said it was monitoring the activity. "We are aware of and actively monitoring the ongoing market volatility in the options and equities markets and... we are working with our fellow regulators to assess the situation and review the activities of regulated entities, financial intermediaries, and other market participants," an SEC statement said. Jacob Frenkel, a former enforcement lawyer with the SEC, said the situation warrants regulatory review. One option would be "a trading pause for 10 days to ensure that all investors would have access to accurate and timely information," Frenkel said. Senator Elizabeth Warren also called for scrutiny. "For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price," she said in a statement. "It's long past time for the SEC and other financial regulators to wake up and do their jobs."

GameStop prompts surge in hyper-rally after Elon Musk's tweet

Domestic stock market indices ended a percent lower on Thursday dragged mainly by selling in IT stocks and PSU banks amid weak global cues.&nbsp;

At the index level, the benchmark S&amp;P BSE Sensex tumbled 891 points in the intra-day deals today but managed to settle 535.6 points, or 1.13 per cent, down at 46,874.36 levels.&nbsp;

Nifty50 closed above the 13,800-mark at 13,817.5 level, down 150 points or 1.07 per cent. The index hit an intra-day low of 13,713.

In the broader market, the S&amp;P BSE MidCap index ended 0.4 per cen lower while the smallcap counterpart closed down 0.45 per cent.

(With inputs from agencies)

Domestic stock market indices ended a percent lower on Thursday dragged mainly by selling in IT stocks and PSU banks amid weak global cues. At the index level, the benchmark S&P BSE Sensex tumbled 891 points in the intra-day deals today but managed to settle 535.

Domestic stock market indices ended a percent lower on Thursday dragged mainly by selling in IT stocks and PSU banks amid weak global cues. At the index level, the benchmark S&P BSE Sensex tumbled 891 points in the intra-day deals today but managed to settle 535.6 points, or 1.13 per cent, down at 46,874.36 levels. Nifty50 closed above the 13,800-mark at 13,817.5 level, down 150 points or 1.07 per cent. The index hit an intra-day low of 13,713. In the broader market, the S&P BSE MidCap index ended 0.4 per cen lower while the smallcap counterpart closed down 0.45 per cent. (With inputs from agencies)

Sensex ends 535.57 points lower, Nifty just above 13,800

The domestic benchmark indices were feeble on Wednesday, down nearly 2 per cent, as selling pressure intensified in the noon deals.

The Sensex plunged 937.66 points, or 1.94 per cent to close at 47,409.93, while the Nifty ended at 13,967.50, down 271.40 points, or 1.91 per cent. The Nifty Bank and Financial Services led the losses while the pharma, metal and auto indices also reeled under pressure.&nbsp;

In the last four days, Sensex has lost over 2,500 points in a sell-off, which some analysts have attributed to pre-Budget nervousness and broader profit booking.&nbsp;

Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&amp;O expiry.

(With inputs from agencies)

The domestic benchmark indices were feeble on Wednesday, down nearly 2 per cent, as selling pressure intensified in the noon deals. The Sensex plunged 937.66 points, or 1.

The domestic benchmark indices were feeble on Wednesday, down nearly 2 per cent, as selling pressure intensified in the noon deals. The Sensex plunged 937.66 points, or 1.94 per cent to close at 47,409.93, while the Nifty ended at 13,967.50, down 271.40 points, or 1.91 per cent. The Nifty Bank and Financial Services led the losses while the pharma, metal and auto indices also reeled under pressure. In the last four days, Sensex has lost over 2,500 points in a sell-off, which some analysts have attributed to pre-Budget nervousness and broader profit booking. Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&O expiry. (With inputs from agencies)

Sensex tanks 937 points; Nifty ends below 14,000

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks.&nbsp;

BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels. The Nifty50 index also slipped below the 14,100-mark. Reliance Industries extended Monday's loss and dropped another 2 per cent. The index-heavyweight was the top Sensex loser, followed by Sun Pharma, IndusInd Bank, and Dr Reddy's (all down 1%).

Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&amp;O expiry.

Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed.

Indian equity markets were closed on Tuesday for the Republic Day.

Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve`s guidance on its monetary policy. MSCI`s gauge of Asian ex-Japan shares slipped by 0.3 per cent, dragged lower by profit-taking in resource shares. But Japan`s Nikkei rose by 0.2 per cent while South Korea and Taiwan eked out small gains.

(With inputs from agencies)

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks. BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels.

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks. BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels. The Nifty50 index also slipped below the 14,100-mark. Reliance Industries extended Monday's loss and dropped another 2 per cent. The index-heavyweight was the top Sensex loser, followed by Sun Pharma, IndusInd Bank, and Dr Reddy's (all down 1%). Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&O expiry. Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed. Indian equity markets were closed on Tuesday for the Republic Day. Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve`s guidance on its monetary policy. MSCI`s gauge of Asian ex-Japan shares slipped by 0.3 per cent, dragged lower by profit-taking in resource shares. But Japan`s Nikkei rose by 0.2 per cent while South Korea and Taiwan eked out small gains. (With inputs from agencies)

Sensex cracks 600 points, Nifty nears 14,050 amid a selloff in financial stocks

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues.

Sensex settled the session at 48,347.6 levels, down 531 points or 1.09 per cent, dragged by Reliance Industries (down 5.6 per cent), IndusInd Bank (down 5.5 per cent), HCL Tech (down 3.86 per cent), and HDFC (down 1 per cent).

The Nifty50, meanwhile, gave up the 14,250-mark and closed at 14,239 levels, down 133 points or 0.93 per cent.

Meanwhile, Indian rupee traded at 72.90 per dollar, amid a sell-off in domestic equities. The unit had opened flat at 72.95 per dollar against Friday's close of 72.97.

Global markets

Asian shares climbed to near all-time highs on Monday as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy.&nbsp;

MSCI's broadest index of Asia-Pacific shares outside Japan rose to 726.46, while Japan's Nikkei rebounded from falls in early trading to be up 0.7 per cent. Australian shares added 0.4 per cent after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next month. Chinese shares rose, with the blue-chip CSI300 index up 1.1 per cent. Hong Kong’s Hang Seng index leapt nearly 2 per cent led by technology stocks.

In Europe, stocks rose as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns. The pan-European STOXX 600 index rose 0.4 per cent.

(With inputs from Reuters)

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues. Sensex settled the session at 48,347.6 levels, down 531 points or 1.

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues. Sensex settled the session at 48,347.6 levels, down 531 points or 1.09 per cent, dragged by Reliance Industries (down 5.6 per cent), IndusInd Bank (down 5.5 per cent), HCL Tech (down 3.86 per cent), and HDFC (down 1 per cent). The Nifty50, meanwhile, gave up the 14,250-mark and closed at 14,239 levels, down 133 points or 0.93 per cent. Meanwhile, Indian rupee traded at 72.90 per dollar, amid a sell-off in domestic equities. The unit had opened flat at 72.95 per dollar against Friday's close of 72.97. Global markets Asian shares climbed to near all-time highs on Monday as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose to 726.46, while Japan's Nikkei rebounded from falls in early trading to be up 0.7 per cent. Australian shares added 0.4 per cent after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next month. Chinese shares rose, with the blue-chip CSI300 index up 1.1 per cent. Hong Kong’s Hang Seng index leapt nearly 2 per cent led by technology stocks. In Europe, stocks rose as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns. The pan-European STOXX 600 index rose 0.4 per cent. (With inputs from Reuters)

Sensex tanks over 500 points, Nifty ends below 14,250

The Dow Jones Industrial Average, Nasdaq composite and Russell 2000 index of smaller companies also notched record highs.

Wall Street hits record after President Joe Biden takes office

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group.

The Sensex rose 50057.32 rising 230.69 points&nbsp;in early morning trade amid strong global cues.&nbsp;Nifty surged&nbsp;72.95 points&nbsp;to record 14,717.65.

The 30-share BSE Sensex had advanced by 393.83 to close at a fresh record of 49,792.12 on Wednesday.

The NSE Nifty had surged 123.55 points to settle at a lifetime high of 14,644.70 after US Treasury Secretary nominee Janet Yellen called for a stimulus to protect the US economy.&nbsp;&nbsp;Reliance shares had risen&nbsp;1.7 per cent&nbsp;after Indian stock exchanges on Wednesday

President-elect Joe Biden, who will be sworn into office on Wednesday has laid out a $1.9 trillion stimulus package proposal to boost the economy.

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group.

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group. The Sensex rose 50057.32 rising 230.69 points in early morning trade amid strong global cues. Nifty surged 72.95 points to record 14,717.65. The 30-share BSE Sensex had advanced by 393.83 to close at a fresh record of 49,792.12 on Wednesday. The NSE Nifty had surged 123.55 points to settle at a lifetime high of 14,644.70 after US Treasury Secretary nominee Janet Yellen called for a stimulus to protect the US economy. Reliance shares had risen 1.7 per cent after Indian stock exchanges on Wednesday President-elect Joe Biden, who will be sworn into office on Wednesday has laid out a $1.9 trillion stimulus package proposal to boost the economy.

Sensex crosses historic 50,000-mark

Asian markets struck a hopeful tone on Thursday at a potential Brexit deal and economic recovery prospects Australia's S&amp;P/ASX 200 was up 0.78% in early trading, while Japan's Nikkei 225 futures were up 0.07%, and Hong Kong's Hang Seng index futures inched up 0.17%.

Investors cheered a potential Brexit trade deal between Britain and the European Union that raised hopes the estranged allies would avoid a turbulent economic rupture on New Year's Day.

"The framework for a Brexit trade deal gave investors the green light to start buying everything in Europe," said Edward Moya, Senior Market Analyst, at OANDA in New York. He was quoted by Reuters.

A potential Brexit deal also boosted sterling, which went up 0.13% against the dollar at $1.3509 after closing up 0.9%. The pound also rose after Francen lifted ban on freight coming from Britain.

Wall Street ended mostly higher, with the Dow Jones Industrial Average closing up 0.38% and the S&amp;P 500 edging 0.07% higher. The Nasdaq Composite declined 0.29%.

A raft of mixed U.S. economic data showed lower jobless claims and an uptick in new orders for durable goods, but also a pullback in consumer spending, falling personal income and fading sentiment as the holiday shopping season nears its end amid a resurgent pandemic.

Investors largely shrugged off comments by President Trump saying a nearly $900 billion stimulus bill, agreed upon after months of wrangling in Congress, was "a disgrace" that he might not sign. Trump said he wanted to increase "ridiculously low" $600 payments for individuals to $2,000, in a video posted to Twitter.

"Risk-on sentiment is guiding markets so far today and it appears to be weighted more toward possible optimism toward a Brexit deal and the cherry-picked parts of U.S. releases, rather than Trump's reckless antics over signing the stimulus and funding bill," said Derek Holt, head of capital markets Economics at Scotiabank.

Oil prices settled more than 2% higher as draws in U.S. inventories of crude, gasoline and distillates lifted investors' hopes for some return in fuel demand

(With Reuters inputs)

Asian markets struck a hopeful tone on Thursday at a potential Brexit deal and economic recovery prospects Australia's S&P/ASX 200 was up 0.78% in early trading, while Japan's Nikkei 225 futures were up 0.

Asian markets struck a hopeful tone on Thursday at a potential Brexit deal and economic recovery prospects Australia's S&P/ASX 200 was up 0.78% in early trading, while Japan's Nikkei 225 futures were up 0.07%, and Hong Kong's Hang Seng index futures inched up 0.17%. Investors cheered a potential Brexit trade deal between Britain and the European Union that raised hopes the estranged allies would avoid a turbulent economic rupture on New Year's Day. "The framework for a Brexit trade deal gave investors the green light to start buying everything in Europe," said Edward Moya, Senior Market Analyst, at OANDA in New York. He was quoted by Reuters. A potential Brexit deal also boosted sterling, which went up 0.13% against the dollar at $1.3509 after closing up 0.9%. The pound also rose after Francen lifted ban on freight coming from Britain. Wall Street ended mostly higher, with the Dow Jones Industrial Average closing up 0.38% and the S&P 500 edging 0.07% higher. The Nasdaq Composite declined 0.29%. A raft of mixed U.S. economic data showed lower jobless claims and an uptick in new orders for durable goods, but also a pullback in consumer spending, falling personal income and fading sentiment as the holiday shopping season nears its end amid a resurgent pandemic. Investors largely shrugged off comments by President Trump saying a nearly $900 billion stimulus bill, agreed upon after months of wrangling in Congress, was "a disgrace" that he might not sign. Trump said he wanted to increase "ridiculously low" $600 payments for individuals to $2,000, in a video posted to Twitter. "Risk-on sentiment is guiding markets so far today and it appears to be weighted more toward possible optimism toward a Brexit deal and the cherry-picked parts of U.S. releases, rather than Trump's reckless antics over signing the stimulus and funding bill," said Derek Holt, head of capital markets Economics at Scotiabank. Oil prices settled more than 2% higher as draws in U.S. inventories of crude, gasoline and distillates lifted investors' hopes for some return in fuel demand (With Reuters inputs)

Asian markets rise at the prospect of a Brexit deal

Beginning this week, water will be exchanged on the Wall Street wares fates market, because of its shortage. The cost of the crucial fluid will vacillate much the same as oil, gold, or wheat, CME Group announced.&nbsp;

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Water shortages could affect around five billion people worldwide by 2050, according to the United Nations.

The cost of water in California has multiplied in the most recent year, as indicated by the Nasdaq Velez California Water Index. Specialists guarantee that its appearance on the ware market will permit better administration of things to come hazard related to this resource.&nbsp;

The US organisation CME Group will dispatch contracts identified with California spot water, a market of 1.1 billion dollars. With the NQH2O ticker, the cost of water prospects in California was exchanging today at about $ 486.53 per acre-foot, which is comparable to 1,233 cubic meters.&nbsp;

The record depends on costs in California's significant waterway bowls, where water shortage has expanded. This worth can be utilized as a source of perspective for the remainder of the world in the water markets.&nbsp;

Ranchers, assets, or regions may ensure themselves or theorize against changes in the cost of water. As per CME Group, the new agreements will permit better administration of the danger related to water shortage and make a superior relationship among's organic market in the business sectors.&nbsp;

These fates contracts don't need actual conveyance of water and are absolutely monetary. They depend on the week after week cost arrived at the midpoint of over California's best five watersheds through 2022.&nbsp;

These agreements are the first of their sort in the United States and were declared in September when the west bank of the nation was crushed by warmth and fierce blazes. As per Bloomberg, they are expected to "fill in as security for California's biggest water buyers against rising costs and as a marker of shortage for financial specialists around the globe."&nbsp;

China and the United States are the world's primary customers of water. As per the United Nations, 2 billion individuals live in nations with difficult issues of admittance to water. The office gauges that in the following not many years 66% of the planet could encounter water deficiencies and a huge number of individuals will be uprooted by it.&nbsp;

The inadequacy of the crucial fluid is identified with the over the top misuse of these assets by the essential area, industry, and human utilization, just as environmental change.

Beginning this week, water will be exchanged on the Wall Street wares fates market, because of its shortage. The cost of the crucial fluid will vacillate much the same as oil, gold, or wheat, CME Group announced.

Beginning this week, water will be exchanged on the Wall Street wares fates market, because of its shortage. The cost of the crucial fluid will vacillate much the same as oil, gold, or wheat, CME Group announced. .@Nasdaq Veles California Water Index (NQH2O) futures are here, the first-of-its kind tool to help market participants manage water supply and demand risk. — CME Group (@CMEGroup) December 7, 2020 × Water shortages could affect around five billion people worldwide by 2050, according to the United Nations. The cost of water in California has multiplied in the most recent year, as indicated by the Nasdaq Velez California Water Index. Specialists guarantee that its appearance on the ware market will permit better administration of things to come hazard related to this resource. The US organisation CME Group will dispatch contracts identified with California spot water, a market of 1.1 billion dollars. With the NQH2O ticker, the cost of water prospects in California was exchanging today at about $ 486.53 per acre-foot, which is comparable to 1,233 cubic meters. The record depends on costs in California's significant waterway bowls, where water shortage has expanded. This worth can be utilized as a source of perspective for the remainder of the world in the water markets. Ranchers, assets, or regions may ensure themselves or theorize against changes in the cost of water. As per CME Group, the new agreements will permit better administration of the danger related to water shortage and make a superior relationship among's organic market in the business sectors. These fates contracts don't need actual conveyance of water and are absolutely monetary. They depend on the week after week cost arrived at the midpoint of over California's best five watersheds through 2022. These agreements are the first of their sort in the United States and were declared in September when the west bank of the nation was crushed by warmth and fierce blazes. As per Bloomberg, they are expected to "fill in as security for California's biggest water buyers against rising costs and as a marker of shortage for financial specialists around the globe." China and the United States are the world's primary customers of water. As per the United Nations, 2 billion individuals live in nations with difficult issues of admittance to water. The office gauges that in the following not many years 66% of the planet could encounter water deficiencies and a huge number of individuals will be uprooted by it. The inadequacy of the crucial fluid is identified with the over the top misuse of these assets by the essential area, industry, and human utilization, just as environmental change.

Wall Street to begin trading water for the first time due to fear of shortages

World stocks moved higher on Wednesday despite the US election outcome being clouded by huge uncertainty that could end up in court.

Wall Street opened with gains as both President Donald Trump and Democratic challenger Joe Biden still had a path of victory with a handful of states still up for grabs.

The Dow climbed&nbsp;0.9 percent while the broader S&amp;P 500&nbsp;rose 1.6 percent and the tech-heavy Nasdaq Composite jumped 2.7 percent.

European stock markets, which opened sharply lower after President&nbsp;Donald Trump said he would go to the Supreme Court to dispute the US vote count, turned higher in late morning deals and in afternoon trading they were all posting gains of over 1 percent.

Around 1330 GMT, London's benchmark FTSE 100 index was up 1.0 percent, while the pound fell 0.7 percent against the dollar.

In the eurozone, the Frankfurt stock market&nbsp;rose 0.9&nbsp;percent and Paris climbed 1.3 percent.

The euro was down around a tenth of a percent versus the dollar, while oil prices surged over 2 percent.

Asian indices mostly closed up but that was ahead of Trump declaring he would dispute the election.

<a href="https://www.wionews.com/world/us-election-2020-result-live-update-donald-trump-joe-biden-votes-tally-president-predictions-begins-vote-count-how-to-follow-the-2020-us-election-results-from-india-Trump-wins-Kentucky-joe-Biden-Vermont-340293">Click here for latest on US Election 2020</a>

The US election was plunged into chaos early Wednesday as Trump prematurely declared victory and sought Supreme Court intervention to stop vote-counting -- &nbsp;even as his Democratic rival Joe Biden voiced confidence in his own chances.

"With Donald Trump already claiming victory even though millions of votes are still uncounted, investors may have to belt up and brace themselves for some volatile sessions of trading ahead," noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

In a divisive election cast under the shadow of the coronavirus pandemic that has claimed more than 230,000 lives in the United States, Trump appeared to have avoided a Democratic wave predicted by some polls but he still needs key states to secure another four-year term.

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"The polls got it wrong," said OANDA analyst Edward Moya. "Wall Street hoped for election certainty and what they will end up getting over the next couple days is recounts and lawsuits."

Biden's White House campaign slammed Trump's threat to try to stop the election vote count as "outrageous", saying its legal team was ready to prevent such an "unprecedented" act.

'Nightmare situation'

"The US election has become a mess," said Naeem Aslam, chief market analyst at Avatrade.

"Basically, we are seeing a nightmare situation come true because now we are talking about legal battles. This uncertainty is going to keep traders on edge."

Also Read | <a href="https://www.wionews.com/photos/us-election-2020-historical-firsts-in-the-presidential-election-340498#four-consecutive-two-term-presidencies-340478">US election 2020: Historical firsts in the presidential election</a>

Aslam added that investors still saw the dollar as a safe bet amid the volatility on stock markets.

Before Wednesday's shock turn of events, world equities had rallied this week as traders piled bets on Biden winning, with opinion polls showing him with a big national lead though with slim advantages in battleground states.

While Tuesday was formally Election Day, in reality, Americans have been voting for weeks. The Covid-19 pandemic caused a huge expansion in mail-in and early voting, and nearly 100 million people had already cast their ballots.

While a failure for Biden and the Democrats would jolt markets, the general consensus is that whoever wins will still push through a major stimulus package for the struggling US economy as it battles the virus.

Key figures around 1330 GMT

New York - Dow: UP 0.9&nbsp;percent at 27,731.20

London - FTSE 100: UP 1.0 percent at 5,842.38 points

Frankfurt - DAX 30: UP 0.9 percent at 12,195.65

Paris - CAC 40: UP 1.3 percent at 4,866.88

EURO STOXX 50: UP 0.9 percent at 3,125.44

Tokyo - Nikkei 225: UP 1.7 percent at 23,695.23 (close)

Hong Kong - Hang Seng: DOWN 0.2 percent at 24,886.14 (close)

Shanghai - Composite: UP 0.2 percent at 3,277.44 (close)

Euro/dollar: DOWN at $1.1701 from $1.1711 at 2115 GMT

Dollar/yen: UP at 104.48 yen from 104.52 yen

Pound/dollar: DOWN at $1.2964 from $1.3035

Euro/pound: UP at 90.25 pence from 89.82 pence

West Texas Intermediate: UP 2.3 percent at $38.53 per barrel

Brent North Sea crude: UP 2.3 percent at $40.64 per barrel

World stocks moved higher on Wednesday despite the US election outcome being clouded by huge uncertainty that could end up in court. Wall Street opened with gains as both President Donald Trump and Democratic challenger Joe Biden still had a path of victory with a handful of states still up for grabs.

World stocks moved higher on Wednesday despite the US election outcome being clouded by huge uncertainty that could end up in court. Wall Street opened with gains as both President Donald Trump and Democratic challenger Joe Biden still had a path of victory with a handful of states still up for grabs. The Dow climbed 0.9 percent while the broader S&P 500 rose 1.6 percent and the tech-heavy Nasdaq Composite jumped 2.7 percent. European stock markets, which opened sharply lower after President Donald Trump said he would go to the Supreme Court to dispute the US vote count, turned higher in late morning deals and in afternoon trading they were all posting gains of over 1 percent. Around 1330 GMT, London's benchmark FTSE 100 index was up 1.0 percent, while the pound fell 0.7 percent against the dollar. In the eurozone, the Frankfurt stock market rose 0.9 percent and Paris climbed 1.3 percent. The euro was down around a tenth of a percent versus the dollar, while oil prices surged over 2 percent. Asian indices mostly closed up but that was ahead of Trump declaring he would dispute the election. Click here for latest on US Election 2020 The US election was plunged into chaos early Wednesday as Trump prematurely declared victory and sought Supreme Court intervention to stop vote-counting -- even as his Democratic rival Joe Biden voiced confidence in his own chances. "With Donald Trump already claiming victory even though millions of votes are still uncounted, investors may have to belt up and brace themselves for some volatile sessions of trading ahead," noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. In a divisive election cast under the shadow of the coronavirus pandemic that has claimed more than 230,000 lives in the United States, Trump appeared to have avoided a Democratic wave predicted by some polls but he still needs key states to secure another four-year term. × "The polls got it wrong," said OANDA analyst Edward Moya. "Wall Street hoped for election certainty and what they will end up getting over the next couple days is recounts and lawsuits." Biden's White House campaign slammed Trump's threat to try to stop the election vote count as "outrageous", saying its legal team was ready to prevent such an "unprecedented" act. 'Nightmare situation' "The US election has become a mess," said Naeem Aslam, chief market analyst at Avatrade. "Basically, we are seeing a nightmare situation come true because now we are talking about legal battles. This uncertainty is going to keep traders on edge." Also Read | US election 2020: Historical firsts in the presidential election Aslam added that investors still saw the dollar as a safe bet amid the volatility on stock markets. Before Wednesday's shock turn of events, world equities had rallied this week as traders piled bets on Biden winning, with opinion polls showing him with a big national lead though with slim advantages in battleground states. While Tuesday was formally Election Day, in reality, Americans have been voting for weeks. The Covid-19 pandemic caused a huge expansion in mail-in and early voting, and nearly 100 million people had already cast their ballots. While a failure for Biden and the Democrats would jolt markets, the general consensus is that whoever wins will still push through a major stimulus package for the struggling US economy as it battles the virus. Key figures around 1330 GMT New York - Dow: UP 0.9 percent at 27,731.20 London - FTSE 100: UP 1.0 percent at 5,842.38 points Frankfurt - DAX 30: UP 0.9 percent at 12,195.65 Paris - CAC 40: UP 1.3 percent at 4,866.88 EURO STOXX 50: UP 0.9 percent at 3,125.44 Tokyo - Nikkei 225: UP 1.7 percent at 23,695.23 (close) Hong Kong - Hang Seng: DOWN 0.2 percent at 24,886.14 (close) Shanghai - Composite: UP 0.2 percent at 3,277.44 (close) Euro/dollar: DOWN at $1.1701 from $1.1711 at 2115 GMT Dollar/yen: UP at 104.48 yen from 104.52 yen Pound/dollar: DOWN at $1.2964 from $1.3035 Euro/pound: UP at 90.25 pence from 89.82 pence West Texas Intermediate: UP 2.3 percent at $38.53 per barrel Brent North Sea crude: UP 2.3 percent at $40.64 per barrel

US stocks open higher despite US vote uncertainty

As voters turned up in huge numbers during <a href="https://www.wionews.com/world/us-election-2020-heres-how-american-leaders-are-urging-people-to-go-out-and-vote-340269">US elections</a> 2020, the markets gave the election wave a thumbs-up with the Dow ending up 2.1 per cent in Election Day session. |&nbsp;<a href="https://www.wionews.com/world/live-us-election-2020-donald-trump-joe-biden-more-than-98-million-voted-to-elect-the-next-president-340039">LIVE update: It is going to be a tight race, says Kamala Harris to US voters</a>

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/jill-biden-campaigns-for-her-husband-in-critical-swing-state-of-florida-340273/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Dow finished nearly 550 points up at 27,477.40 as the markets leaned towards Biden who has been leading the opinion polls for the past month.

The S&amp;P 500 went up 1.8 per cent to end at 3,369.11, while the Nasdaq Composite Index closed at 11,160.57.

<a href="https://www.wionews.com/world/us-elections-2020-country-entitled-to-know-who-won-on-november-3-says-trump-340238">Also Read:&nbsp;Country entitled to know who won on November 3, says Trump</a>

The markets across the world were on a high even as the dollar took a hit amid the US polls. As the markets closed, over 100 million US voters had already exercised their franchise.&nbsp;

The Dow kept its momentum as it opened up 1.3 per cent at 27,275.22. The S&amp;P 500 went up 1.0 per cent to 3,344.23, while Nasdaq Composite Index to 11,027.65. The surge in numbers come as Biden led Trump in final opinion polls even as US voters exercised their franchise.

<a href="https://www.wionews.com/world/us-election-2020-heres-how-american-leaders-are-urging-people-to-go-out-and-vote-340269">Also Read:&nbsp;Here's how American leaders are urging people to go out and vote</a>

At close, the S&amp;P 500 was up 1.8 per cent ending at 3,369.11, while the Nasdaq gained finished at 11,160.57.

On Friday, the markets had bled amid reports of surging coronavirus cases as Europe and America touched grim COVID-19 milestones.

According to Johns Hopkins University, the United States has over 9 million coronavirus cases.

As voters turned up in huge numbers during US elections 2020, the markets gave the election wave a thumbs-up with the Dow ending up 2.1 per cent in Election Day session.

As voters turned up in huge numbers during US elections 2020, the markets gave the election wave a thumbs-up with the Dow ending up 2.1 per cent in Election Day session. | LIVE update: It is going to be a tight race, says Kamala Harris to US voters Watch: The Dow finished nearly 550 points up at 27,477.40 as the markets leaned towards Biden who has been leading the opinion polls for the past month. The S&P 500 went up 1.8 per cent to end at 3,369.11, while the Nasdaq Composite Index closed at 11,160.57. Also Read: Country entitled to know who won on November 3, says Trump The markets across the world were on a high even as the dollar took a hit amid the US polls. As the markets closed, over 100 million US voters had already exercised their franchise. The Dow kept its momentum as it opened up 1.3 per cent at 27,275.22. The S&P 500 went up 1.0 per cent to 3,344.23, while Nasdaq Composite Index to 11,027.65. The surge in numbers come as Biden led Trump in final opinion polls even as US voters exercised their franchise. Also Read: Here's how American leaders are urging people to go out and vote At close, the S&P 500 was up 1.8 per cent ending at 3,369.11, while the Nasdaq gained finished at 11,160.57. On Friday, the markets had bled amid reports of surging coronavirus cases as Europe and America touched grim COVID-19 milestones. According to Johns Hopkins University, the United States has over 9 million coronavirus cases.

US elections 2020: On election day, Wall Street ends on a high; Dow up over 2%

Investors may take slight comfort in coming weeks from U.S. corporate earnings that are likely to be bad, but not as bad as they have been.

World Business Watch: Wall Street week ahead: Improvement in US earnings expected

Asian markets follow Wall Street fall as Sensex, Nifty slump in morning trade. This has been Wall Street's biggest loss since March 16. Watch this video to know more.

Asian markets follow Wall Street fall; Sensex, Nifty slump in morning trade

U.S. stocks fell on Friday as fears of economic damage from the spread of the coronavirus intensified, though Wall Street's major indexes ended well above their session lows.

Wall street ends wild street with cuts, significant declines on Wall street | Coronavirus Outbreak

In the aftermath of the global stock markets bloodbath, world's 500 richest people lost $444 billion in total this week, Bloomberg Billionaires Index said on Saturday.

The US stock market suffered a historic pullback after the Dow Jones Industrial Average and S&amp;P 500 each tumbled over 12 per cent and 11% this week over the coronavirus pandemic and wiped out more than $6 trillion from global stocks. It was the biggest five-day slide since the depths of the 2008 financial crisis.

Also read:<a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314"> Sensex, Nifty crash as global markets dive over spread of coronavirus</a>

According to the report, the world’s three richest people, Amazon founder Jeff Bezos, Microsoft Corporation's Bill Gates and LVMH Chairman Bernard Arnault suffered the biggest losses, as their combined wealth dropped about $30 billion.

Founder of SpaceX and CEO of Tesla, Elon Musk, lost $9 billion as shares of Tesla recorded a major dip. &nbsp;

Also Read:<a href="https://www.wionews.com/business-economy/carnage-on-dalal-street-stock-market-crash-wipes-off-rs-5-lakh-cr-investor-wealth-283262"> Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth</a>

The virus which originated from Wuhan in Hubei province in China has already claimed 2,856 people and infected more than 83,000 worldwide and spread to at least 45 countries.&nbsp;

However, Iran has emerged as a new hotspot for the virus, with at least 43 deaths and more than 245 infections so far.

Meanwhile, oil prices sank to a new low of $50.05 per barrel as the virus sparked panic over crude demand.

European stock markets bled with Frankfurt's DAX 30 index diving 5.2 per cent. 
&nbsp;

In the aftermath of the global stock markets bloodbath, world's 500 richest people lost $444 billion in total this week, Bloomberg Billionaires Index said on Saturday.

In the aftermath of the global stock markets bloodbath, world's 500 richest people lost $444 billion in total this week, Bloomberg Billionaires Index said on Saturday. The US stock market suffered a historic pullback after the Dow Jones Industrial Average and S&P 500 each tumbled over 12 per cent and 11% this week over the coronavirus pandemic and wiped out more than $6 trillion from global stocks. It was the biggest five-day slide since the depths of the 2008 financial crisis. Also read: Sensex, Nifty crash as global markets dive over spread of coronavirus According to the report, the world’s three richest people, Amazon founder Jeff Bezos, Microsoft Corporation's Bill Gates and LVMH Chairman Bernard Arnault suffered the biggest losses, as their combined wealth dropped about $30 billion. Founder of SpaceX and CEO of Tesla, Elon Musk, lost $9 billion as shares of Tesla recorded a major dip. Also Read: Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth The virus which originated from Wuhan in Hubei province in China has already claimed 2,856 people and infected more than 83,000 worldwide and spread to at least 45 countries. However, Iran has emerged as a new hotspot for the virus, with at least 43 deaths and more than 245 infections so far. Meanwhile, oil prices sank to a new low of $50.05 per barrel as the virus sparked panic over crude demand. European stock markets bled with Frankfurt's DAX 30 index diving 5.2 per cent.

World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed

China cancels press credentials of 3 Wall Street Journal's Journalists. This comes after newspaper refused to apologise for its article that titled 'China is the real sick man of Asia'.

China revokes 3 American Journalists  of Wall Street Journal

Our penchant for knowledge and curiosity has helped make Google's parent company Alphabet worth one trillion dollars.&nbsp;

They are the fourth American company to break this barrier, after Apple, Microsoft and Amazon.

While the state-run oil company Saudi Aramco is worth 2 trillion.

A trillion dollars is a million dollars multiplied by a million.

To be specific, Google's parent company Alphabet's stock market value is now 1 trillion dollars.

This just six weeks after founders Larry Page and Sergei Brin gave up their top jobs and handed over the reins to Google Chief Executive Sundar Pichai.

<h6><img alt="Google" data-entity-type="file" data-entity-uuid="51a56648-f96e-4d41-b467-1446f7689bfb" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%289%29_15.jpg" /> 
Image: Google CEO Sundar Pichai 
&nbsp;</h6>

This change has worked on Wall Street. Last quarter, the company's profits were lesser than market estimates by nearly 2 billion dollars.

But that did little to dent investors' bullishness on the company.

Alphabet's stock retreated briefly, only to resume its climb.

The stock surged up by nearly 17 per cent over the last three months, better than fellow tech giants and the rest of the market.

For the calendar year 2019, Alphabet's stock was up nearly 35 per cent.

Watch:&nbsp;Google's parent company enters Trillion Dollar Club

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-googles-parent-company-enters-trillion-dollar-club-274953/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

And now as 2020 begins, some are already wondering whether it's time to cash in on the extraordinary gains.

But a lot will depend on Alphabet's fourth-quarter earnings report which is scheduled to release early in February.

With this feat, Alphabet has become only the fourth company in American history to reach the magical figure.

Apple, Amazon, and Microsoft are the only other US companies.

And among those, Amazon saw its market value hit the trillion-dollar mark, and soon fall below it.

Shares of the company are down nearly 7 per cent over the last six months.

So the trillion dollar achievement is in essence, a slippery slope.

<h6><img alt="Google" data-entity-type="file" data-entity-uuid="20cdd409-4953-4658-a9b5-5e008dfd0280" src="//cdn.wionews.com/sites/default/files/inline-images/94845-untitled-design-2019-05-20t180449041.jpg" /> 
Image: Google logo | AFP 
&nbsp;</h6>

Apple is currently the world’s most valuable company with a market cap of $1.4 trillion, while Microsoft is valued at $1.3 trillion.

And now Google aka Alphabet has joined the club.

However, Google has stiff competition, not from tech companies, but from the world's largest oil company: Saudi Aramco. Aramco became the world's first two trillion dollar company last month.

That too within 48 hours of becoming a listed company on the Saudi Stock Exchange.

Our penchant for knowledge and curiosity has helped make Google's parent company Alphabet worth one trillion dollars. They are the fourth American company to break this barrier, after Apple, Microsoft and Amazon.

Our penchant for knowledge and curiosity has helped make Google's parent company Alphabet worth one trillion dollars. They are the fourth American company to break this barrier, after Apple, Microsoft and Amazon. While the state-run oil company Saudi Aramco is worth 2 trillion. A trillion dollars is a million dollars multiplied by a million. To be specific, Google's parent company Alphabet's stock market value is now 1 trillion dollars. This just six weeks after founders Larry Page and Sergei Brin gave up their top jobs and handed over the reins to Google Chief Executive Sundar Pichai. Image: Google CEO Sundar Pichai This change has worked on Wall Street. Last quarter, the company's profits were lesser than market estimates by nearly 2 billion dollars. But that did little to dent investors' bullishness on the company. Alphabet's stock retreated briefly, only to resume its climb. The stock surged up by nearly 17 per cent over the last three months, better than fellow tech giants and the rest of the market. For the calendar year 2019, Alphabet's stock was up nearly 35 per cent. Watch: Google's parent company enters Trillion Dollar Club And now as 2020 begins, some are already wondering whether it's time to cash in on the extraordinary gains. But a lot will depend on Alphabet's fourth-quarter earnings report which is scheduled to release early in February. With this feat, Alphabet has become only the fourth company in American history to reach the magical figure. Apple, Amazon, and Microsoft are the only other US companies. And among those, Amazon saw its market value hit the trillion-dollar mark, and soon fall below it. Shares of the company are down nearly 7 per cent over the last six months. So the trillion dollar achievement is in essence, a slippery slope. Image: Google logo | AFP Apple is currently the world’s most valuable company with a market cap of $1.4 trillion, while Microsoft is valued at $1.3 trillion. And now Google aka Alphabet has joined the club. However, Google has stiff competition, not from tech companies, but from the world's largest oil company: Saudi Aramco. Aramco became the world's first two trillion dollar company last month. That too within 48 hours of becoming a listed company on the Saudi Stock Exchange.

Alphabet: Google's parent company now a $1 trillion enterprise; fourth US company to achieve the feat

Asia equities extended a global rally on Tuesday, with the US decision to no longer designate China a currency manipulator a further sign of easing tensions between the economic titans.

The Treasury announcement came days before the two sides are due to sign off on the first part of a wider trade agreement that has helped fan a rally in world markets.

It also led to a sell-off in safe-haven assets with the yen at a seven-month low and gold down almost one per cent, while oil was also struggling with the <a href="https://www.wionews.com/opinions/wion-edit-us-iran-conflict-whats-next-273195">US-Iran</a> flare-up seemingly in the rear window for investors.

Asia was given a firm lead from Wall Street, where all three main indexes ended higher with the Nasdaq and S&amp;P 500 hitting fresh records on reports the US was about to remove the manipulator label from China.

<a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> accused Beijing in August of weakening its yuan currency "to steal our business and factories", re-stating a long-standing grievance.&nbsp;

But soon after the end of trade on Monday, the Treasury said in its semi-annual report to Congress that the unit had strengthened and Beijing was no longer keeping it artificially weak.

The yuan jumped more than one per cent at one point Tuesday before easing slightly. The currency is up more than four per cent from an 11-year low touched in September.&nbsp;

"The yuan is the purest and best barometer to gauge the market's view on <a href="https://www.wionews.com/opinions/us-china-trade-conflict-lack-of-trust-hobbling-the-ability-to-reach-a-deal-198533">US-China</a> trade tension," said AxiTrader's Stephen Innes. "With the yuan strengthening ahead of the 'phase one' deal signing, it's indicating the potential for further improvement in trade relations."

The US reversal of China's status as a manipulator "is a most precise and definitive de-escalation of trade tension to date and provides a less congested road as we pivot to phase two of the broader trade agreement", he added.

<a href="https://www.wionews.com/sports/more-tokyo-olympic-events-rescheduled-due-to-heat-concern-266444">Tokyo</a> was among the biggest gainers, rising 0.7 per cent by the break as the dollar advanced against the yen owing to a rush out of safety giving a boost to Japan's exporters.

Hong Kong and Shanghai both gained 0.2 per cent, while Singapore put on 0.3 per cent and Seoul 0.7 per cent.

Sydney was up 0.6 per cent, Wellington and Taipei both gained 0.5 per cent and Jakarta put on 0.2 per cent.

Improving confidence also hit gold, which is a popular go-to asset in times of turmoil. The yellow metal last week broke $1,600 for the first time in seven years on the Iran crisis but the lowering of expectations for a conflict with the US has seen it tumble more than four per cent from its recent high.

The improving China-US outlook saw it drop by 0.9 per cent on Tuesday.

As well as Wednesday's signing, investors are also looking forward to corporate earnings season, which kicks off in earnest this week with the release of reports from top banks including Citibank, Goldman Sachs, and JP Morgan.

"Our expectation is a solid earnings season nothing extraordinary but nothing really terrible," Kristina Hooper, chief global market strategist at Invesco told Bloomberg TV.&nbsp;

"The environment is so accommodative that it really is supportive of risk assets, including equities, even if we have a lacklustre earnings season."

Asia equities extended a global rally on Tuesday, with the US decision to no longer designate China a currency manipulator a further sign of easing tensions between the economic titans.

Asia equities extended a global rally on Tuesday, with the US decision to no longer designate China a currency manipulator a further sign of easing tensions between the economic titans. The Treasury announcement came days before the two sides are due to sign off on the first part of a wider trade agreement that has helped fan a rally in world markets. It also led to a sell-off in safe-haven assets with the yen at a seven-month low and gold down almost one per cent, while oil was also struggling with the US-Iran flare-up seemingly in the rear window for investors. Asia was given a firm lead from Wall Street, where all three main indexes ended higher with the Nasdaq and S&P 500 hitting fresh records on reports the US was about to remove the manipulator label from China. Donald Trump accused Beijing in August of weakening its yuan currency "to steal our business and factories", re-stating a long-standing grievance. But soon after the end of trade on Monday, the Treasury said in its semi-annual report to Congress that the unit had strengthened and Beijing was no longer keeping it artificially weak. The yuan jumped more than one per cent at one point Tuesday before easing slightly. The currency is up more than four per cent from an 11-year low touched in September. "The yuan is the purest and best barometer to gauge the market's view on US-China trade tension," said AxiTrader's Stephen Innes. "With the yuan strengthening ahead of the 'phase one' deal signing, it's indicating the potential for further improvement in trade relations." The US reversal of China's status as a manipulator "is a most precise and definitive de-escalation of trade tension to date and provides a less congested road as we pivot to phase two of the broader trade agreement", he added. Tokyo was among the biggest gainers, rising 0.7 per cent by the break as the dollar advanced against the yen owing to a rush out of safety giving a boost to Japan's exporters. Hong Kong and Shanghai both gained 0.2 per cent, while Singapore put on 0.3 per cent and Seoul 0.7 per cent. Sydney was up 0.6 per cent, Wellington and Taipei both gained 0.5 per cent and Jakarta put on 0.2 per cent. Improving confidence also hit gold, which is a popular go-to asset in times of turmoil. The yellow metal last week broke $1,600 for the first time in seven years on the Iran crisis but the lowering of expectations for a conflict with the US has seen it tumble more than four per cent from its recent high. The improving China-US outlook saw it drop by 0.9 per cent on Tuesday. As well as Wednesday's signing, investors are also looking forward to corporate earnings season, which kicks off in earnest this week with the release of reports from top banks including Citibank, Goldman Sachs, and JP Morgan. "Our expectation is a solid earnings season nothing extraordinary but nothing really terrible," Kristina Hooper, chief global market strategist at Invesco told Bloomberg TV. "The environment is so accommodative that it really is supportive of risk assets, including equities, even if we have a lacklustre earnings season."

Asian markets, yuan rise as US-China tensions ease further

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on <a href="https://www.wionews.com/world/details-of-us-china-deal-to-be-published-after-signing-white-house-273483">Phase One</a>&nbsp;China-US&nbsp;trade deal, although markets have yet to see the details of the agreement.

<a href="https://www.wionews.com/business-economy/nifty-sensex-headed-for-weekly-gain-as-mideast-tensions-ease-273346">MSCI's broadest index</a> of Asia-Pacific shares outside Japan was 0.47 per cent&nbsp;higher, touching its highest point since June 2018. Japanese markets were closed for a holiday.

South Korea's trade-sensitive Kospi added 0.73 per cent&nbsp;and Hong Kong's Hang Seng was up 0.74 per cent, while Taiwan shares added 0.6 per cent&nbsp;in the first trading day after Taiwanese re-elected President <a href="https://www.wionews.com/world/hong-kongs-strengths-as-global-financial-hub-intact-despite-protests-carrie-lam-273828">Tsai Ing-wen</a> by a landslide on Saturday.

Mainland Chinese shares lagged the regional index after China's major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019.

The benchmark <a href="https://www.wionews.com/business-economy/sensex-jumps-634-points-as-us-iran-tensions-ease-auto-and-realty-stocks-gain-273229">Shanghai Composite Index</a> ended the morning session up just 0.06 per cent.

Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on some early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter.

Japan's <a href="https://www.wionews.com/business-economy/asian-shares-erase-losses-as-mideast-tensions-ease-oil-ticks-up-273093">Nikkei</a> was closed for a holiday. It fell sharply early last week when Iran attacked bases hosting US&nbsp;military in Iraq, only to rally almost a thousand points when the two countries stepped back from hostilities.

E-Mini futures for the <a href="https://www.wionews.com/business-economy/global-markets-stocks-march-back-to-record-highs-as-middle-east-tensions-ease-273438">S&amp;P 500</a> edged up 0.28 per cent, to be just off all-time highs.

The main event of the week will be the signing of the Phase One&nbsp;trade deal between the United States and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony.

"A calmer geopolitical backdrop and the signing of the US‑China Phase One&nbsp;agreement is, on balance, favourable for global growth," said Joseph Capurso, an FX strategist at CBA.

"However, the 86-page Phase One&nbsp;<a href="https://www.wionews.com/world/chinas-vice-premier-liu-to-sign-us-trade-deal-next-week-in-washington-273242">agreement</a> has not yet been made public.&nbsp;There are doubts how comprehensive the deal is, and whether the Phase One&nbsp;agreement will be implemented in full by both governments."

Washington has reserved the right to reimpose tariffs if it judges China is not abiding by the deal.

"If there is any surprise from the Phase One&nbsp;deal&nbsp;that may actually cause some kind of volatility," said Tommy Xie, economist and head of greater China research at OCBC in Singapore.

"People are really focused on whether China is really committed to purchasing additional $200 billion in goods and services from the US&nbsp;over the next two years, there's not much commitment from China yet."

Xie said China's fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw close scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures.

<a href="https://www.wionews.com/business-economy/sp-500-snaps-win-streak-as-middle-east-tensions-push-down-wall-street-272037">Wall Street</a> slipped and bonds rallied on Friday when data showed US&nbsp;nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft.

"This is the perfect employment report for the Fed to continue to run the economy 'hot', as views on the natural rate of unemployment continue to drop," said Alan Ruskin, Deutsche Bank's global head of FX strategy. "This is perfect for risky assets."&nbsp;

On Monday, the euro gained 0.06 per cent&nbsp;to $1.1126, up from a $1.1083 low on Friday. Support comes in around $1.1060, while the recent peak at $1.1239 marks stiff resistance.

The dollar was firm on the yen at 109.61 but faces tough resistance around 109.70 where rallies have repeatedly failed in the past couple of months.

Against a basket of currencies, the dollar was stuck at 97.357, well within the recent trading range of 96.355 to 97.817.

The pound dipped 0.18 per cent&nbsp;to $1.3035 after <a href="https://www.wionews.com/business-economy/bank-of-england-sam-woods-warns-financial-sector-may-crackdown-273799">Bank of England</a> policymaker Gertjan Vlieghe said he will vote for a cut in interest rates later this month, barring an "imminent and significant" improvement in the growth data.

Spot gold slipped 0.37 per cent to $1,556.30 per ounce, having hit a seven-year top last week of $1,610.90 at the height of <a href="https://www.wionews.com/world/do-not-kill-your-protesters-us-president-trump-to-iranian-authorities-273818">Iran-US&nbsp;tensions</a>.

Oil prices were slightly firmer after suffering the first weekly loss since late November.&nbsp;

<a href="https://www.wionews.com/business-economy/oil-edges-above-65-as-middle-east-concerns-support-273441">Brent crude</a> futures were up 6 cents at $65.04 a barrel, while US&nbsp;crude added 10 cents to $59.14 a barrel.

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on Phase One China-US trade deal, although markets have yet to see the details of the agreement.

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on Phase One China-US trade deal, although markets have yet to see the details of the agreement. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.47 per cent higher, touching its highest point since June 2018. Japanese markets were closed for a holiday. South Korea's trade-sensitive Kospi added 0.73 per cent and Hong Kong's Hang Seng was up 0.74 per cent, while Taiwan shares added 0.6 per cent in the first trading day after Taiwanese re-elected President Tsai Ing-wen by a landslide on Saturday. Mainland Chinese shares lagged the regional index after China's major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019. The benchmark Shanghai Composite Index ended the morning session up just 0.06 per cent. Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on some early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter. Japan's Nikkei was closed for a holiday. It fell sharply early last week when Iran attacked bases hosting US military in Iraq, only to rally almost a thousand points when the two countries stepped back from hostilities. E-Mini futures for the S&P 500 edged up 0.28 per cent, to be just off all-time highs. The main event of the week will be the signing of the Phase One trade deal between the United States and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony. "A calmer geopolitical backdrop and the signing of the US‑China Phase One agreement is, on balance, favourable for global growth," said Joseph Capurso, an FX strategist at CBA. "However, the 86-page Phase One agreement has not yet been made public. There are doubts how comprehensive the deal is, and whether the Phase One agreement will be implemented in full by both governments." Washington has reserved the right to reimpose tariffs if it judges China is not abiding by the deal. "If there is any surprise from the Phase One deal that may actually cause some kind of volatility," said Tommy Xie, economist and head of greater China research at OCBC in Singapore. "People are really focused on whether China is really committed to purchasing additional $200 billion in goods and services from the US over the next two years, there's not much commitment from China yet." Xie said China's fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw close scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures. Wall Street slipped and bonds rallied on Friday when data showed US nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft. "This is the perfect employment report for the Fed to continue to run the economy 'hot', as views on the natural rate of unemployment continue to drop," said Alan Ruskin, Deutsche Bank's global head of FX strategy. "This is perfect for risky assets." On Monday, the euro gained 0.06 per cent to $1.1126, up from a $1.1083 low on Friday. Support comes in around $1.1060, while the recent peak at $1.1239 marks stiff resistance. The dollar was firm on the yen at 109.61 but faces tough resistance around 109.70 where rallies have repeatedly failed in the past couple of months. Against a basket of currencies, the dollar was stuck at 97.357, well within the recent trading range of 96.355 to 97.817. The pound dipped 0.18 per cent to $1.3035 after Bank of England policymaker Gertjan Vlieghe said he will vote for a cut in interest rates later this month, barring an "imminent and significant" improvement in the growth data. Spot gold slipped 0.37 per cent to $1,556.30 per ounce, having hit a seven-year top last week of $1,610.90 at the height of Iran-US tensions. Oil prices were slightly firmer after suffering the first weekly loss since late November. Brent crude futures were up 6 cents at $65.04 a barrel, while US crude added 10 cents to $59.14 a barrel.

Asian shares rise ahead of US-China 'phase one' trade deal

Wall&nbsp;Street's major indexes fell from record highs on Friday after a <a href="https://www.wionews.com/world/trump-impeachment-row-us-senate-in-stalemate-over-how-to-proceed-272003">US&nbsp;airstrike</a> in Iraq ratcheted up&nbsp;tensions&nbsp;in the&nbsp;Middle&nbsp;East&nbsp;and a bigger-than-expected contraction in the US&nbsp;manufacturing sector raised concerns of slowing economic growth.

Friday's decline put the benchmark <a href="https://www.wionews.com/business-economy/indian-shares-slip-as-oil-jumps-after-us-air-strikes-in-middle-east-271832">S&amp;P&nbsp;500</a>&nbsp;in the red for the week, snapping a five-week&nbsp;winning&nbsp;streak&nbsp;for the index.

Demand for <a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">safe-haven assets</a> soared as Iran vowed revenge for the killing of Qassem Soleimani, head of its elite Quds Force, in an airstrike authorized by US&nbsp;President Donald Trump.

In a further blow to US&nbsp;market sentiment, data from the Institute for Supply Management showed that US&nbsp;factory activity contracted in December by the most in more than a decade.

"There was a reinforcement of weak manufacturing activity and then you had the geopolitical spark," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. "That's on top of the sentiment that the market has been overbought."

S&amp;P&nbsp;500&nbsp;bank stocks dropped 1.6 per cent&nbsp;as the news sent benchmark US&nbsp;bond yields&nbsp;to their lowest since December&nbsp;12.

Shares of airlines also tumbled as oil prices jumped about 3 per cent. American Airlines Group Inc&nbsp;shares dropped 5.0 per cent, while shares of United Airlines Holdings Inc fell 2.1 per cent.

Among the S&amp;P&nbsp;500's 11 major sectors, only real estate and utilities both considered defensive plays, ended higher.

In a sign of investor jitters, US&nbsp;stocks extended their fall following a false report of an attack on a US&nbsp;military base in Iraq.

Shares of US&nbsp;defence companies jumped on news of the airstrike that killed <a href="https://www.wionews.com/world/soleimani-contributed-to-plotting-terror-attacks-in-new-delhi-london-trump-272027">Soleimani</a>. Northrop Grumman Corp&nbsp;shares climbed 5.4 per cent&nbsp;and Lockheed Martin Corp&nbsp;shares rose 3.6 per cent. The two provided the biggest boosts to the S&amp;P&nbsp;500.

The market disturbance following the strike could be fleeting, said Wayne Wicker, a chief investment officer of Vantagepoint Investment Advisers in Washington.

"We've looked at many types of conflicts over the last 20 years, and they've had much more of a short-term impact," Wicker said.

The Dow Jones Industrial Average fell 233.92 points, or 0.81 per cent, to 28,634.88. The S&amp;P&nbsp;500 lost 23 points, or 0.71 per cent, to 3,234.85. The Nasdaq Composite&nbsp;dropped 71.42 points, or 0.79 per cent, to 9,020.77.

For the week, the Dow dipped 0.04 per cent, the S&amp;P&nbsp;500&nbsp;fell 0.17 per cent, and the Nasdaq rose 0.16 per cent.

Among advancers, Tesla Inc&nbsp;shares hit a record high and ended up 3.0 per cent&nbsp;after the automaker beat estimates for vehicle deliveries in the fourth quarter.

Lamb Weston Holdings Inc shares surged 11.3 per cent, the biggest percentage gain on the S&amp;P&nbsp;500, after the frozen foods supplier's quarterly results surpassed estimates.

Shares of retailer L Brands Inc&nbsp;rose 7.8 per cent&nbsp;after Bank of America upgraded its rating on the company's stock.

Declining issues outnumbered advancing ones on the <a href="https://www.wionews.com/business-economy/world-stocks-hit-all-time-high-after-trump-tweets-close-to-china-deal-267973">NYSE</a> by a 1.14-to-1 ratio. On Nasdaq, a 1.71-to-1 ratio favoured decliners.

The S&amp;P&nbsp;500&nbsp;posted 22 new 52-week highs and one new low. The Nasdaq Composite recorded 60 new highs and 15 new lows.

Volume on US&nbsp;exchanges was 7.47 billion shares, compared to the 6.87 billion average for the full session over the last 20 trading days.

Wall Street's major indexes fell from record highs on Friday after a US airstrike in Iraq ratcheted up tensions in the Middle East and a bigger-than-expected contraction in the US manufacturing sector raised concerns of slowing economic growth.

Wall Street's major indexes fell from record highs on Friday after a US airstrike in Iraq ratcheted up tensions in the Middle East and a bigger-than-expected contraction in the US manufacturing sector raised concerns of slowing economic growth. Friday's decline put the benchmark S&P 500 in the red for the week, snapping a five-week winning streak for the index. Demand for safe-haven assets soared as Iran vowed revenge for the killing of Qassem Soleimani, head of its elite Quds Force, in an airstrike authorized by US President Donald Trump. In a further blow to US market sentiment, data from the Institute for Supply Management showed that US factory activity contracted in December by the most in more than a decade. "There was a reinforcement of weak manufacturing activity and then you had the geopolitical spark," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. "That's on top of the sentiment that the market has been overbought." S&P 500 bank stocks dropped 1.6 per cent as the news sent benchmark US bond yields to their lowest since December 12. Shares of airlines also tumbled as oil prices jumped about 3 per cent. American Airlines Group Inc shares dropped 5.0 per cent, while shares of United Airlines Holdings Inc fell 2.1 per cent. Among the S&P 500's 11 major sectors, only real estate and utilities both considered defensive plays, ended higher. In a sign of investor jitters, US stocks extended their fall following a false report of an attack on a US military base in Iraq. Shares of US defence companies jumped on news of the airstrike that killed Soleimani. Northrop Grumman Corp shares climbed 5.4 per cent and Lockheed Martin Corp shares rose 3.6 per cent. The two provided the biggest boosts to the S&P 500. The market disturbance following the strike could be fleeting, said Wayne Wicker, a chief investment officer of Vantagepoint Investment Advisers in Washington. "We've looked at many types of conflicts over the last 20 years, and they've had much more of a short-term impact," Wicker said. The Dow Jones Industrial Average fell 233.92 points, or 0.81 per cent, to 28,634.88. The S&P 500 lost 23 points, or 0.71 per cent, to 3,234.85. The Nasdaq Composite dropped 71.42 points, or 0.79 per cent, to 9,020.77. For the week, the Dow dipped 0.04 per cent, the S&P 500 fell 0.17 per cent, and the Nasdaq rose 0.16 per cent. Among advancers, Tesla Inc shares hit a record high and ended up 3.0 per cent after the automaker beat estimates for vehicle deliveries in the fourth quarter. Lamb Weston Holdings Inc shares surged 11.3 per cent, the biggest percentage gain on the S&P 500, after the frozen foods supplier's quarterly results surpassed estimates. Shares of retailer L Brands Inc rose 7.8 per cent after Bank of America upgraded its rating on the company's stock. Declining issues outnumbered advancing ones on the NYSE by a 1.14-to-1 ratio. On Nasdaq, a 1.71-to-1 ratio favoured decliners. The S&P 500 posted 22 new 52-week highs and one new low. The Nasdaq Composite recorded 60 new highs and 15 new lows. Volume on US exchanges was 7.47 billion shares, compared to the 6.87 billion average for the full session over the last 20 trading days.

S&P 500 snaps win streak as Middle East tensions push down Wall Street

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war.

Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon. But the market rebounded at the end of the week on Friday's strong US jobs and a change in tone from Trump.

Wall Street could see more volatility ahead of December 15, when the next tranche of US tariffs on Chinese imports is set to take effect.

At the start of the week, investors said equity prices were factoring in that those tariffs would be delayed if not cancelled as Beijing and Washington work on a "phase one" trade deal. But subsequent tough talk from Trump officials has shaken those expectations somewhat.

"Until we get some finality on this, the day-to-day is going to move on headlines that suggest progress or lack thereof,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

While the dispute between the world's two largest economies commands the spotlight, other trade issues also have drawn investor attention. They include a recent delay in ratification of the North American Trade pact, potential US tariffs on imported autos and Trump's issuing surprise levies on steel imports from Brazil and Argentina.

Optimism over a US-China truce has helped push the major Wall Street indexes to all-time highs recently, with the benchmark S&amp;P 500 &lt;.SPX&gt; logging a gain of more than 20 per cent&nbsp;so far in 2019. But as the latest swings show, lack of a resolution to a trade dispute that has lasted nearly two years continues to weigh on the market.

“The problem is the uncertainty that the trade war process has on business decisions," said Art Hogan, chief market strategist at National Securities in New York. "Without some sort of short-term truce, company spending gets frozen and that’s where it affects the economy and the market."

The tariffs on $156 billion in Chinese imports that could take effect Dec. 15 are largely on consumer goods, including cellphones, laptop and desktop computers, toys and clothing.

UBS economists estimate those tariffs would drag on US gross domestic product by either 0.1 per cent&nbsp;or 0.2 per cent&nbsp;in each of the four quarters next year. UBS projects overall GDP growth to average 1.1 per cent&nbsp;in 2020, with tariffs generally weighing heavily in the first half of the year.

Aside from the fallout from the tariffs themselves, "the next read from them going into effect is that trade discussions are not going well," said Walter Todd, chief investment officer with Greenwood Capital in South Carolina.

Political tensions over US support for protesters in Hong Kong and over Beijing's treatment of its Uighur Muslim minority have also raised concerns about the prospects for an initial trade deal.

“Without a phase one plan on getting something signed early in the new year, I think the market is susceptible for a pullback," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC.

The focus will remain on trade into next week, even as the Federal Reserve holds its last meeting of 2019, with the US central bank expected to keep interest rates steady after three cuts earlier in the year.

"The Fed chairman pretty much outlined that the bar is very high to raise rates," SunTrust's Lerner said.

However, he added, if some of the tariffs result in a sharp slowdown, "the Fed would have to act eventually" by cutting rates.

Investors will also be looking for signs of strength in the holiday shopping season, given that consumer spending is seen as a key pillar holding up overall economic growth.

There is a strong incentive to push off the tariffs "as long as people are at the negotiating table," said Carol Schleif, deputy chief investment officer at Abbot Downing in Minneapolis.

"President Trump definitely doesn’t want a downbeat consumer going into the election cycle,” she said.

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war. Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon.

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war. Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon. But the market rebounded at the end of the week on Friday's strong US jobs and a change in tone from Trump. Wall Street could see more volatility ahead of December 15, when the next tranche of US tariffs on Chinese imports is set to take effect. At the start of the week, investors said equity prices were factoring in that those tariffs would be delayed if not cancelled as Beijing and Washington work on a "phase one" trade deal. But subsequent tough talk from Trump officials has shaken those expectations somewhat. "Until we get some finality on this, the day-to-day is going to move on headlines that suggest progress or lack thereof,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. While the dispute between the world's two largest economies commands the spotlight, other trade issues also have drawn investor attention. They include a recent delay in ratification of the North American Trade pact, potential US tariffs on imported autos and Trump's issuing surprise levies on steel imports from Brazil and Argentina. Optimism over a US-China truce has helped push the major Wall Street indexes to all-time highs recently, with the benchmark S&P 500 <.SPX> logging a gain of more than 20 per cent so far in 2019. But as the latest swings show, lack of a resolution to a trade dispute that has lasted nearly two years continues to weigh on the market. “The problem is the uncertainty that the trade war process has on business decisions," said Art Hogan, chief market strategist at National Securities in New York. "Without some sort of short-term truce, company spending gets frozen and that’s where it affects the economy and the market." The tariffs on $156 billion in Chinese imports that could take effect Dec. 15 are largely on consumer goods, including cellphones, laptop and desktop computers, toys and clothing. UBS economists estimate those tariffs would drag on US gross domestic product by either 0.1 per cent or 0.2 per cent in each of the four quarters next year. UBS projects overall GDP growth to average 1.1 per cent in 2020, with tariffs generally weighing heavily in the first half of the year. Aside from the fallout from the tariffs themselves, "the next read from them going into effect is that trade discussions are not going well," said Walter Todd, chief investment officer with Greenwood Capital in South Carolina. Political tensions over US support for protesters in Hong Kong and over Beijing's treatment of its Uighur Muslim minority have also raised concerns about the prospects for an initial trade deal. “Without a phase one plan on getting something signed early in the new year, I think the market is susceptible for a pullback," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC. The focus will remain on trade into next week, even as the Federal Reserve holds its last meeting of 2019, with the US central bank expected to keep interest rates steady after three cuts earlier in the year. "The Fed chairman pretty much outlined that the bar is very high to raise rates," SunTrust's Lerner said. However, he added, if some of the tariffs result in a sharp slowdown, "the Fed would have to act eventually" by cutting rates. Investors will also be looking for signs of strength in the holiday shopping season, given that consumer spending is seen as a key pillar holding up overall economic growth. There is a strong incentive to push off the tariffs "as long as people are at the negotiating table," said Carol Schleif, deputy chief investment officer at Abbot Downing in Minneapolis. "President Trump definitely doesn’t want a downbeat consumer going into the election cycle,” she said.

Wall Street week ahead: Tariff deadline keeps focus on trade as 2019 draws to close

France will be "pugnacious" over the latest US tariff threats on French products and will not go back on its digital tax plan, junior economy minister Agnes Pannier-Runacher said on Tuesday.

On Monday, the US government said it may slap punitive duties of up to 100% on $2.4 billion of imports from France of champagne, handbags, cheese and other products, after concluding that France's new digital services tax would harm US tech companies.

"It is very clear that we do not need to go back on this, with regards to a topic that economically speaking makes sense," Pannier-Runacher told Sud Radio, referring to the digital tax.

"We need to be pugnacious on the subject," she added.&nbsp;

France will be "pugnacious" over the latest US tariff threats on French products and will not go back on its digital tax plan, junior economy minister Agnes Pannier-Runacher said on Tuesday.

France will be "pugnacious" over the latest US tariff threats on French products and will not go back on its digital tax plan, junior economy minister Agnes Pannier-Runacher said on Tuesday. On Monday, the US government said it may slap punitive duties of up to 100% on $2.4 billion of imports from France of champagne, handbags, cheese and other products, after concluding that France's new digital services tax would harm US tech companies. "It is very clear that we do not need to go back on this, with regards to a topic that economically speaking makes sense," Pannier-Runacher told Sud Radio, referring to the digital tax. "We need to be pugnacious on the subject," she added.

France will be 'pugnacious' over new US tariff threat: Minister

Wall Street stocks dipped early Monday after US President Donald Trump announced tariff actions on <a href="https://www.wionews.com/world/effective-immediately-us-to-restore-steel-aluminum-tariffs-on-brazil-argentina-trump-265754">Brazil and Argentina </a>and China retaliated for a US bill supporting protesters in Hong Kong.

Trump said he was reinstating tariffs on steel and aluminium from the South American countries due to a devaluation of their currencies. The United States had previously exempted some countries, including Argentina and Brazil, which agreed to quotas on the metals.

Meanwhile, China suspended US warship visits and sanctioned American NGOs after Trump signed into law a congressional measure supporting pro-democracy protesters in Hong Kong.

Some analysts rated the Chinese measures as mostly symbolic but said they were potentially important in light of ongoing trade talks between Washington and Beijing.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,038.17, down 0.1 per cent.

The broad-based S&amp;P 500 dropped 0.2 per cent to 3,135.43, while the tech-rich Nasdaq Composite Index shed 0.4 per cent to 8,633.53.

US stocks are still within shouting distance of all-time highs following records last week that were fed by optimism over the US-China trade talks, upbeat expectations for the holiday shopping season and moves by the Federal Reserve to cut interest rates and loosen monetary policy.

Key events this week include updates on the manufacturing and services sector, as well as the November jobs report.

Wall Street stocks dipped early Monday after US President Donald Trump announced tariff actions on Brazil and Argentina and China retaliated for a US bill supporting protesters in Hong Kong.

Wall Street stocks dipped early Monday after US President Donald Trump announced tariff actions on Brazil and Argentina and China retaliated for a US bill supporting protesters in Hong Kong. Trump said he was reinstating tariffs on steel and aluminium from the South American countries due to a devaluation of their currencies. The United States had previously exempted some countries, including Argentina and Brazil, which agreed to quotas on the metals. Meanwhile, China suspended US warship visits and sanctioned American NGOs after Trump signed into law a congressional measure supporting pro-democracy protesters in Hong Kong. Some analysts rated the Chinese measures as mostly symbolic but said they were potentially important in light of ongoing trade talks between Washington and Beijing. About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,038.17, down 0.1 per cent. The broad-based S&P 500 dropped 0.2 per cent to 3,135.43, while the tech-rich Nasdaq Composite Index shed 0.4 per cent to 8,633.53. US stocks are still within shouting distance of all-time highs following records last week that were fed by optimism over the US-China trade talks, upbeat expectations for the holiday shopping season and moves by the Federal Reserve to cut interest rates and loosen monetary policy. Key events this week include updates on the manufacturing and services sector, as well as the November jobs report.

Wall Street stocks dip over US tariff action on Brazil, Argentina; China retaliation on US bill

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales.

China on Thursday threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong. The measures could include barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China's state-backed Global Times tabloid said in a tweet.

The trade-sensitive Philadelphia Semiconductor index fell as much as 0.8 per cent and was on track for its worst day in a week.

The diplomatic clash also knocked Wall Street's main indexes off record highs. They had closed at all-time highs in every session so far this week on upbeat domestic data and hopes of an imminent "phase one" trade deal.

"The fact that this is a half-day with the markets being at all-time highs is a reason to give investors a bit of a pause," said Robert Pavlik, chief investment strategist, at SlateStone Wealth LLC in New York.

The sentiment was also dulled by reports of spot checks on retailers around the country, which showed fewer people lining up outside stores at the start of Black Friday, suggesting a surge in online buying may have taken the shine off America's biggest shopping day.

The S&amp;P 500 retail sector fell 0.7 per cent, with Kohl's Corp dropping 2.3 per cent. But top retailers Walmart Inc and Best Buy Co Inc were up between 0.3% and 0.7%.

At 11:48 a.m. ET the Dow Jones Industrial Average was down 95.45 points, or 0.34 per cent, at 28,068.55, while the S&amp;P 500 was down 8.63 points, or 0.27per cent, at 3,145. The Nasdaq Composite was down 21.73 points, or 0.25%, at 8,683.45.

Shares of Tech Data Corp jumped 12.3 per cent&nbsp;as private equity firm Apollo Global Management raised its bid for the US information technology equipment distributor to about $5.14 billion.

Declining issues outnumbered advancers for a 1.58-to-1 ratio on the NYSE and for a 1.18-to-1 ratio on the Nasdaq. The S&amp;P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 26 new lows.

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales.

US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales. China on Thursday threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong. The measures could include barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China's state-backed Global Times tabloid said in a tweet. The trade-sensitive Philadelphia Semiconductor index fell as much as 0.8 per cent and was on track for its worst day in a week. The diplomatic clash also knocked Wall Street's main indexes off record highs. They had closed at all-time highs in every session so far this week on upbeat domestic data and hopes of an imminent "phase one" trade deal. "The fact that this is a half-day with the markets being at all-time highs is a reason to give investors a bit of a pause," said Robert Pavlik, chief investment strategist, at SlateStone Wealth LLC in New York. The sentiment was also dulled by reports of spot checks on retailers around the country, which showed fewer people lining up outside stores at the start of Black Friday, suggesting a surge in online buying may have taken the shine off America's biggest shopping day. The S&P 500 retail sector fell 0.7 per cent, with Kohl's Corp dropping 2.3 per cent. But top retailers Walmart Inc and Best Buy Co Inc were up between 0.3% and 0.7%. At 11:48 a.m. ET the Dow Jones Industrial Average was down 95.45 points, or 0.34 per cent, at 28,068.55, while the S&P 500 was down 8.63 points, or 0.27per cent, at 3,145. The Nasdaq Composite was down 21.73 points, or 0.25%, at 8,683.45. Shares of Tech Data Corp jumped 12.3 per cent as private equity firm Apollo Global Management raised its bid for the US information technology equipment distributor to about $5.14 billion. Declining issues outnumbered advancers for a 1.58-to-1 ratio on the NYSE and for a 1.18-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 26 new lows.

Wall Street slips as US law on Hong Kong brings back trade fears

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