THE DAILY NEWS

thelivyjr
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Re: THE DAILY NEWS

Post by thelivyjr » Thu Dec 03, 2020 1:40 p

CNBC

"S&P 500 ekes out record close as Wall Street weighs new round of stimulus talks"


Fred Imbert @foimbert Maggie Fitzgerald @mkmfitzgerald

Published Dec 2, 2020

The S&P 500 rose slightly on Wednesday, eking out another record closing high, as traders digested the latest developments surrounding a new round of U.S. fiscal stimulus negotiations.

The broad market index ended the day up 0.2% at 3,669.01.

The Dow Jones Industrial Average climbed 59.87 points, or 0.2%.

The Nasdaq Composite dipped 0.1% to 12,349.37.

It was the second straight record close for the S&P 500.

The Nasdaq also reached an all-time closing high in the previous session.

Energy and financials were the best-performing sectors in the S&P 500, advancing 3.2% and 1.1%, respectively.

Boeing led the Dow higher with a gain of 5.1%.

However, Boeing’s pop was slightly offset by an 8.5% drop in Salesforce after the cloud company confirmed its acquisition of messaging platform Slack for $27.7 billion.

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said in a joint statement Wednesday that the bipartisan bill unveiled on Tuesday should be used as “basis for immediate bipartisan, bicameral negotiations.”

Those comments lifted the market off their lows.

On Tuesday, Senate Majority Leader Mitch McConnell rejected the $908 billion proposal aimed at breaking the stalemate over new stimulus in Congress.

“The potential for fiscal stimulus in the lame duck session does appear to be on the rise, but any package that will be considered will likely be significantly smaller than the $1 trillion that had been talked about prior to the election,” said Yousef Abbasi, global market strategist at StoneX.

Stocks are coming off of their best month in more than three decades.

The Dow gained more than 11% in November, notching its best one-month performance since January 1987.

The S&P 500 and Nasdaq Composite rose 10.8% and 11.8%, respectively, for their strongest monthly advances since April.

November’s rally was bolstered by positive vaccine news from several pharmaceutical companies.

The developments pushed investors into stocks that hinge on a strong economic recovery.

Investors digested more positive Covid-19 vaccine news on Wednesday.

The UK authorized the Pfizer-BioNTech vaccine for use, marking another step in the global battle against the pandemic.

“The beginning of Covid-19 vaccinations is getting close, bringing ‘buy on any dip’ to the forefront,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.

“After a weaker Monday session, Tuesday brought investors looking for an opportunity to increase risk-on exposures."

"Activity was further boosted today by bond yields rising in concert with a stronger stock market adding to optimism that recent economic momentum may remain healthy despite the winter Covid-19 case surge.”

Despite the positive vaccine data, Federal Reserve Chairman Jerome Powell called the economic outlook “extraordinarily uncertain” on Tuesday when he and Treasury Secretary Steven Mnuchin spoke before Congress this week as part of mandated updates on CARES Act funding.

Mnuchin did call on Congress for $300 billion in aid for restaurants heading into the winter months.

On the data front, private payrolls rose by 307,000 in November, according to ADP.

Economists polled by Dow Jones expected 475,000 private jobs were added in November.

The number was also the lowest since July.

ADP’s report comes days ahead of the Labor Department’s monthly jobs report.

Data also provided by Reuters

https://www.cnbc.com/2020/12/01/stock-m ... -news.html

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Re: THE DAILY NEWS

Post by thelivyjr » Thu Dec 03, 2020 1:40 p

CNBC

"Hiring falls off in November to slowest rate since July"


Jeff Cox @jeff.cox.7528 @JeffCoxCNBCcom

Published Wed, Dec 2 2020

Key Points

* Private payrolls grew by 307,000 in November, a decline from the 404,000 the previous month, ADP reported.

* The total was well below the Dow Jones estimate of 475,000.

* Hospitality led the way in job creation, adding 95,000 positions despite increasing pressure on bars and restaurants as coronavirus cases rise.


Private payrolls grew at their slowest pace since July amid a deceleration in large business hiring for November, ADP’s monthly payrolls report said Wednesday.

Companies hired 307,000 workers last month, well below the 475,000 estimate from a Dow Jones survey of economists.

The total represented a decline from the upwardly revised 404,000 in October and is the smallest gain since the 216,000 increase in July, according to the report, which is compiled in conjunction with Moody’s Analytics.

The revision added 39,000 to the original estimate from October, making the November miss not as bad as it appears.

Markets had little reaction to the report.

“We expected a much weaker number, so this is something of a relief,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

In fact, Shepherdson said the ADP number, which has often underestimated the government’s nonfarm payroll count through the pandemic, is consistent with a total around 700,000-750,000 for November.

The Labor Department on Friday is expected to report that the economy in November added 440,000 jobs, down from the 638,000 in October.

Private payrolls are estimated to grow by 590,000, according to FactSet, with a decline of about 93,000 Census workers during the department’s survey period subtracting from the headline number.

The Dow Jones estimate also sees a 6.7% unemployment rate, down from 6.9%.

Hospitality leads

Most of the hiring in the ADP report came from firms with 50 to 499 workers, which added 139,000 jobs.

Small companies added 110,000 while big business trailed with just 58,000 after adding 116,000 in October.

“While November saw employment gains, the pace continues to slow,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

“Job growth remained positive across all industries and sizes.”

As usual, service industries provided the bulk of jobs, with 276,000.

Leisure and hospitality, which has been battered during the pandemic, added 95,000 workers despite increasing restrictions placed on bars and restaurants as coronavirus cases continue to climb.

Education and health services contributed 69,000, mostly on the health care side, while professional and business services increased 55,000.

Construction was up 22,000 while manufacturing added 8,000.

Data also provided by Reuters

https://www.cnbc.com/2020/12/02/private ... -says.html

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

RIGZONE

"Oil Prices Climb After OPEC+ Makes Deal"


by Bloomberg | Andres Guerra Luz & Alex Longley

Thursday, December 03, 2020

(Bloomberg) -- Global crude surged to the highest since early March after OPEC+ agreed on a compromise deal to gradually ease output curbs beginning early next year.

Brent futures, the benchmark for most of the world’s oil, climbed 1% in London after delegates reached an agreement for the cartel to add 500,000 barrels a day to the market in January.

Ministers will now hold monthly consultations to determine how to adjust production in subsequent months, the delegate said, asking not to be named because the information was private.

The agreement took place against the backdrop of an oil futures curve that is suggesting additional production is needed.

Brent’s nearest futures are at a premium to later ones, a structure known as backwardation that indicates tight supply.

Meanwhile, the December 2021-December 2022 spreads for both West Texas Intermediate and Brent have recently moved to backwardation and furthered their rally on Thursday.

“These are minor increases in production, they’re not rolling back the entire cut,” said Gary Cunningham, director of account management and research at Tradition Energy.

“Meanwhile, euphoria from a vaccine eventually helping support economic conditions is helping offset production increases.”

The market had widely expected OPEC+ to extend current production cuts by a quarter, but that option ran into obstacles earlier this week amid a clash between Saudi Arabia and the United Arab Emirates.

Maintaining the delicate balance the oil market finds itself in has been a complex task, with demand recovering at varying speeds worldwide and prospects for a vaccine buoying the outlook further out even as near-term risks persist.

The new agreement keeps in place additional compensation cuts until March for members who failed to fully implement their supply curbs in previous months.

Meanwhile, Russian Deputy Prime Minister Alexander Novak signaled optionality in the gradual tapering plan, saying adjustments to the output deal can be made in either direction.

“There’s some relief the meeting didn’t fall apart and that OPEC+ is still functioning,” said Andrew Lebow, senior partner at Commodity Research Group.

“But as prices rally, there’s going to be an incentive for producers to want to sell extra barrels, so keeping to this 500,000 barrel a day increase may be quite difficult.”

Prices

West Texas Intermediate for January delivery rose 36 cents to settle at $45.64 a barrel, the highest in more than a week.

Brent for February settlement gained 46 cents to $48.71 a barrel.

At the same time, hopes for another round of U.S. fiscal stimulus are raising the prospect of a more immediate boost to demand ahead of a widespread vaccine rollout.

While Democrats and Republicans remain at an impasse that’s lasted since the summer, Senate Majority Leader Mitch McConnell said Thursday it was “heartening” that Democrats embraced a smaller price tag for a stimulus package without giving any indication he was willing to raise his own offer to get a deal.

Other oil-market news:

S&P Global Platts is considering adding a key U.S. crude grade to its North Sea benchmark, a move that could transform the way oil prices are set in many parts of the world.

Chevron Corp. followed arch-rival Exxon Mobil Corp. in cutting its long-term capital spending plans, responding to this year’s slump in oil and expectations that prices won’t rebound any time soon.

Norwegian General Workers Union reached an agreement with the Confederation of Norwegian Enterprise that brings an end to a guard strike that shut down helicopter traffic to North Sea oil and gas installations, according to a statement from the union.

Vitol Inc., the U.S. unit of the world’s biggest independent oil trader, will pay a fine of $135 million after prosecutors accused it of scheming to pay bribes to government officials in Brazil and Ecuador.

https://www.rigzone.com/news/wire/oil_p ... 9-article/

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

CNBC

"Treasury yields fall slightly despite better-than-expected jobless claims"


Vicky McKeever @vmckeevercnbc

Published Thu, Dec 3 2020

U.S. Treasury yields dipped on Thursday morning, as traders awaited news on congressional negotiations over a coronavirus stimulus package.

The yield on the benchmark 10-year Treasury note fell to 0.943%, while the yield on the 30-year Treasury bond dipped to 1.696%.

Yields move inversely to prices.

First-time claims for unemployment benefits totaled 712,000 last week, compared to the estimate of 780,000 from a Dow Jones survey of economists, the Labor Department reported Thursday.

The pace of new jobless claims reached their lowest level of the pandemic crisis era last week.

U.S. government bonds yields pulled back on Thursday, after reaching 0.95% in the previous session, as uncertainty remained as to whether another round of pandemic relief funding would be approved in Congress before the end of the year.

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer issued a joint statement on Wednesday, calling on Republicans to work with them on a stimulus package, using a $908 billion bipartisan proposal from Senate moderates as a starting point.

However, Senate Majority Leader Mitch McConnell has already rejected the $908 billion proposal and has endorsed a spending plan of around $500 billion.

The number of people in hospital in the U.S. sick with the coronavirus has topped 100,000, according to data compiled by the Covid Tracking Project, which is run by journalists at The Atlantic.

Auctions will be held on Thursday for $30 billion of 4-week bills and $35 billion of 8-week bills.

— CNBC’s Jesse Pound contributed to this article.

Data also provided by Reuters

https://www.cnbc.com/2020/12/03/us-bond ... gs-on.html

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

CNBC

"Jobless claims hit pandemic-era low as hiring continues even with rising Covid cases"


Jeff Cox @jeff.cox.7528 @JeffCoxCNBCcom

Published Thu, Dec 3 2020

Key Points

* First-time claims for unemployment benefits totaled 712,000 last week, compared with 787,000 a week earlier and the Dow Jones estimate of 780,000, the Labor Department reported.

*Continuing claims dropped sharply to 5.52 million.

*The weekly total was the lowest of the coronavirus era though it is still well above the record level prior to the pandemic.


New jobless-claim filings last week reached their lowest level of the pandemic crisis, providing a sign that hiring is continuing if at a slower pace.

First-time claims for unemployment benefits totaled 712,000 last week, compared with 787,000 a week earlier and the Dow Jones estimate of 780,000, the Labor Department reported Thursday.

That marked a decrease from the upwardly revised level of 787,000 a week earlier, a drop likely aided by counting issues associated with the Thanksgiving holiday.

The jobs market has demonstrated resilience even in the face of the new wave of Covid-19 cases.

Claims are off their peak of 6.9 million in late March but remain well above the pre-pandemic record.

Continuing claims also fell sharply, dropping 569,000 to 5.52 million.

The claims data comes a day before the Labor Department releases its closely watched nonfarm payrolls report for November.

Dow Jones estimates are for payroll growth of 440,000 and a decrease in the unemployment rate to 6.7%.

The report is also the first since the Government Accountability Office said the weekly jobless claims figures have been inaccurate during the pandemic.

The watchdog agency cited uncounted case backlogs and fraud and other discrepancies at the state level as obstacles to providing an accurate count.

The GAO recommended that the Labor Department issue a disclaimer about the potential inaccuracy of the count, but none was included in this report.

“The plunge in initial claims does not refute the idea that the trend is rising; we expected a sharp fall because of the difficulty of adjusting for Thanksgiving,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note.

“Initial claims likely will rebound strongly next week, probably rising above the 800K mark for the first time in eight weeks.”

Pandemic Unemployment Assistance claims actually dropped for the week, falling by more than 30,000 to 288,701.

The program provides benefits to those not normally eligible prior to the pandemic.

However, filings continued to rise for the emergency pandemic program, which addresses those who have lost their normal benefits.

That total increased nearly 60,000 to 4.57 million for the week ended Nov. 14, the most recent period for which data is available.


In all, 20.16 million Americans were receiving some kind of benefits, a decrease of 349,633 from the previous period, according to data also through Nov. 14.

That compares with 1.57 million a year ago.

At the state level, California (-38,522), Texas (-15,726) and Michigan (-12,448) reported the biggest drops, according to unadjusted data.

Claims rose in Illinois (8,543) and Oregon (5,483).

Data also provided by Reuters

https://www.cnbc.com/2020/12/03/jobless ... imate.html

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

MARKETS INSIDER

"Nasdaq closes at record high as Congress inches toward stimulus deal"


Ben Winck

Dec. 3, 2020, 10:27 PM

* US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal.

* The Nasdaq composite closed at all-time highs, while the S&P 500 lost its record close in the final hour of trading.

* New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000.

* Lawmakers warmed up to the $908 billion proposal Democratic leaders embraced on Wednesday, placing new pressure on Senate Majority Leader Mitch McConnell to reach a compromise.

* Oil gained after OPEC+ decided to gradually reverse some production cuts. West Texas Intermediate crude rose as much as 1.2%, to $45.84 per barrel, before paring losses.


US equities closed mixed as investors cheered encouraging jobless claims data and progress toward a stimulus-package compromise.

The Nasdaq composite closed at a record high, while the S&P 500 lost its record close in the final hour of trading amid concerns a vaccine rollout will be slower than expected.

Early-day gains came as lawmakers warmed up to the $908 billion proposal Democratic leaders embraced on Wednesday.

Senate Majority Leader Mitch McConnell hasn't said whether he will raise his own offer to reach an agreement, but he and House Speaker Nancy Pelosi spoke Thursday afternoon about the omnibus spending bill and additional fiscal stimulus.

New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday, the Labor Department said Thursday.

Economists surveyed by Bloomberg expected a reading of 775,000.

The decline snapped a two-week streak of increases for initial filings.

Here's where US indexes stood at the 4 p.m. ET market close on Thursday:

* S&P 500: 3,666.72, down 0.1%

* Dow Jones industrial average: 29,969.52, up 0.3% (86 points)

* Nasdaq composite: 12,377.18, up 0.2%

Continuing claims, which track Americans receiving unemployment benefits, fell to 5.5 million for the week that ended November 21.

That also landed below the consensus estimate.

Some economists fear the decline in jobless claims can largely be attributed to the Thanksgiving holiday, and that filings will again swing higher in the coming weeks.

"The drop in claims reported today reverses the increases of the past two weeks, but it would be a mistake to regard the decline as mere mean reversion," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said.

"The drop is the fluke, not the increases which preceded it."

Investors will get another look at how the labor market is recovering on Friday when the Bureau of Labor Statistics publishes its November nonfarm payrolls report.

Economists expect the US economy to have added 486,000 payrolls through the month.

The unemployment rate is forecasted to dip 0.1 points to 6.8%.

Utilities and materials lagged the market's upswing.

Energy and real estate stocks outperformed.

Thursday's gains pull the S&P 500 to record highs for the third straight day.

Stocks erased morning losses and closed higher on Wednesday as House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer backed the $908 billion stimulus measure.

Boeing led the Dow higher as shares surged on optimism around the return of its 737 Max jet.

Ryanair Holdings placed a 75-jet order for the model, marking the largest purchase yet since the plane was grounded nearly two years ago.

Tesla gained after Goldman Sachs upgraded its shares to "buy" from "neutral" in a note to clients.

The bank also lifted its price target for the automaker to $780, implying a 37% rally from Wednesday's close over the next 12 months.

CrowdStrike jumped after its fiscal third-quarter report beat expectations for profit and revenue.

The cybersecurity firm also lifted its current-quarter guidance above Wall Street's estimates.

Bitcoin rose to a 24-hour high of $19,614.08, before paring some gains.

Spot gold gained much as 0.7%, to $1,844.02 per ounce.

The US dollar weakened against all of its Group-of-10 peers, while Treasury yields dipped.

Oil prices edged higher after OPEC+ decided to gradually reverse production cuts.

West Texas Intermediate crude gained as much as 1.2%, to $45.84 per barrel.

Brent crude, oil's international benchmark, rose 1.4%, to $48.94 per barrel, at intraday highs.

https://markets.businessinsider.com/new ... 1029863410

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

THE NEW YORK DAILY NEWS

"Man who fell through Bronx sidewalk into a pit of rats sues building owner"


By John Annese, New York Daily News

Dec 01, 2020 at 9:35 PM

A man who plunged into a pile of squirming rats after a sidewalk opened up underneath him is suing the Bronx building owner responsible for maintenance of the property that gave way.

Leonard Shoulders, 33, broke his arm and leg after tumbling 15 feet Oct. 24 — and though he was in pain from the fall, he dared not let out a scream.

“He didn’t want the rats going into his mouth,” his brother, Greg White, told the Daily News.

Shoulders was walking to a bus stop on Third Ave. near E. 183rd St. in Belmont when the ground cracked open and he dropped into the dilapidated vault below.

Surveillance video obtained by CBS New York shows the exact moment he fell.

The city Buildings Department issued a full vacate order on the building next to the sinkhole, after finding the vault, or basement space underneath the sidewalk, had fallen into disrepair.

In a lawsuit filed Monday in Bronx Supreme Court, Shoulders accused the building owner, EH & HD 183rd Realty LLC, of failing to maintain the sidewalk or the basement below.

John Annese has covered crime and breaking news for the New York Daily News since 2015. Before that, he reported on crime, courts, and the Staten Island opioid epidemic for the Staten Island Advance. He is the recipient of several New York State Associated Press Association Awards.

https://www.nydailynews.com/new-york/ny ... story.html

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

"Assembly speaker's chief of staff lived 'opulent' lifestyle from 'unexplained wealth' - Legislative aide and her husband, accused of drug trafficking, deposited hundreds of thousands of dollars"

Brendan J. Lyons, Albany, New York Times Union

Dec. 1, 2020

Updated: Dec. 2, 2020 10:39 a.m.

ALBANY — The chief of staff to state Assembly Speaker Carl E. Heastie and her husband lived a lavish lifestyle that federal prosecutors said was apparently funded by drug trafficking and included large expenditures on designer clothing and accessories — as well as $9,000 in hair extensions in a single year.

The allegations were laid out in a court filing Monday in a cocaine-trafficking case involving Orlando Dennis of the Bronx, who is the husband of Heastie's chief of staff Jevonni Brooks-Dennis.

"The defendant’s wife is a government employee whose reported income does not explain the couple’s wealth," prosecutors wrote.

Between 2015 and 2019, Dennis made more than 630 cash deposits totaling more than $600,000 into his bank accounts.

He was employed as a $25,000-a-year delivery driver with an annual take-home pay of less than $10,000 after money was withheld for his child-support obligations.

The bank records showed hundreds of thousands of dollars in cash deposits and withdrawals by both Dennis and his wife, prosecutors said, that the government described as "unexplained wealth."

"For instance, from June 2018 through December 2019, the defendant spent more than $12,000 at Christian Louboutin, more than $1,500 at Gucci, more than $1,300 at Burberry, and more than $1,000 each at Louis Vuitton, Moschino, and Prada," the U.S. attorney's office wrote in a pre-trial motion filed Monday.

"The defendant’s wife’s records for 2018 to 2020 include four transactions totaling nearly $7,000 at Christian Louboutin and nearly $9,000 in hair extensions in a single year."

Prosecutors also outlined what they said was a "calculated and coordinated effort" by Dennis to "carefully structure deposits," including many that were made by his wife.

During a two-day period in May 2019, for instance, Dennis and his wife made a series of deposits ranging from $300 to $4,000 that added up to more than $15,000 in cash in their respective bank accounts.

Dennis was arrested on federal drug charges in January at John F. Kennedy International Airport for his alleged role in trafficking $100,000 worth of cocaine from Jamaica seven months earlier.

He was arrested after flying in from the Caribbean island, where he'd been for about a month.

It's been an animated fall for the Assembly.

In October, Joseph Brady, the longtime legislative director for state Assemblyman Peter J. Abbate Jr., was arrested on charges of sexually abusing an incapacitated 18-year-old woman at his Watervliet apartment.

In a follow-up story, the Times Union revealed that the 40-year-old Brady led a double life as a co-founder of a notorious chapter of the biker gang East Coast Syndicate.

The Capital Region motorcycle club formed about six years ago and has since attracted the attention of law enforcement for its members' alleged affinity for drug use and violence.

The group is also the focus of a homicide investigation in Saratoga County.

Abbatte fired Brady following his arrest in Watervliet.

In Monday's court filing in Dennis' case, prosecutors argued for a judge to let them use evidence of his prior drug dealing.

They have not accused Brooks-Dennis of criminal wrongdoing in that case, but mention her prominently in the filing and note that she and Dennis made large cash deposits into their bank accounts on the same days.

"Evidence of the defendant’s involvement in prior narcotics trafficking, including messages regarding drug prices and photographs depicting large quantities of drugs, is probative of his knowledge and intent to import, possess, and distribute large quantities of cocaine," the U.S. attorney's office wrote.

Mike Whyland, a spokesman for Heastie, said Brooks-Dennis remains the speaker's chief of staff.

The latest Assembly payroll records indicate she was paid about $75,000 in a six-month period — from September 2019 to March.


The case against Dennis took shape in June 2019 when U.S. Customs agents discovered a large amount of cocaine in a bag that was left unclaimed on a baggage carousel at John F. Kennedy International Airport.

The bag had been flown there on a flight from Jamaica, where Dennis had been that month.

U.S. Customs and Border Protection agents discovered text messages between Dennis and two alleged co-conspirators — Ryan Smalling and William Brown.

Smalling, a Swissport airport employee, texted Dennis there was a "big problem," the complaint said.

Dennis allegedly told agents he knew Brown was a narcotics trafficker involved in cocaine and marijuana and that he had sent a bag to the United States from Jamaica.

Smalling and another JFK employee exchanged text messages in which Smalling said "that the people who had sent the bag were now saying that they were going to kill him."

Dennis had denied knowing that the bag contained drugs, according to a federal complaint.

Notably, the same month the suitcase was seized, the cash deposits made by Dennis — and often his wife — fell well below their monthly norm, to just more than $5,500.

In September 2019, Smalling and Brown were indicted on charges of conspiracy to import, distribute and possess cocaine.

Smalling pleaded guilty to the full indictment, while Brown pleaded guilty to one count of conspiracy to import cocaine.

Brendan J. Lyons is a Managing Editor for the Times Union overseeing the Capitol Bureau and Investigations. Lyons joined the Times Union in 1998 as a crime reporter before being assigned to the investigations team. He became editor of the investigations team in 2013 and began overseeing the Capitol Bureau in 2017. You can reach him at blyons@timesunion.com or (518) 454-5547.

https://www.timesunion.com/news/article ... 09a3f12c1f

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

RIGZONE

"Oil Rises Towards $50 After OPEC+ Deal"


by Bloomberg | Ann Koh, James Thornhill

Friday, December 04, 2020

(Bloomberg) -- Oil extended gains toward $50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week.

Futures surged 1.9% in London after closing at the highest level in nine months on Thursday.

The group will start adding 500,000 barrels a day of crude to the market in January, with ministers holding monthly meetings to decide on the next steps.

The deal avoided a breakdown of OPEC+ unity after a tense split between Saudi Arabia and the United Arab Emirates.

The oil futures curve, meanwhile, is signaling tighter supply and a brighter long term outlook.

The prompt timespread for global benchmark Brent crude moved further into backwardation, while the nearest December contract is trading at a higher level than the same contract for December 2022.

The OPEC+ deal -- agreed after almost a week of fraught negotiations -- offers something to those members concerned about the fragility of the market, and also to nations wanting to pump more to take advantage of higher prices.

Oil has rallied recently on optimism fuel demand will start to rebound once Covid-19 vaccines are widely distributed.

“The market is happy there was a decision by OPEC+ to move cautiously and in small steps,” said Victor Shum, vice president of energy consulting at IHS Markit.

“It sounds like a reasonable move given the uncertainty ahead."

"The enduring fact is that as oil prices rise, the willingness to restrain supply withers.”

Prices

Brent for February settlement climbed 92 cents to $49.63 a barrel on the ICE Futures Europe exchange as of 7:45 a.m. London time after closing at the highest level since March 5 on Thursday.

Futures are up 3% this week.

West Texas Intermediate for January delivery added 1.6% to $46.39 on the New York Mercantile Exchange.

Futures are 1.9% higher this week.

Prior to the OPEC+ meeting, market watchers were expecting the alliance to delay the easing of planned output cuts by three months.

Adjustments to the tapering can be in any direction, with a potential decision based on all factors, both negative and positive, Russian Deputy Prime Minister Alexander Novak said after the meeting on Thursday.

The deal will still allow for the oil market to remain in deficit throughout the first quarter of next year, according to TD Securities.

There should be a steady and sustainable rally in prices through 2021 with OPEC+ exiting its production cuts in a coordinated way, Goldman Sachs Group Inc. said in a note.

“Energy markets are embracing OPEC+’s decision to ease up production cuts,” said Edward Moya, a senior market analyst at Oanda.

“There’s uncertainty but also good reason to be optimistic for the demand outlook toward the later part of the first quarter.”

Adding to positive sentiment are signs that the U.S. may be closing in on new stimulus to boost the pandemic-hit economy ahead of a vaccine rollout.

The global demand recovery is uneven, with the U.S. and Europe grappling with a resurgent coronavirus, while parts of Asia rebound strongly.

https://www.rigzone.com/news/wire/oil_r ... 0-article/

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Re: THE DAILY NEWS

Post by thelivyjr » Fri Dec 04, 2020 1:40 p

CNBC

"10-year Treasury yield rises to a 3-week high after U.S. jobs report"


Yun Li @YunLi626 Vicky McKeever @vmckeevercnbc

Published Fri, Dec 4 2020

Treasury yields climbed on Friday as the disappointing U.S. jobs report boosted expectations for further fiscal stimulus.

The yield on the benchmark 10-year Treasury note rose 5 basis points to 0.975%, its highest level since Nov. 10.

The yield on the 30-year Treasury bond jumped 7 basis points to 1.741%.

Yields move inversely to prices.

The U.S. economy added 245,000 jobs in November.

That’s well below a Dow Jones consensus estimate of 440,000.

“The employment report was weaker than expected, BUT the yield has actually moved up this morning,” Matt Maley, chief market strategist at Miller Tabak, said in a note.

“We’re guessing that the market believes that this number will get Congress to move more quickly on the Covid relief package.”

The jobless rate decreased to 6.7% from 6.9% in October.

The unemployment rate met expectations, though it fell along with a drop in the labor force participation rate to 61.5%.

The worse-than-expected jobs report could put pressure on lawmakers who resumed negotiations in recent days over a much-needed stimulus package.

House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke on the phone Thursday for the first time since at least the presidential election.

Pelosi and Senate Minority Leader Chuck Schumer backed a bipartisan $908 billion stimulus package, while McConnell released his own roughly $500 billion plan.

“A disappointing payrolls number could give way to even weaker figures over the next couple of months as the pandemic worsens and containment measures intensify,” said James Knightley, chief international economist at ING.

“The need for fiscal support is only going to become more pressing.”

Schumer tweeted that Friday’s big jobs miss underscored the urgent need for more stimulus to support struggling American families.

Friday’s report comes as the number of coronavirus cases has been rising sharply.

The U.S. reported record numbers on Thursday of new infections, single-day deaths and hospitalizations.

— CNBC’s Fred Imbert and Patti Domm contributed to this article.

Data also provided by Reuters

https://www.cnbc.com/2020/12/04/us-bond ... eport.html

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