By Katia Dmitrieva (Bloomberg) — The Congressional Budget Office says the U.S. economy will expand more in 2021 than previously projected, though the economic fallout from the coronavirus will have a long-lasting impact on the labor market. The non-partisan agency’s update to its economic projections showed gross domestic product will increase 4.2% in 2021 on a fourth quarter-to-fourth […]

By Lananh Nguyen and David Westin Consumer spending picking up in reopening areas, Moynihan says ‘Not seeing the type of credit damage that you’d expect’ (Bloomberg) — Bank of America Corp. Chief Executive Officer Brian Moynihan said consumer spending is picking up in some areas of the U.S. as government relief programs cushion the credit impact of the coronavirus pandemic. “These measures taken […]

By Craig Torres Says rates will stay near zero until U.S. is back on track Fed chief remarks in testimony prepared for Senate hearing (Bloomberg) — Federal Reserve Chairman Jerome Powell said the central bank is prepared to use its full range of tools and leave the benchmark lending rate near zero until the economy is back on […]

By Dan Murtaugh (Bloomberg) — One of the indisputable winners of the pandemic has been e-commerce, as home-bound consumers order everything from nearly-spoiled cabbage to bidets off the Internet. That will have long-term implications for everything. For oil market and commercial real estate, in particular, the change brings bad news. As for oil, it’s just a shift […]

By Cristin Flanagan Goldman assigns Wall Street-high price target of $105 Another analyst predicts $10 billion in annual vaccine sales (Bloomberg) — Moderna Inc. got a new Wall Street-high price target from Goldman Sachs as its shares traded at a record after the biotech company revealed positive early results from its experimental vaccine for Covid-19. An initial […]

By Lu Wang Analyst revision breadth has improved after plunging in April The turn reinforces view profit growth troughs this quarter (Bloomberg) — A hard-to-see shift in how Wall Street views the future of S&P 500 profits may have set the stage for days like today, when stocks are rising the most in nearly three weeks. […]

The coronavirus pandemic created a huge crash in new job hiring in March and early April, but the worst may be behind us, according to data gathered by LinkedIn.

After the sharpest one-month drop in the history of the index in April, homebuilder sentiment bounced back slightly in May as builders saw a quick rebound in interest from buyers. Confidence in the market for single-family, newly built homes rose 7 points in May to 37, according to the National Association of Home Builders/Wells Fargo […]

Moderna’s closely watched early-stage human trial for a coronavirus vaccine produced Covid-19 antibodies in all 45 participants, the biotech company announced Monday, sending the company’s shares surging more than 17%.

By Christopher Condon (Bloomberg) — The Federal Reserve has announced a raft of emergency lending programs, with approval from the Treasury Department, to help the U.S. economy weather the devastating impact of the coronavirus pandemic. These could ultimately deploy trillions of dollars in lending. The programs seek to keep financial markets functioning and, in unprecedented steps, […]