A daily recap of major events and headlines affecting the market with individual investors in mind.
- Powell says duration of low interest rates ‘will be measured in years’. Interest rates are likely to stay low for years as the economy fights its way back from the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said in remarks published Friday afternoon.
- Closure of Hilton Times Square may be ‘tip of the iceberg’ of troubles facing New York hotels. In New York City alone, 34% of hotels are delinquent, and hospitality investment bank Robert Douglas sees more hotels at risk of closing.
- Amazon to hire 10,000 more employees in Bellevue, Washington. The company has already committed to creating 15,000 jobs in the Seattle suburb of Bellevue over the next few years.
- Coronavirus mortgage bailouts improve slightly, but nearly 3 million borrowers still aren’t recovering
- U.S. Job Growth Slows But Unemployment Rate Drops More Than Expected. A closely watched report released by the Labor Department on Friday showed another substantial increase in U.S. employment in the month of August, although the pace of job growth continued to slow from the record spike seen in June.
- U.S. Stocks Stage Significant Recovery Attempt But Still Close Lower. After extending yesterday’s sell-off early in the session, stocks staged a significant recovery attempt over the course of the trading day on Friday. The major averages climbed well off their worst levels of the day but still finished the session in negative territory.