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Stocks slightly higher as bank earnings come in mixed

Stocks slightly higher as bank earnings come in mixed

Stocks ticked up Wednesday morning as a host of major banks released a mixed set of quarterly results.

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Dow component Goldman Sachs (GS) on Wednesday reported third-quarter results that well exceeded consensus estimates, as investment banking and fixed income trading revenue each grew over last year and topped expectations. The trading boost Goldman Sachs and other banks including JPMorgan Chase and Citigroup but it did not extend to Bank of America (BAC), which posted lighter-than-expected trading revenue from stocks and bonds, and a miss on overall revenue compared to estimates. Bank of America also built its credit reserves during the quarter, adding more padding in case of potential customer loan defaults amid the pandemic.

At Wells Fargo (WFC), the company swung back to a quarterly profit in the third quarter after a loss in the second, though income missed expectations and was pressured by low rates, and activity overall remained low as both loans and deposits declined.

Meanwhile, lackluster prospects for more stimulus and concerns over the timeline for developing a COVID-19 vaccine and treatment weighed on investors. Each of the S&P 500, Dow and Nasdaq declined for the first time in five sessions as of Tuesday’s close.

An impasse among U.S. lawmakers in Washington has kept hopes running low that more virus relief aid will come to fruition before the November election. Senate Majority Leader Mitch McConnell said Tuesday he will have the Senate take up relief legislation after the chamber’s return on Monday, with his narrower proposal set to include funds chiefly targeted to the Paycheck Protection Program. House Speaker Nancy Pelosi, however, has rejected slimmed-down stimulus proposals and deemed them inadequate, and even President Donald Trump said on Tuesday on Twitter to “Go big or go home!!!” for more stimulus.

Meanwhile, a pair of front-runners

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Stock futures struggle for direction as bank earnings come in mixed

Stock futures struggle for direction as bank earnings come in mixed

Stock futures traded flat to slightly lower Wednesday morning, as a host of major banks released their quarterly results.

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Goldman Sachs (GS) on Wednesday reported third-quarter results that well exceeded consensus estimates, as investment banking and fixed income trading revenue each grew over last year and topped expectations. The trading boost Goldman Sachs and other banks including JPMorgan Chase and Citigroup but it did not extend to Bank of America (BAC), which posted lighter-than-expected trading revenue from stocks and bonds, and a miss on overall revenue compared to estimates. Bank of America also built its credit reserves during the quarter, adding more padding in case of potential customer loan defaults amid the pandemic.

Meanwhile, lackluster prospects for more stimulus and concerns over the timeline for developing a COVID-19 vaccine and treatment weighed on investors. Each of the S&P 500, Dow and Nasdaq declined for the first time in five sessions as of Tuesday’s close.

An impasse among U.S. lawmakers in Washington has kept hopes running low that more virus relief aid will come to fruition before the November election. Senate Majority Leader Mitch McConnell said Tuesday he will have the Senate take up relief legislation after the chamber’s return on Monday, with his narrower proposal set to include funds chiefly targeted to the Paycheck Protection Program. House Speaker Nancy Pelosi, however, has rejected slimmed-down stimulus proposals and deemed them inadequate, and even President Donald Trump said on Tuesday on Twitter to “Go big or go home!!!” for more stimulus.

Meanwhile, a pair of front-runners in the race to develop a COVID-19 vaccine and treatment announced that their respective trials were put on pause over safety concerns. Eli Lilly (LLY) said Tuesday afternoon that enrollment for its COVID-19 treatment would be temporarily halted, less then a day after Johnson

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Analysis: South Korea Sees Hope and Threat in Mixed Message From North’s Kim | World News

Analysis: South Korea Sees Hope and Threat in Mixed Message From North’s Kim | World News

SEOUL (Reuters) – South Korean officials have seized on conciliatory comments by North Korean leader Kim Jong Un on the weekend as a sign that tension could be easing but also worry the huge number of rockets he showcased is evidence that peace may be elusive.

Kim sent mixed signals as he addressed an unprecedented night-time military parade early on Saturday, wishing the neighbouring Koreas would “hold hands” again after the novel coronavirus pandemic is over.

While much of the world was captivated by the appearance of a new intercontinental ballistic missile (ICBM), officials in South Korea were far more concerned by the display of new multiple launch rocket systems (MLRS) and fast, manoeuvrable short-range missiles that would be ideal for striking targets in the South.

“The parade revealed not only an advanced ICBM but also MLRS that pose a direct threat to South Korea,” said South Korean opposition leader Kim Chong-in.

“They’ve not changed, their threats have grown even bigger.”

South Korean ruling party leader and former prime minister Lee Nak-yon said he took hope from Kim’s overture to the South as a “positive sign” but worried about what the display of new weapons said about North Korea’s intentions.

“North Korea showed advanced weapons including a new ICBM, which indicated it has not abandoned its resolve to develop weapons of mass destruction, and those weapons can threaten peace on the Korean peninsula,” Lee told a party meeting.

November’s U.S. election is compounding the uncertainty especially as the tone of ties between the two Koreas is often set by the state of North Korea’s relations with its old enemy the United States.

When a landmark summit between Kim and U.S. President Donald Trump in 2018 brought an unprecedented easing of tension between those two countries, North Korea’s dealings with South

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Yelp’s new consumer-alert tool about racist businesses gets mixed reactions

Yelp’s new consumer-alert tool about racist businesses gets mixed reactions

Yelp is taking a stand against racism with new consumer alert. (Photo: Yelp)
Yelp is taking a stand against racism with a new consumer alert. (Photo: Yelp)

Yelp is taking a stance against racism with the introduction of new consumer alerts in response to heightened activity around Black-owned businesses and those accused of discrimination.

The website dedicated to crowdsourced reviews of businesses announced the Public Attention alert and Business Accused of Racist Behavior alert on Thursday in a blog post that sparked mixed reactions — including from those expressing concern over the site’s trust in reviews written by anybody with an account. Yelp tells Yahoo Life that its new developments will help to improve the reliability of published reviews by investigating dramatic increases in activity and even accusations of racist behavior.

“Our top priority is to ensure the trust and safety of our community and provide users with reliable content to inform their spending decisions,” a Yelp spokesperson tells Yahoo Life, “including decisions about whether they’ll be welcome and safe at a particular business.”

In order to do so, the company has put consumer alerts in place to allow Yelp to do the necessary vetting in response to spikes in reviews that can come from people who haven’t even had firsthand experience at the business, but instead are reacting to attention that it has received in the media. Hence, the installment of the Public Attention alert, which will inform any visitor on a particular business’s Yelp page that the reviews may be a result of increased attention instead of specific firsthand experiences.

Users will receive a Public Attention Alert when businesses experience increased activity. (Photo: Yelp)
Users will receive a Public Attention alert when businesses experience increased activity. (Photo: Yelp)

“When a business makes the news, people often come to the business’s Yelp page to express their views. We have signals in place that will flag if a business page is seeing an unusual increase in activity,”

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