Markets posted their fifth straight session of gains Thursday, bouncing back from a deep sell-off that sent the Dow into a correction. Jurrien Timmer, Director of Global Macro at Fidelity, breaks down why there has been such choppy trading in the markets.
Timmer says the two years leading up to the correction were unusually quiet due to the markets firing on all cylinders. Last August was a pivotal moment for markets because the chances of corporate tax cuts spiked. Timmer says another factor was the bond market because it was way too complacent about the possibility of rate hikes.
The VIX index, which serves as a "fear gauge" in markets, spiked in recent weeks. Timmer places the blame on hedge funds and traders who were short volatility. He added that the fundamentals of the economy are still relatively constructive and volatility will settle back down.
Half of U.S. states are raising their minimum wage next year.
Sony's PlayStation 5 console has now passed 50 million units sold.
FedEx decreased its full-year revenue forecast after reporting lower-than-expected quarterly profits in its latest results.
Cora is among dozens of young kids across the U.S. poisoned by lead linked to tainted pouches of the cinnamon-and-fruit puree
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
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