Treasury Secretary Steven Mnuchin on Tuesday said that trading hours could be reduced on Wall Street, but one top NYSE official says business will continue as usual.
“We’re not considering shortening the trading day at this point, and we’re certainly not considering closing the markets.” Stacey Cunningham, president of the New York Stock Exchange, told Cheddar. “It’s really important that the markets remain open.”
The secretary’s comments in a press conference today tracked roughly with Cunningham’s, but he left open the possibility that trading hours could be reduced at some point.
“We may get to a point where we shorten the hours if that’s something they need to do,” Mnuchin said at a press conference earlier today. “But Americans should know we are going to do everything to make sure that they have access to the money in their banks, to the money in their 401(k)s and to money in stocks.”
Cunningham said that Mnuchin and administration officials are generally in agreement that the stock market plays an important role in managing the crisis and should stay open.
“I don’t think we’re really providing different messages,” she said.
Closing the exchange would not ebb market volatility, Cunningham added. Markets are just reflecting uncertainty in the broader economy.
“Investors need to be able to get their money, so shutting the markets would be sending a bad message,” she said. "The markets are also a good indicator of what overall investor sentiment is. Having that indication is really valuable during this time of anxiety.”
Operationally, the Street is holding its own amid the crisis, Cunningham said.
“From a systems, operational, and functional perspective, the markets are keeping up, and that’s no small feat considering the hundreds of billions of messages we process each day,” she said.
In the meantime, the exchange is taking extra precautions on the floor. Those include implementing new screening measures, such as traders getting their temperature checked at the door, social-distancing between traders, and deep sanitary cleaning on a regular basis.
“This is a very patriotic group down here, and they feel very strongly that they’re providing resiliency to the overall markets,” Cunningham said. “The fact that we have people applying human judgment to trading helps dampen volatility.”
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
