Daily Archive: April 8, 2020

Portfolio managers see light at end of coronavirus tunnel, but markets remain volatile

With each passing week, Canadian portfolio managers are growing more and more optimistic that the worst may be behind them.

Two weeks ago, a massive rally that followed the passing of a US$2 trillion stimulus package was met with caution. That upward movement, after all, could have just been a relief rally, one of many that are usually seen before markets retest their lows and truly bottom out in a bear market. But that momentum has continued to roll into this week after reports suggested the coronavirus outbreak is appearing to slow in hotspots such as Italy, Spain and New York City.

As the S&P/TSX Composite Index entered a technical bull market — it bounced 20 per cent from its low of 11,172 points on March 23 — some are beginning to display a hint of bullishness again.

“Yes, I think we bottomed out,” said Greg Placidi, chief investment officer

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Tesla to furlough workers, cut employee salaries due to coronavirus By Reuters

© Reuters. FILE PHOTO: The view of Tesla Inc’s U.S. vehicle factory in Freemont, California

By Tina Bellon

(Reuters) – Tesla Inc (O:) told employees on Tuesday it would furlough all non-essential workers and implement salary cuts during a shut down of its U.S. production facilities because of the coronavirus outbreak.

Tesla said it planned to resume normal operations on May 4, barring any significant changes, according to an email sent to U.S. employees by in-house counsel Valerie Capers Workman, which was viewed by Reuters.

The company, which suspended production at its San Francisco Bay Area vehicle and New York solar roof tile factories on March 24, said in the email the decisions were part of a broader effort to manage costs and achieve long-term plans.

Tesla did not immediately respond to a request for comment.

The coronavirus pandemic has slashed U.S. demand for cars and forced several other automakers

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Treasury seeks $200 billion more for small business aid program

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The Treasury Department will ask Congress for $200 billion more to aid small businesses, according to a person familiar with the matter, and Senate Majority Leader Mitch McConnell said the Senate could act as soon as this week to provide additional money.

Businesses have rushed to tap the $350 billion Paycheck Protection Program that was part of the massive $2.2 trillion stimulus passed by Congress in response to the economic crisis spawned by the coronavirus pandemic.

Stay-at-home orders across the country have particularly squeezed small businesses, which account for almost half of U.S. private employment.

Read more: What small businesses applying to the SBA’s Paycheck Protection Program need to know

McConnell said the Senate could approve more funding for the … Read More

Becoming an amazing day trader in less than six months

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You might be thinking that day trading is not the preferred trading style of most traders.  But it is one of the most effective ways to earn money at trading. Being a day trader, you will be able to place quality trades and make a quick profit within a short period of time. But to … Read More