S&P 500 hits a new record, erasing last of pandemic losses

Wall Street clawed back the last of the historic, frenzied losses unleashed by the new coronavirus, as the S&P 500 closed at an all-time high Tuesday.

The day’s move was a relatively mild one, nudging the index up 7.79 points, or 0.2%, to 3,389.78. That eclipses the S&P 500′s previous record closing high of 3,386.15, which was set Feb. 19, before the pandemic shut down businesses around the world and knocked economies into their worst recessions in decades.

The S&P 500′s milestone caps a furious, 51.5% rally that began in late March. The index, which is the benchmark for many stock funds at the heart of 401(k) plans, is now up nearly 5% for the year.

The stock market’s sprint back to an all-time high also means that the gut-wrenching, nearly 34% plunge for the S&P 500 from Feb. 19 through March 23 was the quickest bear market on … Read More

Trump postal chief pauses service cuts amid outcry, as Democrats ratchet up pressure By Reuters

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© Reuters. Supporters of the U.S. Postal Service protest cutbacks outside a postal office in San Diego

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By David Shepardson

WASHINGTON (Reuters) – U.S. Postmaster General Louis DeJoy on Tuesday suspended all mail service changes until after the November election, bowing to an outcry by Democrats that the moves appeared to be an attempt to boost President Donald Trump’s re-election chances.

The reversal follows complaints that the cuts could slow the handling of mail-in ballots, which could account for as many as half of all votes cast in the Nov. 3 election as the coronavirus pandemic raises fears of crowds.

Critics have accused the Republican president, trailing Democratic challenger Joe Biden in opinion polls, of trying to hobble the Postal Service to suppress mail-in voting.

Trump has repeatedly and without evidence said that an increase in mail-in ballots would lead to a surge in fraud, although Americans have

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