Trump May Suspend Student Loan Payments Until Further Notice

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Updated August 9, 2020.

President Donald Trump will suspend federal student loan payments through December 31, 2020.

Here’s what you need to know.

Student Loans

After Congress failed to reach a stimulus deal Friday, Trump said during a press conference in New Jersey that he plans to issue an executive order on a host of economic issues, including student loans, a payroll tax cut, eviction moratorium and unemployment benefits if Congress fails to act on a stimulus package. On Saturday, Trump issued an executive order, including a memorandum on student loan payment relief. According to Trump’s memorandum, he will grant additional student loan relief and provide a payroll tax cut, enhanced unemployment benefits and an eviction moratorium. Trump, who is seeking re-election, sent the memorandum entitled “Continued Student Loan Payment Relief During the COVID-19 Pandemic” to U.S. Secretary of Education Betsy DeVos. Trump directed DeVos

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Dollar gains, stocks ebb after jobs data halts rally

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NEW YORK (Reuters) – The dollar bounced off two-year lows and a gauge of global equity markets halted its march toward a record high on Friday, as better-than-expected U.S. jobs growth in July was tempered by the wrangles in Washington over a new stimulus bill.

Big rallies in gold and the euro were also snapped.

The U.S. Labor Department’s data showed slowing employment growth in July amid a surge in COVID-19 cases, highlighting the need for the White House and Congress to agree on an aid package.

Gold slid 2%, after hitting a record high earlier in the week, the euro fell from highs against the dollar last seen in May 2018 and U.S. Treasury yields rose, halting a downward move that had the benchmark 10-year note poised to fall below 0.5%.

The sell-off was due to profit-taking after the record peaks this week in gold and the tech-driven Nasdaq,

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ROSEN, NATIONALLY REGARDED INVESTOR COUNSEL, Reminds Co-Diagnostics, Inc. Investors of Important August 17 Deadline in Securities Class Action

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NEW YORK, Aug. 7, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Co-Diagnostics, Inc. (NASDAQ: CODX) between February 25, 2020 and May 15, 2020, inclusive (the “Class Period”), of the important August 17, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Co-Diagnostics investors under the federal securities laws.

Rosen Law Firm, P.A. Logo
Rosen Law Firm, P.A. Logo

To join the Co-Diagnostics class action, go to http://www.rosenlegal.com/cases-register-1876.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY

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Trending Market News Friday: Biogen, Mortgage Rates

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Stocks were showing a bit of volatility Friday with the Dow threatening to break into the green several times during the session before turning definitively south as the trading day went on. 

The Nasdaq was less volatile, dropping consistently and declining 1.8% on the day while the S&P 500 fell 0.5%. 

U.S. Household Debt Falls Most in 7 Years

American consumer debt fell for the first time in six years, the Federal Reserve Bank of New York said, falling 0.2% to about $34 billion. 

The decline in the second quarter was the first since 2014 and the drop is the largest since 2013 as credit card balances alone fell by $76 billion in the quarter, the steepest decline in the history of the data. 

Biogen Jumps as FDA Accepts Alzheimer’s Treatment Application

Shares of drugmaker Biogen  (BIIB) – Get Report jumped more than 8% Friday after the Food

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Avacta Appoints COVID-19 Rapid Antigen Test Manufacturing Partner

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Avacta appoints BBI Solutions as manufacturing partner for the rapid SARS-CoV-2 antigen test being developed with Cytiva

Avacta Group plc (AIM: AVCT), the developer of Affimer® biotherapeutics and reagents, is pleased to announce that it has appointed BBI Solutions, part of BBI Group (“BBI”), to manufacture the saliva-based rapid SARS-CoV-2 antigen test that is being developed with Cytiva.

BBI Solutions is a leading global developer and manufacturer of raw materials and finished test products for the in-vitro diagnostics market, with manufacturing sites in five different countries, spanning four continents.

The manufacturing agreement between Avacta and BBI comprises the accelerated development and validation of a scaled-up manufacturing process that has the potential to ramp up to a production capacity of millions of tests per month. Avacta, Cytiva and BBI are in the process of the technology transfer of the prototype and related manufacturing procedures for the saliva-based rapid SARS-CoV-2 antigen

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Georgia Businessman Charged With Hoarding Face Masks and Price Gouging

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A Georgia businessman has been charged with hoarding 200,000 face masks that he bought from a foreign country and selling them for twice as much as he paid on his baby clothing website, according to the Department of Justice.

The man, Milton Ayimadu, 22, allegedly bought the masks from an unnamed foreign country for $2.50 each. He sold the masks for $5.00 each through his website, babypuupu.com, which also sells baby clothing and accessories, according to a news release from the U.S. Attorney’s Office in the Northern District of Georgia.

“Ayimadu allegedly saw the unprecedented Covid-19 global pandemic as an opportunity to make a profit,” U.S. Attorney Byung J. Pak said in the release. “Desperate to find personal protective equipment during the pandemic, thousands of customers unfortunately paid his inflated prices.”

Mr. Ayimadu, of Stockbridge, Ga., was arraigned on Thursday and charged with two violations of the Defense Production Act

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Trump Promises Executive Orders On Unemployment, Student Loans And Eviction Ban After Stimulus Talks Fail

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TOPLINE

With key benefits from the CARES Act having already expired and lawmakers unable to agree on a new coronavirus relief package, President Trump on Friday doubled down on his intention to pursue executive orders to prop up the ailing American economy if lawmakers can’t reach a deal.

KEY FACTS

“If Democrats continue to hold this critical relief hostage, I will act under my authority as President to get Americans the relief they need,” Trump said during a press briefing.

Trump laid out a plan to use executive orders to extend enhanced unemployment benefits through the end of the year (though he declined to say at what level those benefits would be extended), defer student loan payments and forgive interest “until further notice” (a policy that will likely apply only to federal loans) and extend an eviction moratorium for certain renters. 

Negotiations on Friday reached what could be

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U.S. Added 1.8 Million Jobs in July

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Here’s what you need to know:

The American economy gained 1.8 million jobs last month, even as the coronavirus surged in many parts of the country and newly reintroduced restrictions caused some businesses to close for a second time.

Still, the increase reported Friday by the Labor Department was well below the 4.8 million jump in jobs in June and a sign that momentum is slowing after a burst of economic activity in late spring. The unemployment rate fell to 10.2 percent.


Unemployment rate

By Allison McCann·Unemployment rates are seasonally adjusted. The government began collecting standardized unemployment statistics in 1948.·Source: Bureau of Labor Statistics

“The labor market continues to heal, which is encouraging, but there is a long road ahead,” said Michelle Meyer, head of U.S. economics at Bank of America.

She noted that 42 percent of the jobs lost since the pandemic hit had now

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Trending Market News Wednesday: Facebook, Denbury, L Brands

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The major U.S. indices were rising Wednesday, breaking out of the recent volatile trading with all three major indices spending the majority of the session in the green. 

The Dow Jones Industrial Average was up 0.36% while the Nasdaq and S&P 500 both rose about 1%. 

Here are some of the Wall Street stories you may have missed today. 

Victoria’s Secret Parent Cuts Costs

The stock price of Victoria’s Secret parent L Brands  (LB) – Get Report jumped more than 30% after the price targets on the shares were upgraded by six analyst firms. Deutsche Bank raised its price target 68% to $27 a share. 

L Brands unveiled a plan to cut $400 million in annualized costs as it prepares to spin off Victoria’s Secret after failing to sell the company earlier this year.

As part of the cost-cutting measures, L Brands will lay off 15% of its

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US Equities Rise As Federal Reserve Keeps Rates Near Zero

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KEY POINTS

  • Federal Reserve kept rates unchanged at near zero
  • Pending home sales jumped 16.6% in June
  • European markets finished mixed

U.S. stocks climbed on Wednesday as the Federal Reserve kept interest rates unchanged but warned of serious risks to economy.

The Dow Jones Industrial Average gained 160.29 points to 26,539.57, while the S&P 500 rose 40 points to 3,258.44 and the Nasdaq Composite Index climbed 140.85 points to 10,542.94.

Wednesday’s volume on the New York Stock Exchange totaled 3.83 billion shares with 2,379 issues advancing, 121 setting new highs, and 628 declining, with 13 stocks setting a new low .

Active movers were led by Eastman Kodak Co. (KODK), General Electric Co. (GE) and Advanced Micro Devices Inc. (AMD).

The Fed said U.S. economic activity and employment “have picked up somewhat in recent months but remain well below their levels at the beginning of the year.”

The Fed added

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