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Powell on the economy, Google delays return

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Washington (AFP) – The spread of the delta variant of COVID-19 has raised infection rates, prompting some companies and governments to order vaccinations and raising concerns about the recovery of the US economy. But Federal Reserve Chairman Jerome Powell delivered a message of reassurance, noting that the delta’s shape posed little threat to the economy, at fewest for now. Powell spoke following the Federal Reserve finished its final policy meeting in which he noted that the economy is close to the “extra significant progress” it wants to see prior cutting the $120 billion of Treasury and mortgage bonds it buys each month to try. Stimulate more borrowing and spending.

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After a rocket ride to growth, Robinhood is heading to market

NEW YORK (Associated Press) — After a skyrocketing investment that has shook up the brokerage industry, all while sparking a lengthy list of controversy in less than eight years, Robinhood is about to take the alike leap in the stock market. The company and three of its executives are selling up to 60.5 million shares of its stock in an initial public offering, and trading is expected to begin on the Nasdaq on Thursday. It’s a big moment for the rapid-growing company, which is trying to convince many of the unused generation of investors it has created to embrace its stock as well.

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Delivery apps expand reach to meet customer demands

NEW YORK (AP) — Restaurant delivery companies like DoorDash and Uber Eats are rapidly expanding their services to grocery stores, convenience stores, drugstores, pet stores and even department stores. The move was prompted by massive consumer demand during the pandemic. On Wednesday, Uber Eats revealed its latest delivery option that will allow users to order flowers as part of a partnership with ProFlowers, a subsidiary of the FTD. Delivery companies say the partnerships will aid them preserve the customers they pull in the pandemic. Adding unused stores can also aid businesses turn a gain following years of losses.

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Facebook profits exceed $10 billion as revenue rises

Menlo Park, California. (AP) — Facebook doubled its earnings in the second quarter thanks to a massive increase in ad revenue, especially the price of ads it serves to its nearly 3 billion users. Menlo Park, California, earned $10.39 billion, or $3.61 per share, in the April-June period. That’s up from $5.18 billion, or $1.80 a share, a year ago. Revenue jumped 56% to $28.58 billion. Analysts, on average, expected earnings of $3.04 per share and revenue of $24.85 billion, according to a FactSet poll. Facebook had 2.9 billion monthly users as of June, up 7% from the previous year.

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Google delays return to the office, US vaccines

San Ramon, California. (Associated Press) — Google is delaying its plans to bring most of its employees back to the office until mid-October. It is also rolling out a policy that eventually requires all of its employees to be vaccinated once its sprawling campus fully reopens in an effort to combat the spread of the changing delta. Google CEO Sundar Pichai told more than 130,000 employees worldwide in an email on Wednesday that the company now aims to bring them back to its offices in October. 18, instead of the previous target date of September 3. 1. He also revealed that once offices fully reopen, everyone who works there must be vaccinated. This requirement will first be enforced in the United States

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Boeing posts gain for the first time since 2019

CHICAGO (AP) — Boeing reported its first quarterly gain since 2019 and its revenue exceeded expectations as the aircraft giant tries to emerge from the most firm phase in its history. Boeing earned $567 million in the second quarter, compared to a loss of $2.4 billion a year earlier. Industry analysts expected another big loss and Boeing shares rose about 5%. The return of the faltering 737 Max following two deadly crashes is key to Boeing’s bounce back. The company delivered 79 commercial aircraft in the quarter — including 47 Max — compared to 20 a year earlier.

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Stocks closed mixed following the Fed noticed progress in the economy

NEW YORK (Associated Press) – Stocks ended a choppy day with mixed results on Wednesday following the Federal Reserve said it saw an improvement in the economy, but not enough to start cutting support measures. The S&P 500 finished little changed following giving up short gains in the afternoon. The Dow Jones Industrial Average fell 0.4% and the Nasdaq rose 0.7%. Small-cap stocks rose. The company’s recent earnings were broadly powerful, although reactions from investors were mixed. Shares of Pfizer and Boeing rose following reporting powerful financial results. The produce on the 10-year Treasuries settled at 1.23%.

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Ford overcomes shortage of computer chips and makes surprising profits

DETROIT (AP) — High selling prices for pickup trucks and SUVs have helped Ford Motor Co. A surprising gain in the second quarter despite a global shortage of computer chips that cut production in half. The Dearborn, Michigan company says it made $561 million from April through June, largely due to cost cuts and higher-than-expected profits on its cars. Ford was still losing half its production for the quarter due to a chip shortage, which was exacerbated by a fire at Japanese supplier Renesas. This company makes many Ford auto chips.

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The S&P 500 fell 0.82 points, or less than 0.1%, to 4,400.64. The Dow Jones Industrial Average fell 127.59 points, or 0.4%, to 3,4930.93 points. The Nasdaq rose 102.01 points, or 0.7%, to 14,762.58 points. The Russell 2000 index of little businesses rose 33.12 points, or 1.5%, to 2,224.96.

Referensi: www.sfgate.com

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