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Markets

2,819.69 -0.14%
Volume
310,667,500
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-0.14%
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3,580
9
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3
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5,124.72 -0.61%
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6
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4.85

Marketwatch


12/02/2019

Marco Rubio rolls out his own plan to limit stock buybacks

Sen. Marco Rubio on Tuesday is rolling out his own plan to thwart stock buybacks, aligning with Democratic rivals who have recently condemned corporate stock repurchases as a source of the widening gap between average Americans and the wealthy. The Florida Republican and former presidential candidate, according to CNBC, would reduce the incentives for buybacks by eliminating the preferential tax treatment of such purchases, which would be taxed as dividends. “We think there are perverse government incentives. It’s about creating the right incentives so that company’s want to invest [in their businesses],” a senior aide for Sen. Rubio told MarketWatch....
12/02/2019

Having health insurance reduces housing delinquencies, study finds

The expansion of health benefits under the 2010 Affordable Care Act has helped many more Americans gain insurance and have access to health care. But Obamacare’s legacy goes beyond just medicine. According to a new research study, greater access to health insurance also leads to a significant reduction in Americans becoming delinquent on rent and mortgage payments. The study was published in the Journal of Public Economics. Emily Gallagher, the lead author, is a visiting scholar at the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis. Gallagher and her co-researchers used filings compiled by an...
12/02/2019

Household debt inches higher as auto loans rev up while mortgage originations fall

The numbers: Household debt rose for the 18th straight period in the fourth quarter, edging up 0.2% to $13.54 trillion, the New York Fed said Tuesday, even as new mortgage debt fell to the lowest level in nearly four years. Household debt is now 21% above the trough following the credit crisis. What happened: Mortgage originations fell to $401 billion from $445 billion, as last year’s rising mortgage rates crushed refi activity and higher prices limited demand for sales of older and new homes. Balances on home-equity loans fell to the lowest level in 14 years. But auto loan originations...

12/02/2019

Powell says rural poor need help with education, credit access

Poor people in rural communities need more help with education, credit access and business ownership, Federal Reserve Chairman Jerome Powell said Tuesday. At the national level, the data show “a strong economy,” Powell said. “Unemployment is near a half-century low, and economic output is growing at a solid pace,” he added. “But we know that prosperity has not been felt as much in some areas, including many rural places,” Powell said, in remarks to a conference on rural poverty sponsored by Hope Enterprise Corp. at Mississippi Valley State University. The Fed chairman said 70% of the 473 “persistent poverty” counties...
12/02/2019

Trump administration reverses stance on obscure tax provision that could have cost $700 million

The Trump administration has reversed itself on an unusual tax provision that could have cost Corporate America more than $700 million. Refunds tied to corporate alternative minimum tax credits were on track for so-called sequester cuts of about 6%, so insurers and other companies last year lobbied the Office of Management and Budget to stop the reductions. It was an obscure battle since the sweeping Tax Cuts and Jobs Act of 2017 had repealed the corporate AMT anyway. Following the pushback, the Internal Revenue Service said that certain AMT refund payments and related transactions “will not be subject to sequestration.”...
12/02/2019

Trump Today: President critical of border deal but doesn’t say he’ll reject it

President Donald Trump said Tuesday he wasn’t happy with an agreement in principle on border security struck by congressional negotiators, but notably didn’t say he’d reject it and predicted there wouldn’t be another government shutdown. NOT ‘THRILLED’ WITH BORDER DEAL Speaking at a cabinet meeting, Trump said “I can’t say I’m happy” about the deal, which includes $1.38 billion to build 55 miles of new barriers along the border with Mexico. That’s far below the $5.7 billion Trump demanded to build more than 200 miles of wall. “I can’t say I’m thrilled,” he said. But the president said “I don’t...

12/02/2019

Should I itemize or take the standard tax deduction? A calculator to help decide

The Tax Cuts and Jobs Act pretty much doubled the standardized deduction, which means for millions of people, itemizing no longer makes sense. As this is the first tax season since the TCJA passage, MarketWatch has created a calculator to help guide you through the decision on whether to itemize or not. While analysts say there are other factors at play, the increase in the standard deduction coincides with a big drop in mortgage originations, as the mortgage interest deduction becomes less of an incentive to purchase. Related: Tax season kicks off with 8% smaller refunds
12/02/2019

Powell says chance of recession are not high

Federal Reserve Chairman Jerome Powell said Tuesday the chance of a recession are not high, according to a report from Reuters. "We don't feel that the probability of recession is at all elevated," Powell said, during a discussion with students at Mississippi Valley State University. The Fed chairman will deliver lengthier remarks to a policy forum on rural poverty at 12:45 p.m. Eastern and will take questions from the audience. Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
12/02/2019

Bill Gates: Tax plans like Ocasio-Cortez’s are ‘extreme’ and ‘missing the picture’

Bill Gates, the billionaire founder of Microsoft MSFT, +1.72%  , doesn’t have a problem with the idea of raising taxes on the rich, but he also believes “extreme” proposals like Rep. Alexandria Ocasio-Cortez’s 70% marginal tax rate on income over $10 million are “missing the big picture.” ‘You wouldn’t want to just focus on the ordinary income rate. People who are wealthy have a rounding error of ordinary income.’ That’s Gates explaining to The Verge in a podcast this week how the world’s richest people hardly rely on a salary. Instead, they raise their cash by selling investments, which isn’t...

12/02/2019

Trump not 'thrilled' with border-security deal

President Donald Trump said Tuesday he's not "thrilled" with a border-security deal, but did not say he would reject it. "I can't say I'm happy. I can't say I'm thrilled," he said at the White House. Lawmakers said Monday night they'd reached a deal in principle that would avoid a shutdown this weekend. The agreement includes $1.38 billion to build 55 miles of new barriers along the border with Mexico - far below the $5.7 billion Trump demanded to build more than 200 miles of wall. Senate Majority Leader Mitch McConnell praised the agreement earlier Tuesday and Senate Minority Leader...
12/02/2019

Opinion: Why Krugman is wrong, and why you should bet on America

Are we looking at a U.S. recession or not? Nearly every week, economic news tells us one short-term story about America, while the political news suggests something different, and darker, is coming soon. A jobs report might say things are great, at the same time a government shutdown threatens to disrupt growth — and the Trump administration faces off with Congress over the Mexican border wall and China over trade. Naturally, this makes markets wobble — has since December. On Monday, Nobel Prize-winning economist Paul Krugman stirred things up a little further by saying there’s better than a 50/50 chance...
12/02/2019

The Sanders, Schumer buyback test would block almost all company stock repurchases

If you’re to take the vision Senators Chuck Schumer and Bernie Sanders have outlined for stock buybacks, there would be very few companies able to repurchase any stock at all. The Senate minority leader and Vermont independent provided few details in a recent op-ed written in The New York Times, but MarketWatch started digging into which companies would be impacted. The op-ed says companies should not be able to plan stock buybacks until they prove they are investing in “workers and communities first.” Schumer and Sanders write that means: • Paying all workers at least $15 an hour; • Providing...