Peter Russell

Dow rises more than 150 points as market tries to reclaim record highs in final days of 2020

Disney and Caterpillar rose 3.3% and 2.3%, respectively, to lead the Dow higher. Energy was the best-performing sector in the S&P 500, jumping nearly 2%.

Wednesday’s move higher came after a British regulator approved a coronavirus vaccine developed by the University of Oxford and AstraZeneca for emergency use. The approval followed the discovery of a new Covid strain in the U.K., which has also been confirmed in the U.S.

There’s ‘a lot of opportunity’ in real estate as pandemic pinches property market, says investor

There is “a lot of opportunity” for investors to take advantage of distressed real estate assets, according to one of London’s prime property investors.
Montague Real Estate’s Thomas Balashev said the current economic downturn had devalued otherwise sound assets.
Investing opportunities are available across the globe, said Balashev, noting an uptick in interest from investors in Asia.

Goldman Sachs CEO David Solomon says 90% of small businesses have exhausted PPP funds

Goldman has recently surveyed participants of its 10,000 Small Businesses program, a decade-long effort that gives entrepreneurs access to training and capital, Solomon told CNBC.
Small business owners have laid off workers and stopped taking salaries to stay afloat, Solomon said.
Berkshire Hathaway CEO Warren Buffett also urged lawmakers to agree on a fresh round of support for small businesses. Buffett, who is co-chair of the Goldman program’s advisory council, has been involved with the small business group since its inaugural class.

EU announces sweeping new rules that could force breakups and hefty fines for Big Tech

One of the potential changes is putting an end to self-preferencing.
Companies like Apple and Google will also have to allow users to uninstall apps that have originally come with their devices.
Failure to comply could result in fines as high as 10% of the companies’ annual turnover worldwide.
The remedies could ultimately include forcing companies to disinvest if they breach the rules systematically.

Palantir closes up 21% on report of $44 million FDA contract

Shares of Palantir jumped Monday after Bloomberg reported that the company won a three-year contract with the U.S. Food and Drug Administration.
The deal is worth $44.4 million and will focus on powering drug reviews and inspections, according to the report.
Government work makes up more than half of Palantir’s revenue, bringing in $163 million in its latest quarter.