US equities eke out modest weekly gains amid economic data

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New York, Aug 16 | US stocks posted modest gains in the week, as investors digested a slew of newly-released economic data while grappling with the uncertain fate of the further coronavirus stimulus in the country.

For the week ending Friday, the Dow gained 1.8 per cent, the S&P 500 rose 0.6 per cent and the Nasdaq was up 0.1 per cent, Xinhua news agency reported on Saturday.

The S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, logged a weekly decline of 2.3 per cent.

“We’re in a moment in history where few things seem normal, and there are many unknowns,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Saturday.

“This dynamic also means that several economic data points have also moved into ‘first-time-in-history’ territory,” he said, while recommending investors to stay calm and focus on the fundamentals in a chaotic time.

Latest data showed US retail sales in July increased less than expected, indicating spiralling new COVID-19 infections threatened the economic recovery.

US retail sales rose 1.2 per cent last month after advancing 8.4 per cent in June, the Commerce Department reported on Friday. Economists polled by MarketWatch had forecast a 2 per cent increase.

Moreover, US initial jobless claims, a rough way to gauge layoffs, registered 963,000 in the week ending August 8, following an upwardly revised 1.191 million in the prior week, the Department of Labor reported on Thursday.

It marked the first time US weekly claims have dipped below one million since the economic shutdown sparked by the coronavirus pandemic began in March.

“The drop in claims reflects economic reopening, but it also suggests the expiration of federal supplemental unemployment benefits may have convinced some people to stop collecting and find work,” Chris Low, chief economist at FHN Financial, said in a note on Thursday.

On other data front, US consumer price index increased 0.6 per cent in July, matching the rise in June, with gasoline accounting for a quarter of the gain, the Labor Department reported Wednesday.

Wall Street also looked to Washington for clues on further coronavirus stimulus as US lawmakers continued to wrangle over the package.

More than 5.33 million confirmed COVID-19 cases have been reported in the United States with death over 169,000 as of Saturday afternoon, according to a tally by Johns Hopkins University.

Looking ahead, experts said a diversified approach is very important in an environment full of uncertainties.

“In a world awash in liquidity and with companies doing a little better than expected, the case for a well-diversified portfolio is paramount,” said Zacks.

“We remain positive on the outlook for risk assets, but investors may need to employ different strategies to optimize their portfolio for the next phase of the recovery,” UBS Global Wealth Management’s Chief Officer Mark Haefele said in a note earlier this week.

Source: IANS

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From being a developer to a CEO in California, Manthan Dudeja's top tips to make money while you're still in college

From being a developer to a CEO in California, Manthan Dudeja's top tips to make money while you're still in college

Gone are the days when one had to finish school, college and subsequent years in getting trained to be able to sustain oneself with decent income. Today, what you earn eventually depends upon your skillset and how early you got started to build an expertise in your domain.

Manthan Dudeja, who currently lives in California and is still in his graduation years, understood the perks of starting early and is now a CEO who has worked across a plethora of jobs, from IoS programming to website development and blogging to trying his hand at Amazon Associates.

In conversation with this dynamic entrepreneur, let’s decode the various options for freshers to make a side income while they are still in school/college –

  • Content writer/Editor

Manthan explains how he started off by writing for blogs with whatever knowledge he had and with the help of internet, this could be by either writing for your own online blog, for instance Manthan was interested in Tech, so he was writing for his blog ‘TechCrack‘ or for someone else in the capacity of a content writer.

It’s not difficult to get started if you have the basic understanding to develop a ‘flow’ while writing a piece and the skill to write what suits your target audience.

  • Software developers/ Programmers/ Coders – Today, software/app developers are earning more than the average of $60 an hour by working remotely. There are a host of online paid/free platforms providing trainings to acquire such skills, Manthan has been an app/website developer for the longest time and by far, this skill has given him the best results for his work.
  • Digital Marketer/ E-Marketer-

Your journey to become a digital marketer starts the day you take the step of self-educating yourself and learning the tricks to attract potential customers either by way of Google, Facebook, or any other digital platform by a host of scalable ways on the internet, undoubtedly, digital marketing is the hottest online work from home concept of this decade.

Manthan is today a successful digital marketer who has equipped himself with the advanced knowledge of online ads on various mediums and has effectively used these skills to generate incredible revenue over time.

These are some of the best ways to get started, according to Manthan, all

 

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