US equities post modest weekly gains amid Fed minutes, mixed data

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New York, Aug 23 | US stocks eked out modest gains in the past week as Wall Street digested the Federal Reserve’s meeting minutes and a slew of economic data.

For the week ending Friday, the Dow was roughly unchanged, the S&P 500 rose 0.7 per cent, and the Nasdaq gained 2.7 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 rise of 2.8 per cent.

It was a big week for Apple as the tech giant hit a market cap of US $2 trillion on Wednesday to become the first publicly traded US company to reach the milestone. With the new achievement, Apple doubled its valuation in about two years.

The US central bank on Wednesday released the minutes from its July meeting, highlighting uncertainty over the economy.

“Members agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term,” said the minutes.

While reaffirming its commitment to using full range of tools to support the US economy during this challenging time, the Fed noted the path of the economy would depend significantly on the course of the virus.

The Fed slashed interest rates to near zero earlier this year in an effort to support the economy amid the pandemic shock.

Confirmed COVID-19 cases in the United States hit over 5.65 million and deaths topped 176,000 as of Saturday afternoon, according to a tally by Johns Hopkins University.

Recent economic data painted a picture of a US economy that was trickling back to life, but not in full force.

Flash US Composite Output Index registered 54.7 in August, up from the July reading of 50.3, London-based global information provider IHS Markit reported on Friday.

The number of Americans filing for unemployment benefits jumped back above 1 million last week, reflecting a still-elevated level of joblessness in the nation.

US initial jobless claims, a rough way to measure layoffs, increased by 135,000 to 1.106 million in the week ending August 15, the Department of Labor reported on Thursday. Economists polled by MarketWatch had forecast 910,000 new claims during the week.

US home builder confidence rose six points to 78 in August, matching the record set in 1998, showed the latest National Association of Home Builders/Wells Fargo Housing Market Index.

The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, fell to 3.7 in August from 17.2 in July, signalling a slower pace of growth, the New York Federal Reserve said Monday. Economists had expected a reading of 17, according to a survey by Econoday.

“Weak economic data is likely to persist for months or maybe even quarters to come, as the pandemic continues to deliver headwinds on growth,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Saturday.

“Equity investors should be less focused on this nearer term economic data and more focused on where corporate earnings and the economy are likely to be a year from now, or even by the end of 2021,” he added.

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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