European, Wall Street stocks mostly up despite US-China tensions

first_imgEuropean and Wall Street stocks mostly rose Monday following strong US housing data, but worries about tensions with Beijing together with a stalemate on a new fiscal package for the beleaguered American economy limited gains.The Nasdaq jumped 1.0 percent to another fresh record, leading the major US indices, including the Dow, which closed lower.Earlier, bourses in London, Paris and Frankfurt all notched modest gains. The Nasdaq has posted new records more than 30 times this year, including several in the wake of the coronavirus outbreak that has driven millions of people to shift to working from home and boosting demand for products such as video conferencing, video games and movie streaming.Nasdaq firms with especially large gains Monday included gaming company Activision Blizzard, online payments provider PayPal and biotech firm Amgen.Analysts pointed to loose US monetary policy and positive housing data as other supportive factors to stocks during Monday’s session, while low borrowing rates have buoyed homebuilders.But market watchers fretted about a continued stalemate in Congress on a new spending package. Democrats and Republicans are also sparring over funding for the US Postal Service, which is expected to see an exceptional number of mail-in ballots in November’s election because of the coronavirus. Troubled by tensionsConcerns over US-China relations were stoked again after high-level talks between Washington and Beijing on the status of their “phase one” trade agreement did not take place as planned Saturday, with no new date set.China on Monday slammed Washington for using “digital gunboat diplomacy” after US President Donald Trump ordered TikTok’s Chinese owner ByteDance to sell its interest in the Musical.ly app it bought and merged with TikTok.Later Monday, the US administration expanded its sanctions on China’s Huawei.A Commerce Department statement added 38 Huawei affiliates around the world to the “entity list,” claiming that the company was using international subsidiaries to circumvent the sanctions which prevent export of US-based technology.Uncertainty over the status of US-China trade talks “has added to the frosty situation,” noted David Madden, analyst at CMC Markets UK. “The lack of agreement between Republicans and Democrats in relation to the stimulus deal remains a concern too.”Topics :last_img read more

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Governor Wolf Announces the Elimination and Redevelopment of Blight in Downtown Carbondale

first_img Economy,  Infrastructure,  Jobs That Pay,  Press Release Carbondale, PA – Today, Governor Tom Wolf announced new funding for the elimination and redevelopment of multiple acres of property located in the downtown business district of Carbondale, Lackawanna County, revitalizing the community and creating approximately 25 new jobs.“Similar to other communities in the coal regions of Pennsylvania, Carbondale has worked to reinvent itself, removing blighted buildings and creating new opportunities for economic and community growth,” Governor Wolf said. “Awarding this funding to redevelop the downtown business district will contribute significantly to regrowth in both bricks-and-mortar structures and in jobs – welcome signs for the community.”The City of Carbondale was approved for a $500,000 grant for the acquisition and demolition of blighted structures, substantial site development, and the construction of two new commercial buildings, approximately 15,000 and 8,000 square feet in size. Upon completion, the project is expected to create 25 jobs and will encourage new private business investment within the city.“Anytime we can invest in rebuilding our towns and cities we’re doing the right thing,” Rep. Sid Michaels Kavulich said. “These dollars will help create jobs, preserve open spaces and encourage that small town feeling where people live, work and raise a family that America is all about. I want to thank Governor Wolf and all the local officials that worked as a team to make this happen.”“The City of Carbondale continues to be a model for how state funding and private investment can revitalize downtown areas, create jobs and generate positive economic activity,” Senator John Blake said. “This project will breathe new life into a blighted block in the heart of the city’s business district and I appreciate the governor’s continued attention to community development needs in our small cities.”As coal mining declined in the 1950s, Carbondale entered a lengthy period of economic decline that hampered local community and business investment, leading to a surplus of blighted land and buildings in the city. This project is a crucial component of Carbondale’s efforts to revitalize the community and attract business and investment to the downtown area, strengthening the economy and making Carbondale a better place to live and work.Supported through the Redevelopment Assistance Capital Program (RACP), funding will support critical expansion projects, some of which will provide opportunities for additional economic development. August 21, 2018 Governor Wolf Announces the Elimination and Redevelopment of Blight in Downtown Carbondalecenter_img SHARE Email Facebook Twitterlast_img read more

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