Small Businesses Quietly Shutter & Markets Rally Mid-Week – Daily Financial News Summary For Wednesday, August 12, 2020

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The markets went for a mid-week rally Wednesday, with the Dow Jones closing up 1.05%, the Nasdaq climbed 2.13%, while the S&P 500 gained 1.4%, but fell just shy of hitting a record close. The European Stoxx 600 rose 1.11%.

Facebook, Apple and Amazon enjoyed climbs of 1.4%, 3.3% and 2.6% Wednesday, while Netflix and Microsoft added 1.8% and 2.8%, respectively.

In other trends, Bloomberg news reported that small businesses are closing, but no one is tracking the numbers, “Yelp Inc., the online reviewer, has data showing more than 80,000 permanently shuttered from March 1 to July 25. About 60,000 were local businesses, or firms with fewer than five locations. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to July 31, according to the American Bankruptcy Institute, and the trade group expects the 2020 total could be up 36% from last year.”

The euro gained 0.4% to $1.1788, the biggest advance in a week. Meanwhile, the Bloomberg Dollar Spot Index fell 0.2% to 1,179.14, which is the largest fall in a week, and the Japanese yen sunk 0.4% to 106.89 per dollar, which is the weakest in three weeks.

In bond news, he yield on 10-year Treasuries climbed two basis points to 0.66%, the highest in more than five weeks.

West Texas Intermediate crude increased 2.3% to $42.56 a barrel, the highest in about five months on the largest climb in more than three weeks.



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