Google is Facing Turmoil, the Federal Reserve is in a Meeting and More – Financial News Summary for Wednesday, December 16, 2020

Google is Facing Trouble Once Again
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The stock market saw another mixed day today, with numbers coming in at moderate numbers. The Dow Jones fell 0.15% to close at 30,154.54. The NASDAQ rose 0.50% to close at 12,658.19 and the S&P 500 rose 0.18% to close at 3,701.17. STOXX Europe also closed up today by 0.79% to finish at 395.95.


The Federal Reserve has been saying that it’s going to keep interest rates at what amounts to rock bottom, attempting to improve the economy from the current level. And now investors believe that they’re going to hold to their word. As a result, they keep betting on the fact that those numbers are going to stay right where the Fed has said they will. The investors will be continuing to watch what happens as the Federal Reserve carries out additional policy meetings throughout the day today.

“This once-in-a-generation global health crisis was met with an almost unprecedented globally coordinated fiscal and monetary response, both of which have led to historically low interest rates and that are likely stay this way until the world can finally free itself from the pandemic,” Brian Belski, chief investment strategist at BMO Capital Markets, wrote


Google is facing even more trouble with even more lawsuits coming against the tech giant. In fact, the Texas attorney general is the latest to say that he will raise lawsuits today. And there are other states that are set to join him. This after dozens had already filed suit against the company only a few months ago. The antitrust lawsuit is set to charge Google with anticompetitive conduct, deceptive misrepresentations and exclusionary practices. The attorney general says that the company has violated many federal rules related to these claims. Not only that but they are filing a multistate lawsuit. The previous suit also alleged monopolistic and anticompetitive actions related especially to the search deal with Apple, Inc. and the inclusion of their apps on Android devices.

“Google repeatedly used its monopolistic power to control pricing, engage in market collusions to rig auctions in a tremendous violation of justice.”


West Texas Intermediate closed up by 0.50% today with crude oil at $47.86 per barrel. Gold closed up today as well, by 0.58%, to close at $1,864.13 per ounce. The treasury yield saw another positive day, with the 10 year yield coming in at 0.92 and the 30 year yield coming in at 1.65.

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