Stimulus hopes, jobs report inspire buyers
Stocks rose for the second day in a row Thursday, reflecting hope on Wall Street that Washington can approve more aid for the economy and encouragement from a report that suggests the pace of layoffs is slowing a bit, even though it remains incredibly high.
The S&P 500 climbed 0.8 percent, adding to its solid gains from a day earlier, when President Donald Trump apparently backtracked on his decision to halt talks on more aid for the economy. He said in a televised interview Thursday morning that “very productive” talks have begun on stimulus.
Stocks have been particularly rocky since early September, swerving on worries about everything from too-expensive prices to the still-raging pandemic, but the S&P 500 has
ent story for packages.
Airlines are replacing passengers with cargo on many routes, while delivery services and larger retailers are scrambling to fill positions. UPS, for example, plans to add 690 temporary workers during the holiday season.
And Sam’s Club said it would hire 2,000 workers to staff its expanding supply chain as it introduces a Ship from Club feature during the holiday season.
Earlier this week, Amazon opened the second of two Capital Region delivery stations to cover the so-called “last mile” from warehouse to customer.
The station, on Route 5S in Amsterdam, employs 175 people. Amazon also opened a $100 million fulfillment center employing 1,000 people last month, and in August opened a delivery station for oversize objects such as TVS and sofas in Colonie that employs 50.
Meanwhile, smaller businesses are struggling.
“Putting a damper on forecasts for broad, near-term economic improvement are the rising numbers of COVID -19 cases in the U.S. and the dim prospects for further substantial federal relief legislation,” said Mark Hamrick, senior economic analyst at Bankrate.com. “Many Americans are still facing the prospect of layoffs, and businesses of all sizes are facing the threat of failure, reduced sales and/or capacity.”
The National Federation of Independent Business, in a survey of members, found one in five anticipating layoffs within the next six months.
“New York’s small businesses employ half the state’s workforce and are key contributors to struggling local economies,” said NFIB’S New York State Director Greg Biryla. “Sales are down, consumer demand is uncertain, federal Paycheck Protection Program loans have been exhausted, and half of all small businesses believe they will need additional support to survive the next 12 months.”
They may not get it, at least not right away.
Efforts to pass a new stimulus package have stalled in Congress as Democrats and Republicans are unable to agree on terms.
It remains unclear whether a new stimulus package will arrive before the election.