House passes $484 billion bill to boost small businesses and hospitals, sends it to Trump

The House passed a $484 billion package Thursday to bolster small businesses and hospitals ravaged by the coronavirus crisis and expand testing desperately needed to start the return to normal life. Donning face coverings and voting in alphabetical sets to cut the risk of infection, representatives approved the bill easily by a 388-5-1 vote. One … Read more

Oil continues unprecedented sell-off: June futures drop 20%, May contract still has a negative price

West Texas Intermediate crude futures for May delivery reversed gains to trade in negative territory again on Tuesday, one day after plunging below zero for the first time in history. The contract expires today, which means that thin trading volume has contributed to the wild price action. The massive selling gripping the oil market is now … Read more

Oil rallies 10% after Trump says he expects Saudi Arabia-Russia feud to end soon

Oil prices rallied on Thursday after President Donald Trump talked up the possibility of Saudi Arabia and Russia ending a squabble that contributed to crude’s massive plunge since last month. West Texas Intermediate futures surged by $2.11, or 10.4%, to $22.42 per barrel. International benchmark Brent jumped 10.4%, or $2.58, to $27.32 per barrel. “Worldwide, … Read more

Weekly mortgage applications drop over 8% as interest rates jump briefly

A sudden spike in mortgage rates caused an abrupt end to the recent refinance boom, pushing total mortgage application volume down 8.4% last week from  the previous week, according to the Mortgage Bankers Association. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 3.74% from 3.47%, … Read more

Oil jumps more than 10% one day after sharpest decline since 1991

Oil prices surged on Tuesday following reports that ongoing talks between OPEC and its allies, known as OPEC+, remain possible. The move came despite a possible increase in production from Saudi Arabia and Russia. — RECOMMENDED — 2 Nobel Prize Economists Predicted This Once-in-a-Generation Wealth Shift… A terrifying new trend is creating thousands of new … Read more