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BUSINESS Thursday 8 OcTOber 2020
Stocks rise as Trump tweets on stimulus keep market spinning

By STAN CHOE and DA- Trump's favorite negotiat-
MIAN J. TROISE AP Business ing tactics, judging by past
Writers actions, is to walk away
NEW YORK (AP) — Stocks from the negotiating table
are recovering on Wall abruptly. The intention be-
Street Wednesday after ing to frighten the other
President Donald Trump side into concessions."
appeared to backtrack on In the longer term, many
his decision to halt talks on investors say a big stimulus
another rescue effort for package may still be pos-
the economy. sible regardless of what
The S&P 500 was 1.4% high- Trump says. A Democratic
er in afternoon trading af- sweep of the upcoming
ter Trump sent a series of elections would likely clear
tweets late Tuesday saying the way for a big govern-
he's open to sending out ment program after the
$1,200 payments to Ameri- transfer of power, and Wall
cans, as well as limited pro- Street has begun to see a
grams to prop up the airline blue wave as more likely
industry and small business- than before.
es. Airlines jumped to some of
The tweets came just hours the day's bigger gains af-
after Trump sent the mar- ter Trump singled out the
ket into a sudden tailspin Pedestrians pass the New York Stock Exchange, Friday, Oct. 2, 2020, in New York. Associated industry, asking Congress
Press.
with his declaration that to "IMMEDIATELY" approve
his representatives should Average was up 414 points, guard competition. Trump made his announce- $25 billion for them. Last
halt talks with Democrats or 1.5%, at 28,187, as of 1:17 Amazon rose 2.4%, and Ap- ment on Tuesday to halt ne- week, Pelosi had told airline
on a stimulus effort for the p.m. Eastern time. ple climbed 1.7%. Google's gotiations, Federal Reserve executives to halt the fur-
economy until after the The Nasdaq composite parent company was un- Chair Jerome Powell had loughs of tens of thousands
election, saying House climbed 1.7%, despite a changed, and Facebook asked Congress to come of workers with the promise
Speaker Nancy Pelosi had call by Democratic law- lost 0.4%. through with more aid. He that aid for them was immi-
been negotiating in bad makers for Congress to rein But much of the market's said that too little support nent, though a proposal by
faith. The stakes are high, in the Big Tech companies attention remains fixed on "would lead to a weak re- House Democrats to give
as economists, investors that dominate it and oth- the prospects for more stim- covery, creating unneces- the airline industry $28.8 bil-
and the chair of the Feder- er indexes. The proposal, ulus for the economy from sary hardship." lion failed to advance.
al Reserve all say the econ- which follows a 15-month Washington. Wednesday Some analysts character- United Airlines Holdings
omy needs another dose investigation by a House morning's gains helped the ized Trump's move as likely rose 4.3%, American Airlines
of support following the Judiciary Committee pan- S&P 500 recoup almost all a negotiating ploy. Group climbed 4.1% and
expiration of weekly jobless el, could make it harder for of its loss from the day be- "I do not believe hopes of a Delta Air Lines pulled 2.9%
benefits and other stimulus Amazon, Apple, Facebook fore, when Trump's tweets stimulus deal are now gone higher.
Congress approved earlier and Google's parent com- suddenly sent it from a 0.7% forever," said Jeffrey Hal- The S&P 500 rose broadly,
this year. pany to acquire others and gain to a 1.4% loss. ley of trading and research with technology stocks
The Dow Jones Industrial impose new rules to safe- Just a few hours before firm Oanda. "One of Mr. making the biggest gains.q

Ruby Tuesday, hit by COVID closures, files for bankruptcy

By DEE-ANN DURBIN Asso- Tuesday,'" CEO Shawn cash to update their aging
ciated Press Writer Lederman said in a state- stores.
Ruby Tuesday is filing for ment. "Today's actions will Los Angeles-based Cali-
bankruptcy protection, allow us an opportunity to fornia Pizza Kitchen filed
the latest casual restaurant reposition the company for for bankruptcy protection
chain to suffer from coro- long-term stability as we in July, while the parent
navirus-related closures recover from the unprec- company of the Chuck
and changing consumer edented impact of CO- E. Cheese pizza and en-
habits. VID-19." tertainment chain filed
The Maryville, Tennessee- Ruby Tuesday is known for for bankruptcy in June.
based company, which its salad bar, which could Steakhouse chain Sizzler,
was founded in 1972, said be a difficult sell in a post- also based in California,
on Wednesday that its res- pandemic world. But it's declared bankruptcy last
taurants will remain open also dealing with longer month.
throughout the bankruptcy term changes in the market NPD Group, a data and In this Sept. 16, 2016 file photo, visitors to New York's Times
process. Ruby Tuesday has that have hurt other casual consulting firm, said U.S. vis- square walk past a Ruby Tuesday restaurant. Associated Press.
250 company-owned and chains. Even before the vi- its to full-service restaurants
franchised restaurants in rus hit, sit-down restaurants plunged 47% in the April- ter service or drive-thru mediately respond when
the U.S., Canada and nine were struggling as more June period, at the height windows, sit-own chains asked by The Associated
other countries, including consumers opted for deliv- of the mandated dining- like Ruby Tuesday simply Press how many of its res-
Hong Kong, Chile and Ku- ery and carryout. Restau- room closures. Visits have haven't been able to make taurants are currently op-
wait. rants, still clawing their way ticked upward since then, up the lost volume from erating and how many
"This announcement does back from the recession but were still down 25% their dining rooms. remain closed due to the
not mean 'Goodbye, Ruby a decade ago, had little in August. Without coun- Ruby Tuesday didn't im- pandemic.q