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BUSINESS Thursday 10 sepTember 2020
Stocks bounce back on Wall Street as tech bloodletting halts

By STAN CHOE and ALEX ments have Congress at an
VEIGA AP Business Writers apparent impasse.
NEW YORK (AP) — Wall A Senate vote this week
Street is snapping back on on a trimmed-down relief
Wednesday from its recent package proposed by Re-
tumble, as the bloodletting publicans has only a slim
for big technology stocks chance of passage as
comes to at least a tempo- Democrats insist on more
rary halt. sweeping aid.
Apple, Amazon, Zoom The stock market's rally
Video Communications started in late March fol-
and other tech companies lowing massive amounts
that suddenly lost their mo- of aid from the Federal Re-
mentum late last week on serve and Congress. It ac-
worries their stocks soared celerated as the economy
too high all regained some showed signs of improve-
ground. They helped lift ment. Corporate profit
the S&P 500 by 2.5% in af- reports for the spring that
ternoon trading, and the weren't as disastrous as ex-
index is on pace for its best pected also helped lift the
day in three months. market.
The Dow Jones Industrial Late Tuesday, Slack Tech-
Average was up 650 points, In this Tuesday, Sept. 8, 2020, file photo, people wearing masks pass the Charging Bull statue in nologies also reported
New York's financial district.
or 2.4%, at 28,151 as of 1:48 Associated Press. what analysts called a
p.m. Eastern time. The Nas- good quarter, with revenue
daq composite, which in- from many of them em- Still to be determined is gets the brightest spotlight. topping expectations. But
cludes many tech stocks, boldened investors, who whether that sell-off was But that's not the only po- the company also report-
was up 2.8%. It's coming bid their stock prices up to just a blowing-off of some tential hot spot. ed billings that were weak-
off a 10% drop over the last levels that critics called too steam for tech stocks that Tiffany lost 7.3% after Eu- er than expected, and its
three days. expensive, even after ac- had gotten overheated — ropean luxury giant LVMH stock tumbled 15.2%.
Tesla, which has made counting for their powerful or the beginning of a more ended its $14.5 billion take- Hopes for a potential CO-
some of the wildest moves growth. A flurry of buying of widespread downturn. over deal for the jewelry VID-19 vaccine also helped
in recent months, rose 6.1%. stock options for big tech Other sectors didn't get as retailer. LVMH said it made the S&P 500 erase all of its
A day earlier, it plunged stocks may have helped expensive as technology the move in part because nearly 34% loss from earlier
21.1% for its worst day since further goose the gains, an- during the recent run-up. the French government re- in the pandemic. U.S-list-
its shares began trading a alysts say. Banks and other financial quested a delay due to the ed shares of AstraZeneca
decade ago. In August, it This month the S&P 500 and stocks in the S&P 500 are threat of proposed U.S. tar- slipped 1.4% Wednesday,
surged 74.1%. Nasdaq pushed repeat- still down nearly 19% for iffs on French products. though, after it put late-
Selling over the last week in edly to record highs, even 2020 so far, for example. Investors are also wait- stage studies of its vaccine
the market has focused on though the economy is But challenges continue to ing for Congress to deliver candidate on temporary
such tech superstars, which struggling under the weight loom over the entire mar- more aid to the economy hold while it investigates
had earlier zoomed through of the coronavirus pan- ket, including uncertainty after unemployment ben- whether a recipient's illness
the pandemic amid ex- demic. But the fever broke about how the pandemic efits and other stimulus that is a side effect of the shot.
pectations that they would on Thursday, with the S&P will progress. it approved earlier ran out. Treasury yields ticked high-
benefit from the new stay- 500 dropping 7% during its Trade issues remain a worry Investors say it's critical that er, with the 10-year yield ris-
at-home economy. Block- first three-day losing streak for markets, and the sour- the economy get such stim- ing to 0.69% from 0.68% late
buster spring profit reports in nearly three months. ing U.S.-China relationship ulus, but partisan disagree- Tuesday.q
UPS says it plans to hire more than 100,000 holiday workers

By DAVID KOENIG October and remain high downs kept consumers out
AP Business Writer into January. The Atlanta- of stores, and fear of con-
United Parcel Service said based company said it will tracting the virus has limit-
Wednesday it plans to hire have full-time and part- ed their shopping trips. That
more than 100,000 extra time seasonal jobs, mostly has already led to more hir-
workers to help handle an package handlers, driv- ing.UPS said last month that
increase in packages dur- ers and driver helpers. UPS it added 39,000 employees
ing the holiday season. touts the seasonal jobs as in the April-through-June
UPS said Wednesday that ones that can lead to year- quarter to handle the in-
it expects a record peak round employment, say- crease in residential deliver-
season. Online shopping ing that over the last three ies. The company predict-
has been growing for years, years, about 35% of people ed that the high volumes
and the pandemic has for seasonal package-han- will continue, although it
given it an extra boost as dling jobs wound up in per- can't say for how long.
some shoppers avoid go- manent positions. More lucrative deliveries to
ing to stores. FedEx said last week it plans businesses have declined, In this Dec. 19, 2018, file photo a UPS driver prepares to deliver
The seasonal hiring would to hire up to 70,000 season- however. The residential packages.
be about the same that al workers, a big jump from deliveries are most costly Associated Press.
UPS announced before 55,000 last year. too, because they tend to The company hasn't decid- nation of online and in-per-
Christmas in 2018 and Both delivery giants have be more spread out. ed whether to hold those son, with social distancing
2019. Holiday-season vol- seen a boom in residen- Last year, UPS held job fairs events this year. If it does, and face masks, a spokes-
umes usually start rising in tial deliveries since lock- to recruit seasonal workers. they will likely be a combi- man said.q