Americans Getting Off Unemployment, And Into Houses
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At midday, the major indices are in the green. Only 2 S&P 500 sectors are in the red. The best performing sectors are Industrials and Materials, which are being bolstered by the better-than-expected initial claims report, as well as hopes for an infrastructure deal. The Senate Republicans have offered a new proposal with a price target of $928 million, which is still far below Biden’s $1.7 trillion plan, but is showing a willingness to reach a bipartisan deal.
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On the economic front, initial jobless claims fell by 38,000 to 406,000 beating expectations for 425,000 and is a new pandemic low. As Covid-19 cases continue to decline and government and business restrictions are lifted, filling jobs has become more and more difficult. As such, several states had withdrawn from the federal unemployment benefit programs.
Robinhood Raked In At Least $110 Million From ‘Meme Stock’ Rally
Stock trading app Robinhood took in at least $110 million from the so-called meme stock rally that sent share prices of retailer GameStop and other struggling companies soaring earlier this year.
The amount in fees the digital trading platform gets from selling its users stock orders to other Wall Street firms rose to $331 million in the first three months of the year, according to an analysis posted online earlier this week by market research firm Alphacution. That was up from $221 million in the last three months of 2020. The increase is also more than the $91 million Robinhood got from those same fees a year ago.
Robinhood raked in at least $110 million from meme stock rally By Stephen Gandel Robinhood resumes limited trading of GameStop
Stock trading app Robinhood took in at least $110 million from the so-called meme stock rally that sent share prices of retailer GameStop and other struggling companies soaring earlier this year.
The amount in fees the digital trading platform gets from selling its users stock orders to other Wall Street firms rose to $331 million in the first three months of the year, according to an analysis posted online earlier this week by market research firm Alphacution. That was up from $221 million in the last three months of 2020. The increase is also more than the $91 million Robinhood got from those same fees a year ago.
Alexis Christoforous
May 6, 2021, 9:35 AM
Shark Tank investor Kevin O’Leary may agree with billionaire investor Warren Buffett, and his right-hand man, Charlie Munger, on a number of things. The trading app Robinhood, isn’t one of them.
The chairman of O’Shares ETF told Yahoo Finance Live, “I have ultimate respect for Charlie Munger. I’m a huge fan of his philosophy of investing. That doesn’t mean I can’t disagree with him on an issue like this.” It s just god-awful that something like that would draw investment from civilized men and decent citizens. It s deeply wrong. We don t want to make our money selling things that are bad for people, Munger said.
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