Business

Stressed About the Election? Don’t Take It Out on Your Investments

What you’ve been feeling: If you were feeling deeply pessimistic about your investments in the spring, even after the market rallied, you were exhibiting signs of what the behavioral economists call “extrapolation bias.” But guess what. If you decided to become a day trader in April when the stock market rebounded, and you’re thrilled with the gains you’ve made, you are under the same effect now. Keep up with Election 2020 Extrapolation bias occurs when people give added weight to current events in the belief that those events will continue. Stefano Giglio, a professor of finance at the Yale School of Management, conducted surveys of investors as the pandemic began. In February, as the coronavirus was just beginning its spread in the United States, inves...

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Business

Reasons to Sign Up for a Health Savings Account

Some employers contribute seed money to H.S.A.s — about $572 on average for single coverage, according to the Kaiser Family Foundation — and cover monthly bank maintenance fees for workers. For 2021, H.S.A. contribution limits are $3,600 for an individual and $7,200 for family coverage. (People 55 and older can save an extra $1,000.)Nor do you need to have health insurance through an employer to have an H.S.A. Many plans available through HealthCare.gov, the federal health insurance marketplace.If you need help in choosing an H.S.A., the research firm Morningstar recently evaluated accounts from about a dozen prominent providers. Accounts from Fidelity, Lively, Health Equity and HSA Authority topped the recommendations for savers, while Fidelity, HSA Authority, Health Equity and Bank of...

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Business

Live Stock Market Updates – The New York Times

Here’s what you need to know:The Exxon Mobil oil refinery in Channahon, Ill. The industry has been hurt by the pandemic as lockdowns reduce the demand for oil and gas.Credit...Tannen Maury/EPA, via ShutterstockExxon Mobil and Chevron, the country’s two energy giants, on Friday reported quarterly losses as the oil and gas industry continued to reel from the pandemic.Demand for oil and gas tumbled this spring as governments and businesses shut down the economy and told millions of people to stay home, sending prices sharply lower. Although it has recovered a bit since then, demand remains lower than it was before the pandemic, and a recent rise in cases in Europe and the United States could send it even lower.Exxon Mobil said that it lost $680 million in the third quarter, its third conse...

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Business

Warren and Other Democrats Push ‘Fundamental’ Reform of Capitalism

On Nov. 17 and 18, DealBook is holding our first Online Summit. Join us as we welcome the most consequential newsmakers in business, policy and culture to explore the pivotal questions of the moment — and the future. Watch from anywhere in the world, free of charge. Register now.A statement of intent Just days before Election Day, four Democratic senators — Tammy Baldwin, Tom Carper, Mark Warner and Elizabeth Warren — are banding together to “fundamentally reform” capitalism. DealBook’s Lauren Hirsch got a first look at their working group, which will be announced today. Above all, it suggests growing Democratic unity around pushing corporate America to focus less on shareholders and short-term profits. And it signals an early priority for lawmakers if their party performs as well as th...

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Business

New York Subway’s Pain Could Bring Riches for Bond Investors

You can make a lot of money betting on government bailouts.Swooping in to buy the dirt-cheap stocks and bonds of troubled entities is a time-honored — and profitable — tactic throughout the investing world. When deep-pocketed public saviors come forward, such a wager can pay off handsomely.Given the vital role it plays in the economy of the nation’s largest city, the Metropolitan Transportation Authority, which runs New York’s subway, bus and commuter rail system, is a likely candidate for a lifesaving infusion of government cash.“It’s very explicitly too big to fail,” said Matt Fabian, a partner at the research firm Municipal Market Analytics who has been pitching M.T.A. debt to his clients.The agency was dealing with high costs even before the pandemic, and the beating the coronavirus...

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Business

In Building Economic Team, Biden Faces Tug From Left and Center

WASHINGTON — If he wins the presidency, Joseph R. Biden Jr. will inherit an economy struggling to recover from its steepest plunge in decades. His economic team will need to help workers and businesses survive a pandemic winter, while developing policies to address the racial and income inequalities the crisis has exacerbated in the labor market.Assembling that team would force Mr. Biden to balance competing impulses. He wants to surround himself with aides who have experience battling past downturns — a talent pool that is overwhelmingly white, male and centrist. But he also wants to stock his administration with advisers who represent the racial, gender and ideological diversity of the nation and his party better than previous administrations.Allies inside and outside Mr. Biden’s spra...

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Business

Where Cruise Ships Are Sent to Die

Hotels and corporations have bought most of the furniture from the ships, including tables, chairs and room fittings, Mr. Yurttas said, but antiques brokers have their sights set on the baroque lighting fixtures and wardrobes that weigh nearly 100 pounds.“These are not regular ships; they are luxurious floating museums with many precious items inside,” he said with an excited smile as he sat in his store full of shiny bronze nautical antiques, including clocks, ornate light fixtures and maps. Other brokers in the area have collected articles like life jackets, lamps, sinks and art for people interested in purchasing cruise memorabilia.“We have mainly seen local collectors and customers this year because of the pandemic, but normally tourists come here from all over the world to buy the ...

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Business

Why Blue Places Have Been Hit Harder Economically Than Red Ones

The coronavirus recession has been more severe in Democratic-leaning places than in Republican-leaning ones. Blue states like Massachusetts and California have had steeper job losses, higher unemployment and bigger drops in job postings than red states like Utah and Missouri.It turns out that most of this partisan gap in economic suffering is because of the different mix of jobs in red and blue places.The partisan jobs gap has been fairly consistent throughout the pandemic. Employment in blue states fell more in the first two months, and the cumulative employment decline has remained significantly worse in blue states than in red states since June.The partisan gap in jobs hasn’t gone away because it’s rooted in fundamental economic differences related to job types. The worst job losses ...

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Business

‘Zombie’ Oil Wells in Canada Are a Climate Threat

REDWATER, Alberta — William Romaniuk stopped his tractor at the edge of his field and sniffed. A breeze came off the Saskatchewan River, rippling across rows of ripe wheat, but a caustic scent flooded his nose. An oil well between his crops and the river was leaking, and enough gas was flowing out of a pipe below the rusty pump jack that the farmer could smell gas and see it swirling in the air.The site had been drilled in 1950 but hadn’t run since 2015. It was now spewing a blend of toxic, egg-smelling hydrogen sulfide and, quite likely, a much larger dose of odorless, flammable methane.“They said, ‘don’t get too close to it,’” Mr. Romaniuk said, referring to the owners of the well. He put the tractor in gear and skirted the edge of the site, hoping he wouldn’t spark an explosion as he...

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Business

Dan Bongino Has No Idea Why Facebook Loves Him

Granted, Mr. Bongino’s shtick is not exactly new. His brand of right-wing pugilism is similar to what talk-radio hosts like Rush Limbaugh and Mark Levin have been doing for decades. He is good at turning daily culture-war skirmishes into hyperpartisan outrage-bait, with a cast of recurring left-wing villains and right-wing heroes who inevitably show up to dunk on them. (Typical headline: “CNN’s Fredo SCHOOLED On His Brother’s Coronavirus Policies.”) And he is skilled at a certain type of industrial-scale content production that is valuable on today’s internet, flooding social media with a torrent of original posts, remixed memes and videos and found footage.“We’ll take some interesting clip of maybe the president or Kayleigh McEnany, and we’ll intermingle it with clips of my show, and i...

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