Wall Street stages big comeback from sell-off

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Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 16, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average falls 159 points

U.S. unemployment rate drops

The U.S. unemployment rate fell to 8.4% last month from 10.2% in July, the Labor Department said. Economists polled by Dow Jones expected the rate to decline to 9.8%. As for overall jobs creation, employment in the U.S. grew by 1.37 million in August, topping an estimate of 1.32 million. “The jobs data today were solid,” said Jamie

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Powell says duration of low interest rates ‘will be measured in years

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Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020.

Tasos Katopodis | Reuters

Interest rates are likely to stay low for years as the economy fights its way back from the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said in remarks published Friday afternoon.

“We think that the economy’s going to need low interest rates, which support economic activity, for an

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Hilton Times Square closure may be ‘tip of the iceberg’ for New York hotels

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This week’s announcement of the permanent closure of the iconic 44-story Hilton Times Square hotel in the heart of New York City was a wake-up call for the embattled hospitality industry, especially in urban markets suffering from a coronavirus-driven tourism drought.

The move follows a decision earlier this week by Ashford Hospitality to hand over the keys to its recently purchased Embassy Suites in Midtown West to its lender after the real estate investment trust fell behind in debt payments.

In fact, 34% of hotels in New York City alone are currently delinquent, and hospitality investment bank Robert Douglas sees

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U.S. is still in a ‘very significant recession’ despite job gains, Fed’s Rosengren says

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Job creation in August represents continued improvement in the U.S. economy but a full recovery won’t happen until the coronavirus pandemic is under control, Boston Federal Reserve President Eric Rosengren said Friday.

Unemployment fell to 8.4% as nonfarm payrolls rose by 13.7 million last month, the Labor Department reported, in numbers that were significantly better than Wall Street expectations. The jobless rate decline was particularly pronounced, sliding 1.8 percentage points from its July level as the labor market continues to heal.

While Rosengren acknowledged the “significant improvement,” he said the economy remains under pressure.

“We have a long way to

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