Business grows skittish about Trump and GOP after riots
Businesses are rethinking political contributions in the wake of the deadly Capitol siege by President Donald Trumps supporters on Wednesday, Jan. 6, 2021. Citigroup confirmed Sunday, Jan. 10, 2021, that it is pausing all federal political donations for the first three months of the year. Outside conservative groups, including those affiliated with Republican leadership, were the ones who dropped the lion's share of money that helped him oust former Democratic Sen. Claire McCaskill. Leading business groups such as the National Association of Manufacturers, the Business Roundtable and the U.S. Chamber of Commerce all condemned the insurrection. โThere was no big public push or pressure to get Marriott and others to announce they would no longer make campaign contributions.
Weak 0.3% US October sales gain spreads some holiday unease
NEW YORK โ Retail sales in the U.S. grew a sluggish 0.3% in October, even as retailers offered early holiday discounts online and in stores. Economists had expected sales to rise 0.5%, already a significant tail off from September's gain of 1.6%. Sales rose at home and garden stores, electronics and appliance stores, and online retailers. Nationwide, spending fell to 7.4% below a year ago, JPMorgan said, a drop of about 2.5 percentage points from two weeks earlier. Yet at clothing stores and sporting good shops, sales fell more than 4%.
Stocks post solid gains as technology shares lead rally
Despite the rally, the S&P 500 still posted its fourth straight weekly loss, extending Wall Street's September swoon. The S&P 500 rose 1.6% after flip-flopping between small gains and losses a few times in the early going. The S&P 500 came within striking distance of a 10% drop from its all-time high earlier this week, what Wall Street calls a correction. The S&P 500 rose 51.87 points to 3,298.46. Norwegian Cruise Line notched the biggest gain in the S&P 500, vaulting 13.7%.
Alamo City feeling heat from vacant rooms and vanished revenue
SAN ANTONIO Editors note: This story was published through a partnership between the San Antonio Business Journal and KSAT. Early on, we were shaken, but thinking this wasnt going to last as long as it has, San Antonio Hotel & Lodging Association Chairwoman Tamara Benavides said. The city will get some help, courtesy of the organization, which plans to stage its annual global marketing event, IPW, in San Antonio in 2023. The average daily rate for metro San Antonio was more than $120 in second quarter 2019. Read more on this story at the San Antonio Business Journal.