US Stocks traded sharply lower again yesterday and are now officially in Bear Market territory as measured by a 20% correction from the all-time-high stocks set on February 19th.
Higher rents and grocery prices pushed up the U.S. cost of living slightly in February, but inflation was mild overall and there was no sign yet of any influence from the coronavirus. The consumer price index edged up 0.1% last month. The increase in the cost of living over the year slipped to 2.3% from 2.5% in January, which had marked a 15-month high.
The Bank of England announced a surprise half-point interest rate cut at the conclusion of a special meeting, following a similar move from the U.S. Federal Reserve last week.
PepsiCo has announced an agreement to buy Rockstar Energy, months after Coca-Cola launched their own energy drink in the U.S. to challenge partner Monster Beverage. Beverage and snack giant PepsiCo announced they will pay $3.85 billion for Rockstar Energy. Energy drinks are a fast growing and highly profitable category.
According to an official in the Trump administration they likely to extend the April 15 tax deadline as part of an effort to mitigate the effects of the coronavirus on U.S. households and businesses.
With Northwest Quadrant Wealth Management, I’m Tyler Simones