Texas Comptroller Glenn Hegar advised 19 investment decision corporations to reveal their stance on fossil fuels or deal with divestment.
AUSTIN, Texas — The Texas Comptroller of Public Accounts, Glenn Hegar, despatched a letter to 19 investment corporations inquiring about their loyalty to fossil fuels.
Senate Monthly bill 13 demands all Texas retirement courses to move funds absent from organizations that boycott oil and gasoline. The bill was signed into legislation previous 12 months.
Hegar questioned the 19 businesses to explain their policies and treatments.
“We know some of these corporations keep investments in oil and gas right now, but what about the foreseeable future? Are they providing the hope of a ‘green’ tomorrow with promises to divest or reduce their fossil gas publicity? A handful of organizations are echoing claims by the Biden administration about a ‘transition’ to eco-friendly electrical power. They’ve managed to influence folks that electrical cars and wind and photo voltaic power generation can meet our energy requirements, and if we just quit investing in oil and fuel, the changeover will be swift and painless. Any one who has compensated any focus to the latest situations appreciates that just isn’t correct,” Hegar explained in a press release to KVUE Information.
Hegar requested the providers to also list any mutual cash and exchange-traded funds (ETFs) which boycott or limit financial investment in fossil fuels.
“Our exploration therefore significantly displays that some companies are telling us and other energy-generating states 1 factor, and then turning all over and telling their liberal consumers in other states another point,” Hegar reported in the launch.
Previous January, the KVUE Defenders reported on how strengthening the State’s electric powered grid could impression retirement bucks.
Texas law demands the electrical power grid supervisor to use pure gasoline for extra than half of its energy era.
Dollars invested to boycott fossil fuel investments would threaten the grid’s most significant power useful resource except the Point out transformed its strength combine.
Related: How the Texas energy grid could be impacting your retirement system
The corporations have 60 times to reply.
Hegar expects to ship yet another round of letters, making contact with 100 extra publicly traded financial commitment businesses.
(Bloomberg) — Even traders with a large amount at stake are likely to agree: The inventory market should not be a president’s best priority, specially when issues like war, blistering inflation and a pandemic are in perform.
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Nevertheless, for functional purposes, there is no finding all over the disparity amongst the types of Joe Biden and Donald Trump when it will come to the intersection of markets and politics.
On Twitter, the favored forum for politicians to boast about achievements, Trump posted about shares dozens of instances, dealing with a soaring Dow as an option approval ranking of his administration. Biden has however to tweet about the market at all, regardless of a string of records in his 1st calendar year in office.
Or take into account State of the Union addresses. Trump touted a 70{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} rally in the course of his expression. Biden’s only point out of equities was to position out that sanctions stemming from the invasion of Ukraine knocked 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} off the value of Russian stocks and brought on that current market to near.
“I’m not obtaining the impression that they’re creating conclusions with the equity sector at the forefront of their wondering,” Lori Calvasina, head of U.S. fairness method at RBC Money Markets, said in an interview. “They’re just hunting and producing the choices they think they will need to make in phrases of domestic coverage and overseas coverage — and that is what they’re supposed to do.”
At the same time, presidential silence on stocks is component of a shifting landscape for investors, just one the place they are left to fend for by themselves amid a panoply of world threats that extend effectively over and above the boundaries of Wall Road. With Biden’s blessing, Federal Reserve Chair Jerome Powell has stiffened his solve towards inflation, putting concern into markets just about everywhere. Tightening sanctions on Russia threaten to whip up price tag pressures even additional.
Even Biden himself has built note of the variance in approaches. Right before equities fell into a correction this calendar year, he pointed out the strength of the marketplace — but it was virtually as an aside.
“By the way, the inventory industry — the previous guy’s measure of everything — it is about 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} better than it was when my predecessor was there,” he claimed. “It has strike document soon after record soon after report on my look at though making items much more equitable for performing-class people.”
The or else absence of emphasis on marketplace efficiency really should not occur as a shock to buyers, considering that Biden’s system provided boosting company taxes and other agenda products that have been clearly not aimed at juicing stocks in the limited time period. What is stunning is how much the stakes have grown, especially as buyers also locate on their own without the need of the support of accommodating central-bank policy.
Biden’s contrasting style came into stark relief last thirty day period as Russia geared up for, and then introduced, its assault on Ukraine, prompting an intense and unprecedented response in the variety of financial sanctions from the administration and a lot of U.S. allies. As Biden explained to Congress earlier this month: “A Russian dictator, invading a overseas state, has prices close to the planet.” These fees have provided an economically unsafe surge in oil rates and some bone-chilling volatility in the stock industry.
Now, with Ukraine’s shocking energy in defending its government prompting speculation that Vladimir Putin will look for a peace deal, equities and oil have stabilized for the moment.
Nonetheless the shakeup offered investors with some precious info for the remainder of this presidency. The way Biden views wins and losses in his presidency evidently prioritizes issues he sees as far more vital — the lives and nicely-currently being of Us citizens and the defense of allied democracies — previously mentioned the general performance of monetary markets.
“Our measure of results is truly how true working households are doing,” White House spokeswoman Emilie Simons stated Friday. “And we’ve viewed a good offer of development manufactured on that entrance.”
The two presidents also vary on how to tackle other important monetary concerns. Trump took to Twitter to force OPEC to enhance production when energy prices started acquiring large, and he regularly criticized the Federal Reserve as it lifted desire rates seven periods during his phrase.
Biden, on the other hand, has picked out extra silent, personal diplomacy to urge a enhance in oil production to make up for shunned Russia’s crude. He’s also embraced the need for larger curiosity prices, urging Congress to verify his nominees to the Federal Reserve simply because the central bank “plays a vital purpose in fighting inflation.”
“There’s so a lot of other issues going on suitable now that you could argue are substantially more significant to civilization than some of the obstructions that Trump confronted,” said Ryan Nauman, market strategist at Zephyr. “And he’s centered more on inflation — that need to be probably his greatest issue, fairly than the sector.”
A different component to take into account going ahead is that the shot clock on considerably of Biden’s agenda could be functioning out with the method of the midterm elections in November, which historically are likely to go versus the political celebration of the sitting president.
Which is a threat to the Democrats’ current slender — and in some cases nonexistent — management of Congress. Quite a few sector participants have priced in a decline of the party’s legislative greater part, in accordance to Brian Nick, chief financial commitment strategist at Nuveen.
“Starting with that assumption, which was the circumstance prior to the invasion, then it’s possible that signifies they’re keen to tolerate a minimal little bit much more pain and maybe elicit some voter dissatisfaction if they imagine this is genuinely the ideal point to do,” Nick stated in an interview.
Nevertheless, many of Biden’s best priorities — repairing the nation’s crumbling infrastructure, assuaging wealth inequality, mitigating worldwide climate change and steering clear of a direct conflict with Russia — in the very long operate could arguably stop up becoming valuable to the economic climate and the American individuals, and for that reason ultimately assistance the stock industry, even if they ruffle feathers for a little bit.
“You have to preserve the larger image in intellect,” reported Scott Bauer, chief executive officer of Prosper Trading Academy in Chicago. “I do not think they are concerned about the sector likely down 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. If that happens, it happens, as lengthy as in the lengthy-operate, whichever guidelines they are trying to institute are benefiting Americans.”
Meanwhile, in the in the vicinity of time period, RBC’s Calvasina claims there is a position at which the market could begin to replicate fears about the financial state or other components. And the administration will not dismiss people signals, if and when they get there. But that is not the situation at the minute.
“You can not sit below and say, ‘The sector falls X {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and then they’ll start out to treatment,’” she mentioned. “It really is a concern of what drives the current market to any sort of minimal, what is the conversation likely on in the planet or domestically which is driving the market place to a specific amount.”
From spiking oil and wheat price ranges to a potential shortage of neon gasoline wanted for already-scarce semiconductors, the war in Ukraine is using a toll on the world economic climate. And that consists of the modest beach towns that make up New Jersey’s shore area.
Well known locations ranging from Seaside Heights, designed popular by “The Jersey Shore,” to Wildwood rely on foreign personnel in the course of the critical summer months to run the boardwalk stands and amusements that create a great deal of the shore area’s annually revenue.
But a dearth of personnel from Ukraine and Russia, who normally come to the U.S. through the State Department’s J-1 visa summer season perform travel system, could keep businesses from opening for the duration of the summer season period just as they endeavor to get better from the pandemic.
“It is likely to have a substantial affect on us due to the fact the J-1 visa pupil software that we have in the Wildwoods is pretty lively,” described Tracey DeFault, govt director of The Higher Wildwood Chamber of Commerce.
“A whole lot of employees take part in that system and employ the J-1 college students coming about, and Ukraine is a incredibly well-liked area that we would have learners occur from.”
WILDWOOD, NEW JERSEY – May well 27: A assist required indicator is exhibited outside of a enterprise around the boardwalk days just before the Memorial Working day weekend, the unofficial start out of summer season, in the shore local community of Wildwood on Might 27, 2021 in Wildwood, New Jersey (Picture by Spencer Platt/Getty Photographs)
J-1 visas are a requirement for holiday vacation spots throughout the U.S. in will need of short-term employees who can operate for months or months at a time. But the war could make it challenging for personnel from Eastern Europe to arrive at the States. Add that to the now restricted labor marketplace, and it could spell problems for Jersey’s shore cities and other spots that rely on seasonal labor.
Employees minimize off from the U.S.
Enterprises that make up the carnival activity stalls, mini golf programs, and ice cream places together the shore rely on scholar workers who enter the U.S. by way of the Point out Department’s J-1 visa plan.
Shore-based small business leaders consistently explained the horrors of the war in Ukraine much outweigh the impacts on the local financial state on the shore. Still, they say area stores could experience worker shortages that could damage enterprise this summertime.
It’s not just workers from Ukraine. According to Denise Beckson, VP of human means at Morey’s Piers, which operates a variety of amusement piers and h2o parks, Russia delivered a massive quantity of J-1 visa workers in 2019.
“Russia is in the top 10 sending nations around the world usually owning superior participation in the summer months function journey software,” Beckson defined.
WILDWOOD, NEW JERSEY – May perhaps 27: People wander alongside the boardwalk days before the Memorial Day weekend, the un-official commence of summer time, on the Jersey shore on May possibly 27, 2021 in Wildwood, New Jersey. (Image by Spencer Platt/Getty Photos)
Russia, however, lower off its J-1 visa application with the U.S. in 2021 as relations amongst the two nations soured. As a end result, Russian citizens in search of to travel to the U.S. for summertime do the job have to go via U.S. consulates in neighboring international locations to implement for visas.
Of class, employees by the J-1 visa program don’t only go to the Jersey Shore. It is a nationwide program that locations foreign pupils in any quantity of work opportunities all over the U.S. What’s much more, these personnel appear from regions exterior of Ukraine and Russia, ranging from Turkey and Mexico to Thailand and Romania.
The international locations that ship a lot of workers can fluctuate from year to yr. Nations can send out a large variety of scholar staff 1 year and see that total drop the future.
“I’ve been around the shore awhile, and it can be been intriguing to see the way that perhaps there’ll be five decades for the duration of which most of the personnel look to appear from a person nation and then all of a unexpected they feel to be coming predominantly from a further place,” said Michael Redpath, govt director of the Seaside Heights Company Advancement District.
“My being familiar with was that in the previous two or 3 a long time, there experienced been an uptick in folks from Ukraine,” Redpath defined. “But that will not signify that that would have been the circumstance this yr.”
A area even now recovering from COVID
The news of a potential worker shortfall comes as Jersey Shore firms hope to get back again to whole strength pursuing two many years of staying hamstrung by the pandemic.
Worldwide journey constraints prevented J-1 personnel from coming to the U.S., forcing some businesses to both partly open or remain shut during the summer months.
“It’s been a difficult two decades to put it mildly,” Beckson mentioned. “You know, it really is humorous, 2020 was actually difficult. We only opened our amenities partly, and I try to remember in 2021 speaking to some of my colleagues and individuals indicating I want my 2020 issues, because 2021 was complicated in a unique way.”
And with older employees leaving the workforce through the pandemic, obtaining workers became even a lot more tough for shore location companies.
“Staffing everywhere is a serious issue,” DuFault stated. “And it is really year-spherical, aspect-time, summer months, seasonal, everyone. It really is one thing that truly everyone’s battling with ideal now across the board, not just a seasonal city.”
And now, with the summer season period just months away, the similar cities could be forced to extend their now thin workforces additional to compensate for the lack of employees from Ukraine and Russia.
The point out of Tennessee has taken command of the funds of Mason, a mostly Black town of about 1,500 folks thanks to claims of very poor economical management.
On Thursday, Tennessee Comptroller Jason Mumpower announced the formal economical takeover of Mason immediately after Mason’s Board of Mayor and Aldermen voted not to surrender the town’s 153-year-previous constitution, Motion 5 Information documented.
The metropolis has a lengthy history of economical, issues such as a earlier indictment for theft of town cash. Mumpower’s transfer came after he presented Mason an ultimatum to relinquish manage of the charter to the point out or possibility financial takeover.
Nevertheless, ceding about control of Mason to Tennessee government officials would area the generally Black, closely Democratic city less than the control of the state’s mainly white and Republican-led Tipton County, as observed by the Tennessee Lookout.
“I’m unfortunate for the taxpayers of Mason,” Mumpower mentioned. “We will be doing the job challenging to move in and get their finances in form.”
The comptroller reported Mason has suffered from troubles linked to lousy funds management for the very last 20 several years. Mumpower cited the latest closing of a prison that manufactured the town’s inhabitants drop to just 794 men and women.
Nonetheless, Mason officials cite the town’s handy area 4.5 miles from the newly planned Blue Oval Town, the Ford electric truck and battery plant which is been deemed just one of the greatest production investments in the state’s heritage.
“There’s no way Mason will not prosper and increase,” Mason Vice Mayor Virginia Rivers reported. “And now they want to acquire it absent from us.”
But Mumpower promises Mason is in need of a “sound federal government.”
By carefully supervising the town’s finances, we will place Mason on a path toward fiscal duty,” Mumpower mentioned.
As section of managing the town’s funds, Mason will have to shell out back again $597,000 the town reportedly owes for its Water and Sewer Fund. The state will have veto electric power in excess of every cost of $100 or additional Mason can make.
Van Turner, president of the Memphis NAACP department and a member of the Tennessee Conference of the NAACP legal redress committee, cited the lack of benchmarks delivered by the state to return electricity again to community elected officials. Devoid of benchmarks, Turner suggests the city has grounds for a lawsuit.
“We have to have a timeline of how extended this is heading to take and what precise metrics they are making use of just before they transfer power again to Mason,” he said.
“Because it just can’t go on endlessly. That would be an indirect using of its constitution.”
The condition has mentioned the takeover will past for “as very long as it takes” to get Mason back again in stable monetary standing.
Berkshire Hathaway (BRK-A, BRK-B) CEO Warren Buffett, the 91-year-previous Oracle of Investing, has viewed just about each variety of marketplace.
In 1999, at the peak of the net bubble, Buffett warned that buyers envisioned unrealistic returns. In Oct 2008, the rapid aftermath of the worst economical crisis due to the fact the Great Melancholy, Buffett dismissed concerns about “the extended-term prosperity of the nation’s a lot of sound firms.”
In change, Buffett has a phrase that captures precisely what the market place is enduring proper now, states undertaking capitalist Adam Dell, the founder and CEO of a new investing platform named Domain Funds. Irrespective of ups and downs in the current market, its potential customers keep on being bullish in the lengthy operate, primarily for tech and cryptocurrencies, Dell mentioned.
“Industry volatility is just one of the items that is inherent in our industry,” states Dell, who spoke to Yahoo Finance on Jan. 25, well in advance of the Federal Reserve elevated its benchmark interest amount on Wednesday. “Anytime you have these a massive influx of cash into a discrete amount of assets, you happen to be going to have major swings.”
“As Warren Buffett likes to say, ‘The market place is a voting equipment in the shorter phrase and a weighing equipment in the extended time period,” adds Dell, the brother of Dell (DELL) CEO Michael Dell.
The three big indexes have climbed in current days because the Federal Reserve announced a .25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} hike of its benchmark desire level. But every single has fallen at minimum 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} considering the fact that the outset of this yr, a rocky start to 2020 that has seen volatility befall markets amid persistent inflation and lingering COVID-19 disruptions.
In early investing on Friday early morning, the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) fell a bit though the Nasdaq (^IXIC) ticked up.
Given that 1965, Buffett has created textile business Berkshire Hathaway into a big keeping corporation, along the way popularizing the system of “value investing,” which identifies shares buying and selling at a price tag reduce than their guide price, and patiently waits for them to increase.
Late last month, Berkshire Hathaway noted pretty much $90 billion in gain above the program of 2021. In his once-a-year letter to shareholders, Buffett pointed to “4 giants” that have pushed the firm’s success: its coverage functions, BNSF, Berkshire Hathaway Energy and its stake in Apple.
Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks pursuing the once-a-year Berkshire Hathaway shareholders assembly in Omaha, Neb., Might 5, 2019. (AP Photo/Nati Harnik, File)
Dell, who departed Goldman Sachs previous 12 months immediately after leading its on the web-only lender Marcus, echoed Buffett’s signature extensive-phrase concentrate as he highlighted promising developments in tech and cryptocurrency.
“As I search at the very long expression tendencies, some of the cost-free hard cash circulation resources that are being spit out of some of the bigger tech names, I’m quite bullish on their prospective buyers heading ahead,” he suggests.
“As it relates to cryptocurrencies, the place we are centered, I search at the fundamental fundamental components of blockchain systems and their contribution to our financial markets,” he adds.
U.S. stock futures fell Friday morning to give back some gains after a three-day winning streak. However, the major equity indexes still headed for weekly advances as traders took favorably the Federal Reserve’s measured first move on raising interest rates.
Contracts on the S&P 500 declined. The index was on track to post its first weekly gain in three weeks, and its biggest since November 2020, based on closing levels from Thursday. U.S. crude oil prices rose to hold above $104 per barrel, while the 10-year Treasury yield declined to about 2.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Meanwhile, shares of GameStop (GME) — the original darling of last year’s Reddit-fueled investing frenzy — sank after the retailer delivered a wider-than-expected fourth-quarter loss. Other “meme stocks” including AMC Entertainment (AMC) and BlackBerry (BB) also declined in sympathy.
FedEx’s (FDX) stock also dropped after the shipping giant posted quarterly earnings results Thursday afternoon. These reflected lower-than-expected profits, as rising labor and shipping costs more than offset FedEx’s price increases to customers.
For U.S. equity investors broadly, news this week that the Fed opted for a 25 basis point rate hike and charted out a route toward six additional rate hikes later this year helped provide clarity on the future monetary policy path and removed an overhang of uncertainty. The size of the interest rate hike was taken as a carefully considered first move, beginning the process of addressing inflation while avoiding delivering a major shock to markets already weighing Russia’s war in Ukraine.
“They took what I would consider the safe route, which was to do 25 basis points,” Sonal Desai, Franklin Templeton Fixed Income chief investment officer, told Yahoo Finance Live on Thursday. “Absent what we are seeing on the geopolitical stage right now, they probably would have gone for 50. So I definitely would not rule out a faster, more front-loaded pace of rate hikes going forward.”
And later, Fed officials may also upwardly revise its projections for where interest rates will end this year, in the event that inflation does not moderate quickly, Desai added. Based on the Fed’s projections from Wednesday, short-term interest rates would likely end the year around 1.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
“I could see them going up to 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this year — we could expect, by the end of next year, looking at something closer to 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},” she added. “So I’m looking at what the Fed has done. I think it was what as needed because it may come across as hawkish, but the Fed is enormously behind the curve at this point.”
Technology stocks in particular got a boost following the Fed’s decision, with some of the most badly beaten down growth names recovering some year-to-date losses. While some strategists suggested the bottom may have been put in for most tech stocks, others were less certain.
“We did get the hawkish statements out of the Fed [Wednesday], and even though they’re going to be stiff headwinds for tech stocks and other aggressive growth companies, the data is now known. And when it’s known, it’s absorbed in the market,” Paul Meeks, Independent Wealth Solutions Management portfolio manager, told Yahoo Finance. “The thing that I still worry about, and it keeps me away from go all-in in tech, is what’s going on in Eastern Europe, because if we still have geopolitical risks, we still have risks to these stocks.”
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7:29 a.m. ET: St. Louis Fed President Bullard calls for Fed to hike rates to more than 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this year
St. Louis Fed President Jim Bullard said Friday that he wanted the Federal Reserve to more swiftly raise interest rates and begin the process of reducing its nearly $9 trillion balance sheet in order to bring down inflation.
Bullard was the only member of the Federal Open Market Committee to dissent with the Fed’s decision this week to raise interest rates by 25 basis points. Instead, Bullard wanted the Fed to raise by 50 basis points and also implement a plan to reduce the balance sheet.
“The combination of strong real economic performance and unexpectedly high inflation means that the Committee’s policy rate is currently far too low to prudently manage the U.S. macroeconomic situation,” Bullard said in a statement. “Moreover, U.S. monetary policy has been unwittingly easing further because inflation has risen sharply while the policy rate has remained very low, pushing short-term real interest rates lower. The Committee will have to move quickly to address this situation or risk losing credibility on its inflation target.”
Bullard said that in his dot on the “dot plot,” or Fed’s Summary of Economic Projections, he saw the Fed raising rates to above 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this year.
“This would quickly adjust the policy rate to a more appropriate level for the current circumstances,” Bullard said. “The Committee has successfully moved in this manner before. In 1994 and 1995, the Committee made a similar discrete adjustment to the policy rate to better align it with the macroeconomic circumstances at that time. The results were excellent.”
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7:11 a.m. ET: Stock futures fall, giving back some gains
Here’s where markets were trading heading into the opening bell Friday morning:
S&P 500 futures (ES=F): -30.75 points (-0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,379.50
Dow futures (YM=F): -200 points (-0.58{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,261.00
Nasdaq futures (NQ=F): -104.75 points (-0.74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,007.00
Crude (CL=F): +$1.34 (+1.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $104.32 a barrel
Gold (GC=F): -$7.50 (-0.39{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,935.70 per ounce
10-year Treasury (^TNX): +13.6 bps to yield 2.1400{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
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6:13 p.m. ET Thursday: Stock futures
Here’s where stocks were trading Thursday evening:
S&P 500 futures (ES=F): -16.25 points (-0.37{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,394.00
Dow futures (YM=F): -140 points (-0.41{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,321.00
Nasdaq futures (NQ=F): -48.25 points (-0.34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,063.50
NEW YORK, NEW YORK – MARCH 16: Traders work on the floor of the New York Stock Exchange (NYSE) on March 16, 2022 in New York City. The Dow started off the day in positive territory, extending yesterday’s rally. (Photo by Spencer Platt/Getty Images)
