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Stock surge continues as Dow hits 20,000 for the first time

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Dow hits 20000

NEW YORK (Diya TV) — After weeks of close calls, the Dow Jones made history on Wednesday blowing past a key level for the first time in its history. The Dow climbed 156 points to 20,069, and was joined in the record territory by the S&P 500 and Nasdaq.

Dow hits 20000

Dow hits 20000

 

The stock market milestone leaves the Dow up more than 1,700 points since the election of President Donald Trump last November, and speaks towards the enthusiasm investors have about the prospects for the U.S. economy.

Wall Street is clearly betting that Trump’s plans to slash taxes, ramp up infrastructure spending and cut regulation will make the American economy grow faster. If that happens, without any disruptions to global trade, it could propel corporate profits, the lifeblood of stock prices. However, the jump in stocks is also a reflection of the solid economy Trump inherited from former President Obama. The U.S. has added jobs for a record 75 straight months and the country’s unemployment rate is sitting near a 10-year low.

The milestone shows how much has changed in the U.S. economy over the past eight years. The index crashed to a low of 6,440 in March 2009 as Wall Street was gripping from the feared complete collapse of the American financial system.

While the economic rebound from the Great Recession has been slower than many hoped, the unemployment rate is now at the lowest level since 2007 and corporate profits have climbed to record highs.

Few expected the Dow to rise so much, especially after a Trump victory. In fact, many feared a market crash if Trump upset Hillary Clinton.

Instead, Wall Street embarked on a post-election rally that carried the Dow above both the 19,000 and 20,000 levels. The Trump rally cooled off in recent months and Wall Street hit a bit of a psychological roadblock leading up to the 20,000 level. On January 6, the Dow got incredibly close, rising to 19,999.63 before backing off. Traders on Wall Street had fun with it, with some creating hats that said: “Dow Almost 20,000.”

One reason for the pause: investors want more details on the timing and effectiveness of the stimulus plans rolled out by the new administration.

Bank stocks have been among the biggest winners since the election on Wall Street. JPMorgan Chase and Morgan Stanley have soared more than 20 percent, while Goldman Sachs is up nearly 30%, as investors bet on higher interest rates and less regulation under Trump.

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Lewandowski spars with Rep. Jayapal in impeachment probe

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Lewandowski

WASHINGTON (Diya TV) — Former Trump Campaign Manager Corey Lewandowski sparred with Rep. Jayapal among others, before a House Judiciary committee, taking on a barrage of questions from members of Congress who are trying to build a case towards the impeachment of President Trump.

100,000 petitions were delivered to the Gates Foundation in Seattle, asking them to rescind the award they plan on giving to Indian Prime Minister Modi for his clean India initiative because of his stance on Kashmir.

Federal investigators, including the FBI, are looking into potential misconduct by Mithril Capital, a venture capital firm co-founded by Peter Thiel and Ajay Royan. Royan has a 20 year relationship with Thiel and has raised in excess of $1 billion, $300 million of which came from Thiel. Some investors are frustrated Mithril is sitting on their money rather than investing in startups, while raking in as much as $30 million per year in management fees.

Hundreds of alums from the Indian Institute of Technology gathered in Southern California for their annual convention, featuring some of the brightest minds in technology.

Ravi Kapur contributed to this report.

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India may offer to cut import duties, for U.S. goods

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India

NEW DELHI (Diya TV) — India has a road map in place to spend $130 billion over the next 5-7 years to modernize their armed forces and bolster their combat capabilities over their neighbors. The plan includes procurement of a slew of weapons, missiles, air defense systems, fighter jets, submarines and developing infrastructure for use of AI.

Meanwhile, India and Russia are increasing industrial cooperation and will create new technological and investment partnerships, especially in high-tech, with the goal to increase bilateral trade to $30 billion by 2025.

And to help Indian’s space agency ISRO establish a communication link with Vikram, the moon lander lying motionless on the lunar surface, NASA is sending hello messages. NASA’s Jet Propulsion lab beamed a radio frequency to Vikram to establish contact, but no luck so far.

Ravi Kapur contributed to this report.

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FBI: Amity CEO Ridhima Singh, others accused of major healthcare fraud

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Amity

SAN FRANCISCO (Diya TV) — The FBI says, CEO Ridhima Singh of Amity Home Health Care is among the 28 people, that include doctors and nurses, accused in the scheme. Federal prosecutors charged the Bay Area’s largest home health care provider, Amity Home Health Care, with involvement in a kickback scheme that led to $115 million in tainted claims. The complaint said medical professionals received $8 million worth of bribes disguised as payroll, phony medical directorships, reimbursements, entertainment or gifts, in what the Department of Justice said was simply “a cash for patients scheme.”

The man accused of stabbing and killing 62 year old Parmjit Singh in Tracy made his first court appearance. 21 year old Anthony Kreiter-Rhoads of Tracy pleaded not guilty of homicide during his arraignment. Police are still investigating the motive behind the crime.

And Priyanka Chopra & her husband Nick Jonas were named by People Magazine as their pick for ‘Best Dressed of the Year.’

Ravi Kapur contributed to this report.

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