Home Business and Economics This Week In Business: Sears, The Fed, and More

This Week In Business: Sears, The Fed, and More

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Sears Is Likely To Liquidate

Sears is currently on their last legs. The 125 year old icon only has 24 hours to live. After filing for bankruptcy in October, their only chance at survival is a $4.6Bn buyout proposal from their chairman Eddie Lampert. Without that buyout completing, liquidation of the company is inevitable.

Currently, Lampert has until December 28th to announce his bid. However, Sears has already started the liquidation process. The retailer is weighing the closure of 50 to 80 more stores, in addition to the almost 200 already closed. The people involved requested anonymity because the talks are confidential.

Trump Calls The Fed “Only Problem”

President Trump attacked the Federal Reserve on Monday, calling them the only problem for the U.S. economy. This marks another attempt by the President to attack the central bank. “The only problem our economy has is the Fed. They don’t have a feel for the market,” Trump said on Twitter. “The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!”

After the Fed raised interest rates again as expected, Trump told Reuters he was not pleased with them. Talks between the Fed and the Treasury Department only served to shake the markets more.

Oil Prices Drop 6%

Oil prices dropped 6% to their lowest level in a year on Monday. U.S. based CLc1 and global company Brent LCOc1 hit both benchmarked losses of about 40 percent in the fourth quarter. “What’s happening in the stock market is raising fears that the economy is grinding to a halt and thereby will basically kill any future oil demand,” said Phil Flynn, an analyst for a price group.

Wall Street Fluctuations

Stocks closed high on Thursday, adding to massive gains from the previous session. The Dow Jones Industrial Average ended the day up 260.37 points, the S&P 500 closed at 2,488.83, while the Nasdaq Composite climbed 0.4 percent to 6,579.49.

This comes after the Dow gained its largest point gain ever at almost 1000. However, earlier in the day, stocks fell after the trade tensions between the US and China rose again.

Mike Bloomberg Will Spend $100M On 2020 Campaign

Former NYC mayor and billionaire Mike Bloomberg is prepared to sink well over $100 million into his campaign if he decides to run for president. In addition, he plans to not accept any outside help with his campaign. After spending around $110M backing Democrats during the 2018 midterms, if he does run he will have a huge advantage over the other Democratic nominees.

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