a man wearing glasses and looking at the camera: Shannon Stapleton/Reuters


© Shannon Stapleton/Reuters
Shannon Stapleton/Reuters

  • BlackRock CEO Larry Fink told CNBC on Tuesday stocks have more upside ahead and most investors should put more money to work in the market.
  • “I believe we still have more to go on the upside even in front of probably rising infection rates with COVID-19,” Fink said. 
  • With interest rates lower for longer and the likelihood of a second fiscal stimulus, Fink expects the market to move higher.

BlackRock CEO Larry Fink told CNBC on Tuesday that stocks have more upside ahead and investors should put more money to work in the market. 

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“We have a strong conviction that the average investor still is under-invested and they’re going to have to be putting more and more money to work over the coming months and maybe even years,” Fink said. “I believe we still have more to go on the upside even in front of probably rising infection rates with COVID-19.” 

The CEO of the world’s largest asset manager said that he’s not concerned about markets, citing the Federal Reserve’s plan to keep interest rates lower for longer, and saying he expects the US will see another fiscal stimulus “whether it occurs this month or in January.” He added that even as coronavirus infection rates rise, hospitalizations are falling. 

Read more: Good deals in pandemic-hit companies are proving hard to find. Here’s how big investors that raised billions to pounce on corporate distress are changing up their playbooks.

Another factor likely supporting the stock market’s climb upward is the record amount of retail participation, Fink said. He added that the coronavirus pandemic likely caused this surge in individual investing activity.

Fink told CNBC: “You report a lot about Robinhood and the day traders but across the board the average investor is putting more

Oct 12 (Reuters)U.S. economists Paul Milgrom and Robert Wilson won the 2020 Nobel Economics Prize for improvements to auction theory and inventions of new auction formats, the Royal Swedish Academy of Sciences said on Monday.

“The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society,” the academy said in a statement.

“Auctions are everywhere and affect our everyday lives. This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world,” the Nobel Prize’s official website tweeted.

New auction formats have been used for radio spectra, fishing quotas, aircraft landing slots and emissions allowances.

The economics prize, won by such luminaries as Paul Krugman and Milton Friedman in the past, was the final of the six awards in 2020, a year in which the Nobels have been overshadowed by the COVID-19 pandemic.

The traditional gala winners’ dinner in December has been cancelled and other parts of the celebrations are being held digitally to avoid the risk of spreading the infection.

The 10-million-Swedish-crown ($1.14 million) economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was established by Sweden’s central bank and first awarded in 1969.

The Norwegian Nobel Committee plans to go ahead with an award ceremony, albeit in a reduced format due to the coronavirus pandemic, in Oslo on Dec. 10, the anniversary of the death of Alfred Nobel.

(Reporting by Simon Johnson Editing by Mark Heinrich)

(([email protected];))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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(Bloomberg) — Oil explorers, tugboat operators and other U.S. Gulf Coast businesses got back to work on Saturday after the region was slammed by its second hurricane in six weeks.



a train on a steel track: Oil tanker rail cars parked at the Motiva Port Arthur refinery ahead of Hurricane Delta in Port Arthur, Texas, U.S., on Friday, Oct. 9, 2020. Delta churned toward the U.S. Gulf Coast, packing a deadly storm surge and winds strong enough to damage well-built homes as it neared an area of Louisiana still recovering from Hurricane Laura.


© Bloomberg
Oil tanker rail cars parked at the Motiva Port Arthur refinery ahead of Hurricane Delta in Port Arthur, Texas, U.S., on Friday, Oct. 9, 2020. Delta churned toward the U.S. Gulf Coast, packing a deadly storm surge and winds strong enough to damage well-built homes as it neared an area of Louisiana still recovering from Hurricane Laura.

Hundreds of thousands of residents in southwest Louisiana and southeast Texas were without power almost 24 hours after Hurricane Delta roared ashore near the tiny coastal hamlet of Creole, Louisiana, late Friday.

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Bristow Group Inc., which transports offshore crews to and from oil platforms and drilling ships by helicopter, had already returned 50 or 60 workers to various Gulf installations by early afternoon on Saturday. Separately, Royal Dutch Shell Plc said it was redeploying workers and drilling vessels across the region.

The biggest oil refinery in America had several key production units knocked out as Delta raged, according to people familiar with operations who asked not to be identified. A nearby refinery owned by French oil giant Total SE lost power during the height of the storm.

Here’s a list of other post-hurricane developments:

The Houston Ship Channel, one of North America’s busiest commercial waterways, reopened after Hurricane Delta made landfall in Louisiana.Brazos channel at Freeport, Texas, also reopened, as did facilities at Texas City and Galveston.Port Fourchon returned to normal operations.Ports at New Orleans, Baton Rouge and Plaquemines in Louisiana also reopened.Liquefied natural gas tankers that scattered to calmer seas ahead of the storm began resuming journeys to Gulf Coast export terminals, according to data compiled by Bloomberg.Chevron

As the coronavirus pandemic’s impact in the U.S. became more severe in the spring, organizations such as Atlanta Volunteer Lawyers Foundation realized their services were going to be more in-demand than ever.



a little girl looking at the camera: Extra Special People, a nonprofit that serves families with people with disabilities, needed to figure out how to safely host its annual summer camp that provides care to 300 people and their families during the pandemic.


© Provided by CNBC
Extra Special People, a nonprofit that serves families with people with disabilities, needed to figure out how to safely host its annual summer camp that provides care to 300 people and their families during the pandemic.

The nonprofit, which provides free legal services and social support to people experiencing intimate partner abuse as well as landlord-tenant issues, needed to recruit more attorneys to keep up with an increasingly dire caseload.

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Faced with the risks of the virus itself, people experiencing domestic violence were left with little option but to stay in close contact with their abusers at home, says AVLF communications manager Ashleigh Starnes. Additionally, “The housing crisis in Atlanta was bad before the pandemic, and Covid-19 has exacerbated that. There are thousands of evictions lined up waiting to be heard when courts reopen and the eviction moratorium is lifted.” In September, the Centers for Disease Control and Prevention banned most evictions for the remainder of 2020.

The organization was concerned how to use its limited resources to recruit new volunteers when their usual outreach efforts usually yielded just 10 new people per month to its database of over 1,000 private attorneys.

But in July, one AVLF board member introduced the organization to a new campaign called BrandAid being launched by local PR and marketing firm Jackson Spalding. The agency, which had experienced a drop in client work while businesses paused their ad spending due to the pandemic, wanted to use their newfound time to provide pro bono marketing help to local nonprofits instead.

One of those beneficiaries was AVLF. BrandAid marketers

DALLAS — Working from home has become more than a way to get through the pandemic.

It’s now a favored perk for some employees and a necessary lifestyle for others. For some companies, it’s also become a powerful recruiting tool.

AmeriSave Mortgage Corp. has been hiring people from around the country to report to the office in Plano, Texas. By leading with the opportunity to work remotely, it’s attracted a flood of candidates even while raising the qualifications to apply.

“I jumped on it because I’ve known about the opportunities at AmeriSave, and I didn’t want to leave my family in Nebraska,” said Noah Peters, who worked for the city of Omaha before becoming a work-from-home loan originator in July. “I’m an in-person kind of guy, but this was pretty seamless. I love what I’m doing and I’m happy I made the change.”

Bottle Rocket, a technology firm based in Addison, Texas, adopted a “work from everywhere” policy early in the pandemic and said it was permanent. That caught the attention of three former employees in Seattle, Austin and California, and the company quickly rehired them.

“These are very valuable hires who have the institutional memory of our culture and processes,” Bottle Rocket founder and CEO Calvin Carter said. “They were up and running instantly.”

The new policy has also helped attract diverse candidates from the Dallas-Fort Worth area, Carter said. These were folks who weren’t willing to make a long daily drive to the headquarters in Addison.

“These are benefits we didn’t see coming,” Carter said. “It makes us more competitive in the human capital wars.”

But work from home doesn’t work for a lot of people. Many don’t have the right computer, software, broadband and training. Other jobs, such as serving food at a restaurant or performing surgery