Stock Market News for Oct 2, 2020

by  on  in Market

Wall Street closed modestly higher on Thursday after a choppy session. All the three major stock indexes closed well below their intraday highs as hope for a fresh round of fiscal stimulus disappeared. A series of mixed economic data indicated that the pace of the U.S. economic recovery have waned. The Dow and the S&P 500 gained modestly while rebound of the technology sector lifted the Nasdaq Composite.

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) rose 0.1% to close at 27,816.90, maintaining 2-day winning streak. Notably, 24 components of the 30-stock index ended in the green

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US Mall Values Fall 60% In 2020

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Many of the lower-tier malls that will be sold will likely be redeveloped into something else. (Getty)

Many of the lower-tier malls that will be sold will likely be redeveloped into something else. (Getty)

The suburban mall that you frequented as a teenager could now be worth substantially less than the dirt underneath it.

U.S. mall values declined 60 percent due to appraisals in 2020, according to an analysis by Bloomberg News. Across 118 shopping centers with commercial mortgage-backed securities loans, about $4 billion was lost after reappraisals caused by delinquencies, defaults or foreclosures.

The data suggests a grim outlook for many malls across the country as some of the largest mall owners, including Brookfield Property Partners

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Over 50% of mall department stores to close by 2021: Green Street

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First, the department store closes. Then, the apparel shops try to scoot out of deals. This is a one-two punch that could trigger a wave of malls shutting for good over the next 12 months. 

More than 50% of the department stores anchoring America’s malls are going to close permanently by the end of next year, a new report from Green Street Advisors predicts. There are about 1,000 malls still open in the U.S. And roughly 60% of those have department store retailers, such as Macy’s, as anchor tenants, the commercial real estate services firm said. 

The coronavirus pandemic that

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Two teenagers killed at Sacramento mall in Black Friday shooting | US news

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Police are looking for a gunman who shot and killed two teens at a northern California mall in the midst of Black Friday, sending shoppers running for safety, authorities said.

Arden Fair Mall in Sacramento was evacuated shortly after 6pm when shots were fired near one of the mall’s entrances, a police spokesman, Karl Chan, said.

A 19-year-old man was found dead at the mall and a 17-year-old boy was found critically wounded at a bank outside the mall. He was taken to the hospital and succumbed to his injuries several hours later, police told the Sacramento Bee on Saturday.

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