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GM hires new CFO from Delta Air LinesExternal Link

General Motors Co. said late Friday that Paul Jacobson has joined the company as executive vice president and chief financial officer, effective Dec. 1. Jacobson, who was CFO of Delta Air Lines Inc. , will report to Chief Executive Mary Barra. "Paul is a great addition to the GM senior leadership team and is dedicated to leading the company for the benefit of all stakeholders," Barra said in a statement. Jacobson joined Delta as a financial analyst in 1997 and became CFO in March 2012. Delta announced in February that Jacobson was retiring, but in April Delta Chief Executive Ed Bastian said he had asked Jacobson to reconsider the decision to retire from Delta and that Jacobson had agreed to rescind his retirement and continue as CFO. At GM, John Stapleton, acting CFO since August, will continue as North America chief financial officer, a position he has held since January 2014, the car maker said. GM's former CFO, Dhivya Suryadevara, left in August to privately held online commerce firm Stripe Inc., to the surprise of many who considered her one of the auto maker's fastest-rising stars.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 30 Oct 2020 19:37:31 GMT
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Stocks fall as Dow books biggest monthly drop since March as COVID cases riseExternal Link

Stocks pared losses but still closed lower on Friday to end an ugly week on a down note, with the Dow Jones Industrial Average booking its biggest monthly drop since March as investors reacted to rising COVID-19 cases in the U.S. and Europe. Nervousness ahead of Tuesday's presidential election -- and the potential for an unclear or contested outcome -- was also seen contributing to increased volatility, analysts said, with all three major indexes seeing their biggest weekly declines since the worst of the pandemic-inspired selloff in March. The Dow fell around 157 points, or 0.6%, to end near 26,502, according to preliminary figures, while the S&P 500 lost around 40 points, or 1.2%, to finish near 3,270 and the Nasdaq Composite gave up around 274 points, or 2.4%, closing near 10,912. The S&P 500 ended the week down 5.6% and fell 2.8% for the month, while the Dow booked a 6.5% weekly fall and a 4.6% monthly drop. Friday's decline saw the Nasdaq turn negative for the month, falling 2.3%. The index was down 5.5% for the week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 30 Oct 2020 19:07:10 GMT
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Oil futures finish lower for the session, with U.S. prices down roughly 11% for the monthExternal Link

Oil futures declined Friday, building on their loss for the month, with U.S. prices down roughly 11% from the end of September. The "oil price crash this month was due to demand concerns, led by expected restrictions in Europe," Manish Raj, chief financial officer at Velandera Energy, told MarketWatch. "The market is factoring in not only the short-term restrictions in Europe, but additional concern that the oil demand will stay lower for longer." December West Texas Intermediate crude fell 38 cents, or nearly 1.1%, to settle at $35.79 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since June 1, according to Dow Jones Market Data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 30 Oct 2020 18:08:50 GMT
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Cruise stocks surge after CDC announces 'phased approach' to cruises after no-sail order expiresExternal Link

Shares of cruise operators surged Friday, to buck the sharp selloff in the broader market, after the Centers for Disease Control and Prevention (CDC) chose not to extend its full no-sail order, and has instead gone with a "phased approach" to resuming cruise operations. The CDC's no-sail order expires on Oct. 31. Shares of Carnival Corp. ran up 6.4%, Royal Caribbean Group jumped 4.8% and Norwegian Cruise Line Holdings Ltd. climbed 5.5%, at a time when the S&P 500 sank 2.2%. After the no-sail order expires, the initial phases of the resumption of cruise ship operations will consist of testing and additional safeguards for crew members. The next phases will include simulated cruises to test the operators' ability to limit COVID-19 risk.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 30 Oct 2020 17:42:57 GMT
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Gold futures climb for the session, but lose 0.8% for the monthExternal Link

Gold futures climbed Friday to recoup some of the losses they suffered as the U.S. dollar strengthened, but prices for the metal ended lower for the month. After the U.S. presidential election next week, traders will be looking to "stimulus legislation, inflationary prices [and] large debts, so gold can resume the upward trend towards $2,000," said George Gero, managing director at RBC Wealth Management. December gold rose $11.90, or 0.6%, to settle at $1,879.90 an ounce. For the month, prices based on the most-active contract lost 0.8%, according to Dow Jones Market Data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 30 Oct 2020 16:44:47 GMT
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