February 11, 2020 Weekly Report

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Highlight of the Week

Dow jumps 170 points, S&P 500 and Nasdaq to record highs led by Amazon surge

  • The Dow gained 174 points, closing at 29,276, up to 0.6 %.
  • Nasdaq gained 1 % to end the day above 9,628.
  • Amazon rose 2.6 % to break $2,100 per share for the first time ever.

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Members of Chinese military indicted over Equifax hack

  • The 2017 breach into Equifax, a credit-reporting company, compromised nearly 150 million Americans.
  • Investigators also believe China was responsible for the hack of hundreds of millions of records from Marriott International.
  • Beijing has repeatedly denied conducting activities and has rejected US cyber-crime prosecutions and the four Chinese officials reside in China and are unlikely to face prosecution in an American courtroom.

The White House proposes $4.8 Trillion Budget

  • President Trump’s plan proposes steep reductions in social-safety-net programs and foreign aid.
  • The plan would increase military spending 0.3 % to $740.5 billion for FY 2021.
  • The proposal remains unlikely to become law as Democrats control the House, but it sets the stage for Trump’s proposal for a potential second-term.

‘Parasite’ makes Oscar’s history

  • The South Korean thriller became the first foreign language film to claim Best Picture.
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