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 The National Rifle Association said late Friday that it has filed for chapter 11 in a Texas bankruptcy court, saying the "restructuring plan" will help streamline its legal and financial affairs and ensure its "continued success." The organization also said it was leaving New York and going forward with plans to reincorporate in Texas. "The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas," the NRA said in a letter in its website signed by Wayne LaPierre, its chief executive. The organization said it was not insolvent and is "as financially strong as we have been in years." The NRA and New York have been in an ongoing, high-profile legal battle for months.
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.
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 Stocks lost ground Friday after President-elect Joe Biden announced a $1.9 trillion COVID-19 relief plan and investors assessed the kickoff of earnings season following results from a trio of big banks.
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The global case tally for the coronavirus-borne illness COVID-19 climbed above 93 million on Friday and the death toll climbed above 2 million, with the U.S. leading all nations by cases and fatalities.
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Investors let the broader market take a break from recent gains -- but not these shell company stocks.
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U.S. stock-market benchmarks finished lower on Friday, booking weekly losses after a third straight drop in retail sales highlighted weakness in consumer spending at the turn of the year. The Dow Jones Industrial Average fell 177 points, or 0.6%, to 30,814, based on preliminary numbers. The S&P 500 slipped 0.7% to end around 3,768. The Nasdaq Composite slid 0.9% to finish near 12,999. For the week, the S&P 500 and Nasdaq both fell 1.5%, while the Dow shed 0.9%. The disappointing retail sales data added to the urgency of further fiscal support. President-elect Joe Biden unveiled a proposed $1.9 trillion stimulus package on Thursday evening, but the bill has drawn widespread skepticism among analysts who question the package's viability. Investors also watched the unofficial start to corporate earnings season, with JPMorgan Chase reporting profits that beat expectations. However, revenues for Citigroup and Wells Fargo fell short of analyst estimates.
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.
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Exchange-traded funds exposed to utilities outperformed on Friday as investors fled stocks and other risky assets. The Utilities Select Sector SPDR Fund was up 0.5%, one of the only ETFs tracking the 11 sectors of the S&P 500 to be above water. Invesco's S&P 500 Equal Weight Utilities ETF jumped 0.6%, and both the Vanguard Utilities ETF and the iShares U.S. Utilities ETF gained 0.5%. Stocks lost ground Friday after some analysts pointed out that an ambitious fiscal relief plan from President-Elect Joe Biden was likely to face an uphill battle in Congress, even as economic data continued to disappoint.
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.
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