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<div class="KonaFilter image-container display-table"><div><div class="image on-image">Michael Sohn/AP ImagesPresident Donald Trump and Gary Cohn</div></div></div><ul><li>National Economic Council Director Gary Cohn's resignation on Tuesday points to a broader pattern of incredibly high turnover within Trump's administration.</li><li>A new Brookings Institution study points to President Donald Trump's insistence on loyalty and a chaotic White House for this high rate of turnover, which is double that of former President Obama and triple that of former President Ronald Reagan.</li><li>The study also stated that the number of people leaving the White House will likely only grow in Trump's second year.</li></ul>The resignation of National Economic Council Director Gary Cohn on Tuesday <a href="http://www.businessinsider.com/global-stock-market-wrap-indexes-fall-on-gary-cohns-white-house-exit-trade-war-fears-2018-3">shook the financial world</a>, and for good reason - Cohn was a major power player in the Trump administration, and was likely the <a href="http://www.businessinsider.com/gary-cohn-resignation-leaves-trump-with-no-free-trade-adviser-2018-3">last proponent of free trade</a> in the White House.Cohn's resignation is the latest high-profile exit from President Donald Trump's staff, coming on the heels of White House communications director Hope Hicks's resignation last month. Both Hicks and Cohn were longtime fixtures in Trump's inner circle.The staff turnover in Trump's White House has certainly been record-breaking, and a <a href="https://www.brookings.edu/research/why-is-trumps-staff-turnover-higher-than-the-5-most-recent-presidents/">new study</a> by the Brookings Institution has the numbers to prove it.The study identified 12 positions within the administration that researchers called his "A-team" - basically Trump's top-tier decision makers with significant influence within the administration. According to the study, a massive six of these twelve positions, or 50%, saw turnover during Trump's first year in office, a rate that was double that of former President Ronald Reagan, the previous record holder, and more than triple that of former President Barack Obama.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.brookings.edu/research/why-is-trumps-staff-turnover-higher-than-the-5-most-recent-presidents/">Screenshot via Brookings Institution</a>A chart from the study</div></div></div>The top-tier advisers who left in Trump's first year were former chief of staff Reince Priebus, former deputy chief of staff Katie Walsh, former press secretary Sean Spicer, former director of the Office of Public Liaison George Sifakis, former national security adviser Michael Flynn, and former deputy national security adviser KT McFarland. While these were the most significant posts identified by Brookings that experienced turnover, other high-profile departures from the administration in its first year have included people like former chief strategist Steve Bannon, who left in August 2017.But the study has also identified two causes for this incredibly high number of exits that might explain why previous administration were much more stable than the White House is now - and they go right to the heart of Trump's management strategy.<h2>An insistence on loyalty and a cycle of chaos</h2>Brookings researchers stated that while previous US presidents had relied on expertise and professional qualifications when deciding who to appoint to crucial White House posts, Trump has valued personal loyalty to him and his election campaign as a primary deciding factor.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersFILE PHOTO: White House Chief Strategist Bannon attends a meeting between U.S. President Trump and congressional leaders in Washington</div></div></div>Because Trump sourced many of his top staffers from his own business circle and support base, many individuals in his White House have lacked the qualifications to do their jobs, leading to lackluster performances and the desire among many former staffers to use their brief tenures in the administration to seek private sector jobs afterward. Bannon, who went back to work at Breitbart <keyword id="6355005" type="COMPANY" weightage="60" keywordseo="News">News</keyword> and a host of other private ventures after his departure, serves as a particularly salient example of this idea.The second factor Brookings researchers identified was the ever-present cycle of chaos within Trump's White House. Lack of communication between officials on key speeches and policy points like the <a href="https://www.cnn.com/2018/03/06/politics/tariffs-white-house-trade-nafta/index.html">newly unveiled steel tariffs</a> reveal that coordination between officials within the White House is remarkably weak, leading to mistakes and a poor public image that incentivizes Trump to get rid of those at fault. Brookings also stated that this creates a vicious cycle in which chaos breeds a high rate of turnover, which in turn continues to contribute to the chaos that cause it.As Trump enters his second year as president, Brookings researches said his turnover rate is only likely to increase, as it did in the second years of past presidents. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/racist-origins-marijuana-prohibition-legalization-2018-2">The racist origins of marijuana prohibition</a></h3> <div> </div> </div>

Trump's White House is setting records - in turnover of high-level staff

<ul class="summary-list"><li>Cocaine production is at a record-high level, according to a new report by the United Nations.</li><li>The surge in global cocaine supply should "put all of us on high alert," warned UNODC's chief.</li></ul>Cocaine production is at record levels, with demand for the drug rebounding after temporarily slumping amid the COVID-19 pandemic, according to <a href="https://www.unodc.org/documents/data-and-analysis/cocaine/Global_cocaine_report_2023.pdf">a new report</a> from the United Nations Office on Drugs and Crime (UNODC).Almost 2,000 tons of the illicit drug were produced in 2020, continuing a sharp uptick in production since 2014, Thursday's report said.It added that the surge is partly due to a rise in coca bush cultivation, which increased 35% from 2020 to 2021 — <a href="https://news.un.org/en/story/2023/03/1134607" target="_blank" rel="noopener">the steepest year-to-year incline</a> since 2016.UNODC executive director Ghada Waly <a href="https://news.un.org/en/story/2023/03/1134607" target="_blank" rel="noopener">warned</a> that the surge in global supply should "put all of us on high alert."The report also said that improvements in the process of converting coca bush to cocaine hydrochloride, the white powder form, have contributed to the rise in production.The increase in supply is happening alongside an increase in demand, which temporarily slumped during the pandemic, per the report."The COVID-19 pandemic had a disruptive effect on drug markets," the report said. "With international travel severely curtailed, producers struggled to get their product to market."Night clubs and bars were shut as officials ramped up their attempts to control the virus, causing demand to slump for drugs like cocaine," it added.But now, demand is up again, with most regions showing a rising number of users, the report said. In 2020, North America represented about 30% of the world's cocaine users, but the report warned of strong potential for a large expansion of cocaine use in Africa and Asia.The UNODC said that there could be 24.5 million additional cocaine users if prevalence levels in North America extend to other regions of the world.Though demand has been on the rise, so have interceptions by law enforcement agencies.Interceptions and seizures have actually been increasing at a higher level than production, meaning the amount of cocaine available for consumption has been somewhat curtailed, the UNODC said.

Cocaine production is at record-high levels, UN says, but drug interceptions mean that less is actually available on the streets

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> hit a new record high of $24,661 on Friday.</li><li>Investors on social media platform declared a "Merry Bitmas."</li><li>Bitcoin continues to be one of the market's coronavirus winners, with investors optimistic it will continue to soar and even pose a threat to safe havens like <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword>.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">Bitcoin</a> is soaring once again, hitting a new record price of $24,661 on Friday, with investors declaring "Happy Bitmas," on social media.Known as the leading <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword>, Bitcoin has been a surprise success during the pandemic, quickly becoming a competitor to gold in some portfolios.This week alone the cryptocurrency has gained 3.15%.Bitcoin has a current market cap of about $350 billion, while that of gold's stands at roughly $10 trillion. <keyword id="8923121" type="PERSON" weightage="60" keywordseo="blockchain-com">Blockchain.com</keyword> observed a <a href="https://www.blockchain.com/charts/my-wallet-n-users" target="_blank" rel="noopener">40.46% growth in wallet creation</a> year-to-date on its <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> exchange. That is about 18 million new wallets created on the site since December 2019.Read more: <a href="https://www.businessinsider.com/stock-market-risks-what-factors-could-cause-next-crash-2021-2020-12">Wall Street's biggest firms are warning that these 8 things could crash the stock market's party in 2021</a>However, Bitcoin investors - known for their unquenchable optimism - think this is just the start.Bitcoin's market cap could reach <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-cap-could-hit-1-trillion-2021-crypto-expert-2020-12-1029908224">$1 trillion sometime in 2021</a>, according to Garrick Hileman, head of research at <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">Blockchain</keyword>.com, if investors take its reserve currency status more seriously.Even <keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> is taking the cryptocurrency seriously, noting that is poses an increasing threat to Gold."Gold's recent underperformance versus real rates and the dollar has left some investors concerned that bitcoin is replacing gold as the inflation hedge of choice," strategists led by <a href="https://markets.businessinsider.com/currencies/news/bitcoin-not-threat-gold-status-currency-last-resort-goldman-sachs-2020-12-1029905459">Jeffrey Currie said in a note</a>."While there is some substitution occurring, we do not see bitcoin's rising popularity as an existential threat to gold's status as the currency of last resort."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-medtech-healthcare-2021-bofa-2020-12">BANK OF AMERICA: Buy these 16 medtech stocks with strong fundamentals that are set to soar post-pandemic</a>

Bitcoin surges to fresh record high and looks set to break the $25,000 level: 'Merry Bitmas'

<ul class="summary-list"><li>Procter &amp; Gamble's largest US facility for manufacturing has recently been producing product at record high levels.</li><li>The company's Mehoopany, Pennsylvania, <keyword id="6368585" type="UNKNOWN" weightage="60" keywordseo="factory">factory</keyword> has shifted its process to meet the increased demand for Bounty, Pampers, Luvs, and — most notably —Charmin <keyword id="15727" type="PERSON" weightage="60" keywordseo="Toilet-paper">toilet paper</keyword> products.</li><li>"Our employees are truly trying to make as much <keyword id="33385" type="COMPANY" weightage="60" keywordseo="Charmin">Charmin</keyword> as they can," Jose Del Los Rios, the plant's environmental leader, said. "They know that — it's a funny topic — but for our consumers, Charmin is incredibly important."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Toilet paper is having a moment. And Procter &amp; Gamble factories are ramping up operations to feed demand.The company's largest US manufacturing facility in Mehoopany, Pennsylvania, has been producing product at record high levels to cater to the influx of orders from retailers across the country, in part due to the surge of shoppers panic-buying essentials like toilet paper and <keyword id="576899" type="PERSON" weightage="60" keywordseo="diapers">diapers</keyword>.For the plant's environmental leader Jose Del Los Rios, the level of production has never been this high at any point during his 28 years at the plant."We are making more Charmin and Bounty and Pampers and Luvs than we've ever made before in the history of this plant," Del Los Rios said. "To do that, we've really had to focus our employees on keeping themselves safe."Toilet paper became one of the hottest — and hardest to nab — items of the pandemic as early as March, which prompted some retailers to <a href="https://www.businessinsider.com/costco-stores-ban-returns-toilet-paper-soap-coronavirus-panic-2020-3" target="_blank" rel="noopener">limit</a> returns and purchases on the product. Del Los Rios said that the demand on his plant, which is measured in the number of orders it gets from retailers, has remained high since the surge began.Procter &amp; Gamble could not confirm production numbers for the plant but said that the plant was producing and shipping Charmin toilet paper at record high levels.<div type="image" title="Charmin Toilet paper factory" height="1000" width="1333" msid="75685148" hostid="261"></div>"Once the orders started to come in, we had to make choices to meet that demand," Del Los Rios said.First, the plant optimized its production process to focus on making the items that the customers wanted the most as opposed to also producing a variety of different products per brand. The plant also delayed non-critical planned downtime on equipment and channeled alternate supply systems for raw materials to help increase production."Our employees are truly trying to make as much Charmin as they can," Del Los Rios said. "They know that — it's a funny topic — but for our consumers, Charmin is incredibly important."At the same time, the factory implemented strict social distancing, sanitation, and preventative measures to keep employees safe in the facility that stretches about a full mile from end to end. Overtime work was halted, entrances to the factory were assigned to employees, daily temperature tests started to be administered, and all workers were expected to wear masks at all times.<div type="image" title="A worker in Procter &amp; Gamble's Mehoopany plant, Charmin" height="775" width="1033" msid="75685149" hostid="261"></div>All of these measures seem to have been working. As of May, 6, there were no positive cases of COVID-19 for any employees at the Mehoopany plant.Despite these changes at the factory level, Del Los Rios said the difference should be invisible to consumers, who will see the same quality of product they have come to expect. "Each day, this plant produces product that more than a million consumers use," Del Los Rios said, adding "So we know we touch a huge population of the United States with the products that we make."Read the original article on <a href="https://www.businessinsider.com/inside-charmin-toilet-paper-factory-producing-at-record-highs-2020-5">Business Insider</a>

Inside a Charmin factory, where toilet paper and other essential products are still being produced at record high levels amid the pandemic

<ul><li><keyword id="139623" type="COMPANY" weightage="60" keywordseo="RBC-Capital-Markets">RBC Capital Markets</keyword> upgraded its <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> price target to $390 from $345 on Wednesday, an 11% jump from where shares currently trade. </li><li><keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> shares rose nearly 1% to a fresh all-time high of $355.37 on Tuesday. </li><li>On Tuesday, Citi also upgraded shares of Apple to a Wall Street-high of $400.</li><li>RBC's new price target comes after the firm did a deeper dive on Apple's share repurchase program. </li><li><a href="https://markets.businessinsider.com/stocks/aapl-stock">Watch Apple trade live on Markets Insider</a>.</li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul>Shares of <a href="https://markets.businessinsider.comhttps://markets.businessinsider.com/stocks/aapl-stock/stocks/aapl-stock">Apple</a> rose nearly 1% Wednesday, hitting a fresh all-time high of $355.37 in intraday trading. The move higher may have been driven by a group of recently boosted price targets for the Cupertino, California-based company. On Tuesday, Citigroup <a href="https://finance.yahoo.com/video/citi-raises-apple-price-target-205204757.html">upped its price target to $400</a>, a Wall Street high for Apple. RBC Capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> followed suit Wednesday, raising its price target on shares of Apple to $390 from $345, signaling that the stock could gain another 11% from current levels. The firm also reiterated its "outperform" rating on shares. RBC's new price target comes after the firm did a deeper dive on Apple's share repurchase program, which has a pace of about $70 billion annually. "AAPL remains in a league of its own when it comes to share repurchases," wrote RBC analyst Robert Muller in the Wednesday note. "While AAPL's significant capital return program is well known by the market, we do not believe the market is giving enough credit for the financial impact."Because of its rapid clip of share repurchases, Apple can still grow earnings per share at an annual rate of about 3.5% in the next five years, according to RBC's estimates. This implies that the "potential uplift from the upcoming 5G upgrade cycle is being discounted by the market," Muller wrote. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-topranked-investors-dennis-lynch-kristian-heugh-2020-6">Wall Street's best US and international stock-pickers have tripled their clients' money since 2010. The duo break down 5 future-proof companies that will keep investors ahead of the pack through 2030.</a>In addition, RBC estimated that Apple has the runway to maintain its current buyback activity through mid-2023 with no organic growth, and could at that point repurchase shares at a rate of $5 billion annually without affecting its net cash position. To arrive at its updated price target, RBC increased its target multiple for Apple to 24x from 21x applied to its calendar-year 2021 earnings estimate. "With the macro backdrop slowly improving following the initial COVID-19 pullback, and as the economy has begun to reopen, we believe we are justified in utilizing a multiple more in line with its high-tech peers," said Muller.He added that the multiple still lags the median 29x of the "FAANGM" peer group, which includes Facebook, Apple, Amazon, Netflix, Google, and Microsoft. Apple has gained <a href="https://markets.businessinsider.com/searchresults?_search=aapl+">roughly 21% year-to-date.</a><a href="https://markets.businessinsider.com/stocks/aapl-stock"><div type="image" title="Screen Shot 2020 06 17 at 12.13.56 PM" height="1076" width="1556" msid="76431881" hostid="261"></div></a>

Apple hits record high as RBC upgrade says stock can climb 11% from current levels

<ul class="summary-list"><li>Trump is reportedly opposed to extending ramped-up <keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">unemployment benefits</keyword> which added $600 to laid-off workers' weekly checks.</li><li>The boosted <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> payments are part of the <keyword id="9073299" type="UNKNOWN" weightage="60" keywordseo="cares-act">CARES Act</keyword> approved in March, and they are set to expire on July 31.</li><li>But experts say the expiration of the initiative would amount to a significant pay reduction for millions of laid-off workers while unemployment is soaring to record levels.</li></ul>President Trump is reportedly opposed to extending the $600 boost in unemployment benefits past July 31, a move that would drastically cut the incomes of millions of Americans if it expired during the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic.The Washington Post <a href="https://www.washingtonpost.com/politics/trump-expresses-opposition-to-extending-unemployment-benefits-enacted-in-response-to-pandemic/2020/05/19/19ae0e50-9a12-11ea-a282-386f56d579e6_story.html">reported on Tuesday</a> that Trump expressed his views at a private lunch for Senate Republicans, citing three people familiar with the remarks.It's not immediately clear whether Trump favored scaling back the amount paid to laid-off workers or capping it, and The Post reported he didn't explicitly say whether he would sign a bill that contained a provision to lengthen it.The White House did not immediately respond to a request for comment.The ramped-up unemployment benefits were passed as part of a $2 trillion coronavirus spending package back in March. Under the CARES Act, the federal government added $600 on top of state benefits to unemployment checks. That's set to expire in late July, though House Democrats are proposing to extend the boosted benefits until January 31.But Republicans are concerned the generous weekly payments disincentivize work and make it more difficult to reopen the <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>. <a href="https://www.businessinsider.com/us-workers-coronavirus-unemployment-benefits-stimulus-economy-jobs-more-pay-2020-4">Around half of all US workers</a> are earning more on unemployment than they did at their old positions.Sen. Lindsey Graham of South Carolina — <a href="https://www.businessinsider.com/lindsey-graham-congress-coronavirus-unemployment-benefit-over-our-dead-bodies-2020-4">who previously said</a> Congress would extend the payments "over our dead bodies" — said people shouldn't be earning more when they are not working."He agreed that it is hurting the economic recovery," Graham told reporters on Capitol Hill, referring to Trump.Experts, though, are concerned that allowing payments to lapse this summer would significantly reduce the incomes of laid-off workers at a moment when unemployment is soaring, and stymie the economy.Ernie Tedeschi, a former economist at the US Treasury Department, said allowing the benefits to expire would amount to a pay cut ranging from 50% to 75% for jobless people.With businesses reopening at reduced capacity and lower staffing levels, the prospect of a tight labor market where employers are scrambling to hire workers is slim in the immediate future."It's increasingly looking like there won't be enough labor demand to hire them all back at that point," Tedeschi wrote on Twitter.Around 36 million Americans have filed for unemployment benefits in the past two months, sending the jobless rate <a href="https://www.businessinsider.com/april-jobs-report-unemployment-rate-payrolls-record-us-economy-coronavirus-2020-5">soaring to 14.7% in April</a>, the worst level since the Great Depression. Last month, the economy shed 20.5 million jobs.Democrats are <a href="https://www.businessinsider.com/cares-2-whats-in-next-coronavirus-stimulus-bill-2020-5">proposing a $3 trillion coronavirus spending package</a> to pour cash into every corner of the economy, including social programs, and implementing another round of direct payments to mitigate the fallout.But Republicans are pushing to gauge the effect of current rescue programs and the reopening of state economies on the recovery before embarking on another spending initiative.The president's economic advisers <a href="https://www.businessinsider.com/trump-advisers-optimistic-quick-rebound-despite-alarm-unemployment-business-closures-2020-5">are striking an optimistic tone</a> and saying the economy will rebound rather quickly, a perspective in conflict with many outside experts. The nonpartisan Congressional Budget Office on Tuesday <a href="https://www.cbo.gov/publication/56351">issued new projections</a> estimating that the unemployment rate would stand at 8% at the end of 2021.Read the original article on <a href="https://www.businessinsider.com/trump-opposes-extending-boosted-unemployment-benefits-jobless-levels-soar-2020-5">Business Insider</a>

Trump reportedly opposes extending the $600 boost in weekly unemployment benefits as jobless levels reach record highs

<ul class="summary-list"><li>Miami-Dade Mayor Carlos Giménez expects "it won't be long" until South <keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword>'s hospital are filled with <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> patients. </li><li>The greater Miami area is already seeing a "sharp increase in the number of people going to the hospital, the number of people that are in ICU, and the number of people on our ventilators," the Republican mayor said in a Sunday interview on CNN's "State of the Union."</li><li>Florida also reported Sunday the nation's <a href="https://www.businessinsider.com/florida-reports-a-record-high-15299-new-coronavirus-infections-2020-7">largest-ever one-day increase in coronavirus infections</a>, with more than 15,000 new cases. Hospitalizations and deaths typically lag behind reports of new cases.</li><li>Giménez said there are still empty beds in hospitals, and the county has plans to add 500 more intensive care unit beds if needed.</li><li>"We still have capacity, but it does cause me a lot of concern," he said.</li></ul>"It won't be long" until hospitals in the greater Miami area hit capacity, Miami-Dade Mayor Carlos Giménez said Sunday.The bleak warning came as Florida also reported <a href="https://www.businessinsider.com/florida-reports-a-record-high-15299-new-coronavirus-infections-2020-7">a record-high level of daily new cases</a>. Tallying more than 15,000 new infections on Sunday, Florida surpassed the nation's previous largest one-day increase in new cases. Miami-Dade County has the most infections and deaths in the state, <a href="https://www.miamiherald.com/news/coronavirus/article244146797.html">the Miami Herald reported Saturday</a>.Public <keyword id="6354750" type="UNKNOWN" weightage="60" keywordseo="health">health</keyword> experts have acknowledged it typically take several days or weeks for hospitalizations and deaths to reflect surges in infections. Giménez, who oversees the hard-hit area of South Florida, said he is already seeing increases in hospital activity. There's been a "sharp increase in the number of people going to the hospital, the number of people that are in ICU, and the number of people on our ventilators," the Republican mayor said in a Sunday interview on CNN's "State of the Union."Giménez said there are still empty beds in hospitals, and the county has plans to add 500 more intensive care unit beds if needed."We still have capacity, but it does cause me a lot of concern," he said.The Sunshine State has nearly 270,000 total infections, making it the third-worst coronavirus outbreak among US states, trailing New York and California. Florida is among several southern states, <a href="https://www.businessinsider.com/us-coronavirus-deaths-rising-again-after-cases-surge-2020-7">including South Carolina, Arizona, Texas, and Georgia</a>, that have seen large spikes in new cases since easing lockdown plans.

Florida mayor warns 'it won't be long' until hospitals hit capacity, as Florida sees record-high levels of new coronavirus cases

<ul><li>The S&amp;P 500 can surge more than 20% to 3,700, representing record highs, if the market can hold on to a key support level, <keyword id="6374849" type="UNKNOWN" weightage="60" keywordseo="bank-of-america">Bank of America</keyword> said in a note Thursday.</li><li>"If the S&amp;P 500 holds above or within the 3000 - 2930 range on interim dips, the late May breakout suggests that a move beyond the January-February highs of 3394 toward 3700 is possible," the bank said.</li><li>For the Nasdaq, the bank identified 11,230 as a key price objective for the tech index, representing potential upside of 17% from current levels.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>In a technical <keyword id="9177378" type="UNKNOWN" weightage="60" keywordseo="analyst-note">analyst note</keyword> published on Thursday, Bank of America forecast strong upside for <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">the S&amp;P 500 index</a> if it manages to hold a key support level.The bank pointed to a range of 2,930 to 3,000 on the S&amp;P 500 as a crucial support level that needs to be maintained. If it does hold, the bank said it thinks the market can rally 22% from current levels to 3,700, representing new all-time highs.The S&amp;P 500 traded down 5.6% to a low of 3,009 in Thursday afternoon <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword>, sitting well within <keyword id="54304" type="COMPANY" weightage="60" keywordseo="BOFA">BofA</keyword>'s support range.The bank highlighted bullish volume indicators as reason to believe that the May breakout above 2,955 has the potential to mark a significant long-term base.Read more:<a href="https://www.businessinsider.com/stock-trading-tips-strategies-advice-from-lengendary-investor-mark-minervini-2020-6?utm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlaign=bodyurl" target="_blank" rel="noopener">Mark Minervini says he raked in a 33,554% return over 5 years using a simple stock-trading strategy. Here are his 7 secrets to 'superperformance.'</a>"If the S&amp;P 500 holds above or within the 3000 to 2930 range on interim dips, the late May breakout suggests that a move beyond the January-February highs of 3394 toward 3700 is possible," the bank said.<div type="image" title="bofa s&amp;P chart" height="672" width="1179" msid="76330822" hostid="261"></div>The bank employed a method in technical analysis known as a "measured move" to generate its 3,700 price target. Traders can derive a measured move price target from a stock chart by measuring the range of a stock price, usually from support and resistance, and adding that amount to the resistance level.In this example, BofA used the low reached on March 23 of 2,191 as support, and 2,950 as resistance. The difference is 759 points. Adding 759 points to the 2,950 resistance level generates a price objective of 3,709.The bank noted a similar pattern playing out in the Nasdaq 100 index, and said it could ultimately see the index hitting 11,230, representing potential upside of 17% from current levels. "Similar to the S&amp;P 500, the Nasdaq may have seen a tactical breakout that suggests more upside," the bank said. A measured move price objective generated the 11,230 price target, which was derived from the March low of 6,631 and resistance near the 9,000 level.Read more:<a href="https://www.businessinsider.com/etf-picks-to-buy-13-funds-maximize-stock-rebound-experts-2020-6?utm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlaign=bodyurl" target="_blank" rel="noopener">We spoke to 3 financial experts, who broke down why you should buy these 13 ETFs to maximize stock-market returns right now</a>The Nasdaq would need to hold the 8,860 to 9,025 support range for the 11,230 price objective to remain valid. Despite the would-be record-high price targets, BofA does see one big risk to its target: a complacent put-call ratio. The put-call ratio is a sentiment indicator that measures investor positioning in the options market to help determine if investors are bullish are bearish."The 5-day total put/call has hit contrarian bearish overbought levels on the move below 0.80, reaching an even more complacent reading than those at the January and February peaks on the S&amp;P 500. This is a tactical risk ..." BofA said.<div type="image" title="bofa put call" height="673" width="1179" msid="76330823" hostid="261"></div>

The S&P 500 can surge more than 20% to record highs if it holds this key support level, BofA says

<ul class="summary-list"><li>Treasury bond issuance could reach record highs in 2024, Bank of America said.</li><li>Analysts raised their estimate for the supply of longer-dated debt that's on the way.</li></ul>Treasury bond issuance could reach a record high in 2024, as elevated interest rates will aggravate US deficits, Bank of America said in a Wednesday report.That prompted analysts to raise their estimate for the supply of 10-year equivalents to be around $1.34 trillion, or $90 billion higher than previously estimated."Higher interest rates will likely have a meaningful impact on deficit spending and result in larger UST issuance, creating a spiral effect. Rates will have to materialize more than 100bps below forwards for costs to not rise materially as a share of GDP," the analysts wrote. "A daunting supply picture becomes even more challenging given the backdrop of higher financing costs."With the $1.7 trillion deficit of fiscal year 2023 topping expectations, BofA adjusted its outlook for future years: between 2024 and 2026, deficits will steadily climb from $1.8 trillion to $2 trillion.Meanwhile, net interest payments will account for an increasing share of GDP, climbing to a record 3.5% in 2026. While solutions such as <a href="https://markets.businessinsider.com/news/bonds/us-debt-interest-payments-federal-budget-deficit-social-security-medicare-2023-9">tax hikes and spending cuts</a> have long been touted as necessary to fix this, BofA analysts note that these aren't easy options for lawmakers to implement.More likely, it'll remain the Treasury Department's mandate to keep issuing debt, further expanding the <a href="https://finance.yahoo.com/news/bond-market-vicious-cycle-risk-100001729.html" target="_blank" rel="noopener">$25.8 trillion market.</a>"We now expect a repeat of the increase in auction sizes observed at the August refunding next week, followed by moderating increases at the February and May refundings," analysts wrote. "Per our forecasts, this results in auction sizes rising to historic highs across all tenors besides the 7y and 20y."<div type="image" title="Treasury auction sizes" height="1692" width="1794" msid="104704386" hostid="261" sizebytes="91016"></div>Assuming the Fed extends quantitative tightening, this increased Treasury issuance will push the ex-Fed 10-year bond supply to an all-time high next year of $1.53 trillion, BofA estimated.The Treasury Department has already indicated readiness to amplify auctions, with the latest borrowing plans set to be released November 1."Further gradual increases in coupon auctions sizes will likely be necessary in future quarters," Josh Frost, assistant secretary for financial markets at the Treasury, said in September.Growing supply could continue pressuring yields up, with recent Treasury bond auctions already seeing signs of dampened demand, causing rates to hit 16-year highs.The supply-demand imbalance has <a href="https://markets.businessinsider.com/news/bonds/us-debt-ray-dalio-bill-gross-jeffrey-gundlach-bond-market-2023-9">set off alarms from key market commentators,</a> with Ray Dalio and Bill Gross warning about the need for higher interest rates if the Treasury wants to find buyers.

Treasury bond supply could soon hit record levels as unsustainable deficits and high rates create spiral effect, Bank of America says

<ul class="summary-list"><li><keyword id="225564" type="PERSON" weightage="60" keywordseo="Anthony-Fauci">Anthony Fauci</keyword> is being sidelined from briefing President Trump in Oval Office meetings, as well as the public through national television appearances.</li><li>Fauci, the nation's top infectious disease expert, <a href="https://www.ft.com/content/57834c2c-a078-4736-9173-8fb32cfbbf4e">told the Financial Times</a> he last briefed Trump in person on June 2, more than a month ago. </li><li>Since then, the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> crisis has worsened in the US. The nation has gone from averaging roughly 20,000 new infections per day in early June to recently hitting record-high levels at about 60,000 daily new cases.</li><li>The White House recently cancelled scheduled television appearances for Fauci on CNN, PBS, and NBC, <a href="https://www.washingtonpost.com/politics/2020/07/11/fauci-trump-coronavirus/">The Washington Post reported Saturday</a>.</li></ul>Anthony Fauci, the nation's top infectious disease expert, said he hasn't met with President Trump in more than a month, even as the US has recorded record-high levels of daily coronavirus infections and <a href="https://www.businessinsider.com/us-coronavirus-deaths-rising-again-after-cases-surge-2020-7">deaths are on the rise again</a>. The last time Fauci briefed Trump in person was June 2, the longtime leader of the US National Institutes of <keyword id="6354750" type="UNKNOWN" weightage="60" keywordseo="health">Health</keyword>'s infectious disease unit said in <a href="https://www.ft.com/content/57834c2c-a078-4736-9173-8fb32cfbbf4e">an interview with the Financial Times' Hannah Kuchler published Friday</a>.That was back when the US was averaging roughly 20,000 daily new infections. Throughout June and early July, the rate of new infections has steadily climbed, recently surpassing a record-high of 60,000 per day. Some of the hardest-hit states have also begun to see upticks in hospitalizations and deaths, metrics that typically lag behind new cases.Fauci "is never in the Oval [Office] anymore," one senior administration official <a href="https://www.washingtonpost.com/politics/2020/07/11/fauci-trump-coronavirus/">told The Washington Post</a>. The Post reported that tensions between White House officials and Fauci have risen, especially as Fauci has been outspoken about his analysis of the outbreak. Over the past week, he's expressed views at odds with Trump about the seriousness of the virus. While Trump has touted the low coronavirus death rate in the US, Fauci called that a "false narrative" in a talk with Doug Jones, a Democratic senator from Alabama. After those Tuesday comments to Jones, the Post reported the White House canceled television appearances Fauci had booked for CNN, PBS, and NBC. "I have a reputation, as you probably have figured out, of speaking the truth at all times and not sugar-coating things," Fauci told the Financial Times. "And that may be one of the reasons why I haven't been on television very much lately."Since the beginning of the outbreak in January, the US has recorded more than 3.2 million infections and at least 134,000 deaths, <a href="https://coronavirus.jhu.edu/map.html">according to data from Johns Hopkins University</a>.

Fauci hasn't met with Trump in more than a month and is being sidelined from TV appearances as the US coronavirus outbreak worsens

India's key stock indices rose during mid-afternoon trade session on Thursday to reach new intra-day record high levels. Accordingly, both key indices - S&amp;P BSE <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and NSE Nifty50 -- made new record highs. The Sensex crossed the 59,000 mark, while Nifty breached the 17,500 level. As per market observers, the up moves comes a day after government announced support measures for some beleaguered sectors along with provisions for PLI schemes for others. Initially, both key indices had a gap-up opening. However, global cues capped gains as Asian markets were largely weak as the debt crisis at China Evergrande Group and Beijing's latest push to rein in private industries hurt sentiments. Among sectors, <keyword id="6354776" type="General" weightage="20" keywordseo="telecom" source="Orion">Telecom</keyword>, <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">Banks</keyword> and FMCG indices rose the most. At 2.00 p.m., S&amp;P BSE Sensex traded at 59,057.82 points, higher by 334.62 points or 0.57 per cent from its previous close. Similarly, NSE Nifty50 traded higher. It rose to 17,599.70 points, higher by 80.25 points or 0.46 per cent from its previous close. "Volumes picked up further in the morning session but has cooled off a bit post noon," said Deepak Jasani, Head of Retail Research, HDFC Securities. "Advance decline ratio has fallen to just above 1:1 suggesting profit taking in broader markets." According to Likhita Chepa, senior Resaerch Analyst, CapitalVia Global Research: "Sentiments got boost as government has approved a big-bang relief package for the stressed telecom sector." "Our research suggests that if the market is able to sustain the level of 58,900, we can witness higher levels of 59,000-59,100 as the momentum indicators like 'RSI' and 'MACD' to stay positive and market breadth to improve, further strengthening a short-term bullish outlook." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-selling-their-previous-startup-to-quikr-zefo-founders-are-building-an-oyo-for-hospitals/articleshow/86256238.cms">After selling their previous startup to Quikr, Zefo founders are building an OYO for hospitals</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/itc-surprises-investors-by-rallying-7-5-suddenly-today/articleshow/86255237.cms">ITC finally starts rallying, but twitter can't stop trolling it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sansera-engineering-ipo-last-day-for-subscription-grey-market-indicates-10-premium/articleshow/86255105.cms">Last day to bid for auto components maker Sansera Engineering IPO; grey market indicates ₹10 premium</a>

You Searched For "record high levels" and got 11 results

Trump's White House is setting records - in turnover of high-level staff

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Inside a Charmin factory, where toilet paper and other essential products are still being produced at record high levels amid the pandemic

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Apple hits record high as RBC upgrade says stock can climb 11% from current levels

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Trump reportedly opposes extending the $600 boost in weekly unemployment benefits as jobless levels reach record highs

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Florida mayor warns 'it won't be long' until hospitals hit capacity, as Florida sees record-high levels of new coronavirus cases

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The S&P 500 can surge more than 20% to record highs if it holds this key support level, BofA says

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Treasury bond supply could soon hit record levels as unsustainable deficits and high rates create spiral effect, Bank of America says

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Fauci hasn't met with Trump in more than a month and is being sidelined from TV appearances as the US coronavirus outbreak worsens

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