November 17, 2020

Coronavirus latest: US homebuilder confidence hits record high amid suburban shift

Mure Dickie in Edinburgh

The Scottish government is to impose its top level of coronavirus restrictions on 11 council areas including Glasgow, saying it hoped the “short and sharp” move to near-lockdown would allow measures to be eased for Christmas.

Nicola Sturgeon, first minister, told the Scottish parliament on Tuesday that existing restrictions had slowed Covid-19 infections, but progress in Scotland’s most populous city and the mostly nearby council areas targeted for the strict “level-four” restrictions had not been quick enough.

“The infection rate in all of these area remains stubbornly and worryingly high,” Ms Sturgeon said. “At these levels we would not have the flexibility we need to ease restrictions over Christmas which, in common with the other UK nations, we so desperately want to do.”

The level-four restrictions would be in place from Friday for three weeks, she said.

The first minister also said that existing government guidance against non-essential travel into or out of areas under level-three or four restrictions would be put on a statutory footing. “The guidance that has been in place in recent weeks will become law from Friday,” she said.

Under level-four restrictions, all “non-essential” shops must close, as must restaurants, bars and

Index provider ‘baffled’ at how to add a company of Tesla’s size to the S&P 500, says Cramer

Tesla is joining the S&P 500 in December, but given the electric vehicle company’s size, adding it to the index is no easy feat, said CNBC’s Jim Cramer.

“I think they’re baffled,” he said Tuesday of the index provider S&P Dow Jones Indices. “I really don’t think they know how to handle this … they can’t knock out the smallest [company from the index], it doesn’t do anything. When they balance this … they almost seem to have to make everything smaller,” he said on “Squawk on the Street.”

During early trading on Tuesday Tesla jumped more than 9{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803}, pushing its market capitalization to $415 billion. This places it among the top ten most valuable companies in the S&P 500.

S&P Dow Jones Indices is well aware of the challenge of adding such a large company, and on Monday night said it was considering adding Tesla to the index in two tranches. In a departure from custom, the index provider did not announce who Tesla will be replacing.

Tesla’s addition to the benchmark index further concentrates the S&P 500 among just a handful of names, which Cramer said will not sit well young investors.

“The S&P 500 is old

Position Of Banking Sector In The National Economy

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