Rolling coverage of the latest economic and financial news, as high street chain M&S announces streamlining programme, and hefty job cutsLatest: S&P 500 hits new intra-day recordSummary: M&S struggles; Walmart shinesFull story: M&S cuts 7k jobs in next three monthsBreaking: 7,000 jobs to go at M&SJobs at risk in UK stores, central support and regional management 2.57pm BST Here’s CNBC on the remarkable stock market rally over the last few months: Since hitting an intraday low on March 23, the S&P 500 has skyrocketed more than 54%. Those gains have been largely driven by sharp advances in Big Tech shares.Facebook, Amazon, Apple, Netflix and Microsoft are all up at least 27% year to date. Google-parent Alphabet has jumped more than 14% in that time period. BREAKING: S&P 500 hits new all-time high.https://t.co/t7fJrqt9WI pic.twitter.com/1dJr2W9r1x 2.49pm BST Newsflash: America’s S&P 500 share index has just hit a new all-time high.This means the index has now recovered all the losses since the Covid-10 pandemic began.S&P 500’s forward P/E ratio now sits at highest since mid-2000 pic.twitter.com/R3kCQD4q1J Continue reading…
Via: Marks & Spencer to cut 7,000 jobs; S&P 500 hits record high – business live
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