US stocks plunged and then recovered Monday as fears about a new coronavirus strain in the UK damped optimism about Congress passing a new stimulus bill. The Dow Jones industrial average tumbled as much as 423.52 points, or 1.4 percent, to 29,804.48 in early trading after British officials imposed a strict lockdown on London and other nearby areas over the weekend to stem the spread of the highly contagious strain. But the blue-chip index reversed course to close up 0.1 percent, or 37.40 points, at 30,216.45 as lawmakers prepared to vote on a roughly $900 billion coronavirus relief package in Washington. The benchmark S&P 500 similarly pared an early 1.9 percent drop to 0.4 percent, while the tech-heavy Nasdaq closed down 0.1 percent after falling as much as 1.8 percent. Britain’s new COVID-19 strain and the attendant lockdown spooked Wall Street and suggested there may be bumps in the road to recovery that’s being paved as health officials roll out the first coronavirus vaccines that could help end the pandemic. “Markets have adopted a light at the end of the tunnel approach since Pfizer and Moderna’s vaccines burst onto the stage,” said Jeffrey Halley, senior market analyst at OANDA. “However, the weekend’s events have
Las Vegas Sands chairman and CEO Sheldon Adelson is taking a break from the job to undergo cancer treatment. The billionaire casino magnate and Republican megadonor started a medical leave of absence after resuming his treatment for non-Hodgkin’s lymphoma, the company said Thursday. Adelson, 87, first announced in March 2019 that he was being treated for the disease. Las Vegas Sands didn’t disclose how long he would be away, but the company said president and chief operating officer Robert G. Goldstein will serve as acting chairman and CEO in Adelson’s absence. Adelson’s casino empire has taken a massive hit from the coronavirus pandemic, which essentially emptied the Las Vegas Strip last year and sparked a gambling shutdown in Asia. In October, Las Vegas Sands said it was considering selling its Vegas properties — the Venetian Resort, the Palazzo and the Sands Expo Center — which would leave it with a half-dozen sites in the larger Asian markets of Macau and Singapore. President Trump with Sheldon Adelson at a December 2019 event.AFP via Getty Images Adelson’s family owns more than half of Sands’ stock, and his son-in-law Patrick Dumont is the company’s chief financial officer and executive vice president, according to
A politically charged standoff over an Italian aerospace giant’s convicted fraudster CEO is now threatening to hit America’s shores. Leonardo SpA — a massive defense contractor that sells everything from missiles to cybersecurity services — is considering a stock listing for its US subsidiary, Leonardo DRS, which does business with the Pentagon. The IPO talks come as the company comes under fire in Italy because its CEO, Alessandro Profumo, is staring down a six-year prison sentence and resisting calls to step down as he appeals the verdict. The politically connected Profumo, who’s reportedly earned the nickname “Mr. Arrogance” for his aggressive style, was convicted in an Italian court in October of false accounting and market manipulation for his role in an accounting scheme at a separate company. But Leonardo has stood by him, arguing that the 63-year-old CEO’s conviction is not final and “entirely unrelated” to his current employer. “Therefore, as far as Mr. Profumo’s legal concerns are related, we can reiterate that the Leonardo board reaffirmed their confidence in Mr. Profumo’s leadership last October and this will have no impact on his continued ability to lead the group,” the Rome-based firm told The Post in a statement. Leonardo —
