Revenge spending may keep the economy chugging along
CNN
Now that some mask and vaccine mandates are being lifted, consumers seem ready to spend on travel and other leisure experiences. Call it the "revenge spending" phenomenon.
Airline and hotel stocks have been surging this year thanks in part to a spate of long overdue revenge spending, or what some are dubbing the YOLO economy. An ETF of travel companies run by investing firm SonicShares, with the ticker symbol of "TRYP" is up nearly 6% this year while the S&P 500 has fallen 9%.
United (UAL) and American (AAL) both reported strong earnings earlier this week. Shares of Marriott (MAR), Hilton (HLT) and Wyndham (WH) are near all-time highs. Theme park owner SeaWorld (SEAS) is not far from a record high, too. And shares of cruise line operators Norwegian (NCLH) and Royal Caribbean (RCL) are both up this year despite the broader market selloff.
Senate Democrats have confirmed some of President Joe Biden’s picks for the federal bench this week in the face of President-elect Donald Trump’s calls for a total GOP blockade of judicial nominations – in part because several Republicans involved with the Trump transition process have been missing votes.
A former University of Virginia student pleaded guilty Wednesday to fatally shooting three football players and wounding two other students on the Charlottesville campus in 2022.
Donald Trump is considering a right-wing media personality and people who have served on his US Secret Service detail to run the agency that has been plagued by its failure to preempt two alleged assassination attempts on Trump this summer, sources familiar with the president-elect’s thinking tell CNN.
The United States has vetoed a UN Security Council resolution that called for an immediate, unconditional and permanent ceasefire in Gaza, on the grounds it would not have secured the release of hostages.
A Democratic election official in Pennsylvania offered an impassioned apology Wednesday for claiming “precedent by a court doesn’t matter anymore in this country” to justify counting about 600 faulty ballots in defiance of state Supreme Court rulings.
On one side of the Capitol, Republican Rep. Nancy Mace vowed to “stand in the way” of Democratic Rep.-elect Sarah McBride, the first out transgender woman elected to Congress, using women’s bathrooms in the US Capitol.
President-elect Donald Trump has chosen Matthew Whitaker, who served as acting attorney general during Trump’s first term, as his pick to be US ambassador to NATO.
Police in Peru have arrested a man caught trying to leave the country with 320 tarantulas, 110 centipedes and nine bullet ants strapped to his body.
Ensuring the US doesn’t default on its obligations. Extending trillions of dollars in tax cuts before they expire. Quarterbacking President-elect Donald Trump’s plans for the economy.
President-elect Donald Trump’s new Department of Government Efficiency, a nongovernmental entity helmed by billionaire Elon Musk and biotech entrepreneur and former Republican presidential candidate Vivek Ramaswamy, is expected to make a push for an end to remote work across federal agencies as a way to help reduce the federal workforce through attrition.
“I want to say to my babies that your mama loves you so much…” Susan Smith, then 23 years old, tearfully said to the scrum of news cameras.