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Yahoo BusinessOct 30, 2020
Henry Kravis Says the Market Is Wilder Than at Any Time in His Career
(Bloomberg) -- Henry Kravis said there's more turmoil in the markets than any time in his half-century career as investors react to pandemic news."I've been investing for over 50 years, I don't remember a time when I've seen such volatility as we see today," Kravis, the co-founder of KKR & Co., said Friday on the Bloomberg Invest Talks webcast. "Just look at our markets in the U.S., we're up one day 300, 400 points and then the next day, for almost no reason, we're down 400 to 500 points."While he praised global stimulus efforts for keeping economies from collapse, he said markets remain unnerved by the Covid-19 pandemic, especially on the prospects for a vaccine. "Any news coming out of the pharmaceutical industry on progress with a therapeutic or with a vaccine is changing sympathy in the markets," he said.Stocks have been whipsawed this year, sinking into the fastest bear market on record in March before staging a rebound not seen in nine decades. The Cboe's volatility gauge has averaged 33 since the end of February, 14 points higher than the average over the prior 30 years.Wild swings were also a routine feature of the 2008 financial crisis. That year saw 42 days where the S&P 500 moved by more than 3%, compared with 28 days this year since the pandemic started roiling markets.In the midst of such turbulence, New York-based KKR has been among the most active dealmakers. It has invested more than $40 billion across various strategies this year."When we shut down our offices in

MarketWatch MarketPulseOct 30, 2020
Square stock falls after report says company in talks to acquire tax-prep business from Credit Karma
Square Inc. shares are off 9% in Friday trading after a Wall Street Journal report said that the company was in talks with Credit Karma Inc. about acquiring the company's tax-preparation business. For Credit Karma, the move would be an attempt to stave off antitrust concerns as the company is in the process of merging with Intuit Inc. , which offers TurboTax, the WSJ report said. An acquisition of the tax-prep business could allow Square to further build out its Cash App platform, which lets consumers send money to friends and conduct equity trading, among other things. The WSJ report, which cited multiple unnamed sources, said that the purchase price for the potential deal was unknown. A Square spokeswoman said that the company doesn't comment "on rumors or speculation." Square shares have gained 147% so far this year as the S&P 500 has risen just 0.4%.

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