Stocks in the US gained more than 2% across the board and crude oil prices rose 10% in their biggest one-day gain since October 2008.
In the final hour of trading, stocks looked like they were going to collapse again, but quickly bounced back
and moved to nearly session highs into the close.
First, the scoreboard:
Dow: 16,655, +369, (2.3%)
S&P 500: 1,988, +47, (+2.4%)
Nasdaq: 4,813, +115, (+2.4%)
And now, the top stories from Thursday:
We got some good news about the US economy Thursday. The
second estimate of second-quarter GDP showed the economy grew at a pace of 3.7% in the second quarter of the year, better than the 3.2% pace that was expected and way better than the 2.3% pace initially estimated by the US Bureau of Economic Analysis last month. The BEA said the upward revision reflected an upturn in exports, an acceleration in personal spending, and an increase in state- and local-government spending.
In a note to clients following the report, Ian Shepherdson at Pantheon Macro said the lackluster first quarter, which saw the economy grow up 0.2%, is now "very clearly seen to be a weather hit and the net impact of the crash in oil prices as minimal." Shepherdson added that the big upward revision in Q2 GDP has two big lessons: Advance GDP numbers are more or less useless and real-time "tracking" measures of GDP —
like the Atlanta Fed's
— are even worse.
Crude-oil prices went absolutely parabolic Thursday, rising as much as 10% in the commodity's biggest single-day gain
since October 2008
. The price of West Texas Intermediate crude oil, which earlier this week fell below $38 a barrel, topped $42 a barrel Thursday. In an afternoon note to clients, Peter Tchir at Brean Capital said that the move in oil should remind markets of two things: Volatility isn't going anywhere, and there is a reason the Federal Reserve thinks the impact on inflation from a decline in oil prices is transitory.
Also in oil news, a report from The Wall Street Journal Thursday afternoon said
that Venezuela has called on other OPEC members to hold an emergency meeting in cooperation with Russia. OPEC, the 12-member oil cartel that includes oil producing giants like Saudi Arabia, has been producing more oil than its official target this year as its members struggle to balance government budgets amid the more than 50% crash in oil prices.
In the labor market, initial jobless claims fell more than expected last week
, totaling 271,000 — down from 277,000 — while the four-week average of claims ticked up slightly but remains near post-crisis lows. Cheng Chen at TD Securities said in a note to clients following the report that "E
ven though this report will have no bearing on next week’s payrolls report, the constructive trend in claims in recent weeks suggests that the positive labor market trend is continuing."
Stocks may have fully recovered from their plunge earlier this week and then some, but the technical damage is still leading the S&P 500 toward a fabled "
Death Cross" — a technical indicator — perhaps as soon as Friday. But as the folks at Bespoke Investment Group noted, the S&P 500, on average, does better than normal in the six months following this cross.
As for other indicators, investors might be looking at amid the market chaos,
Bloomberg Businessweek's cover this week is covered in bears. Do with that what you will.
Meanwhile, folks are still talking about Ray Dalio's big note from earlier this week
on the end of a world debt supercycle and its impacts on future global growth and the trajectory of Fed policy.
Cullen Roche at Pragmatic Capitalism argued that contrary to Dalio's assertion that we're "nearing" the end of a supercycle, the US actually saw its cycle peak in 2007. Roche wrote: "
The debt cycle is extremely disjointed in this market cycle. We're seeing deleveragings in Europe and the USA, but Asia has been on a different page for a long time. And we're starting to see signs that the pages are turning there. Clearly, this is bad news for China, but it doesn't necessarily spell doom in the USA."
An Insurance Plan can get us off our worries. May it be an Educational Plan, Health, Life, Auto, Accident or Retirement Insurance Plan. Living in a country where everything is fast-paced, having an Insurance Policy is a necessity. The absence of these much-needed Plans could cause you a lot of troubles. Imagine, what to do when someone in the family is sick? Paying your hospital bills could be worrisome and how would you send your children to school without an Educational Insurance?
Some people have different kinds of Insurance Plans to secure their life and that of their family. However, an insurance claim also provides negative feedbacks that discourages people from thinking of the necessity of acquiring an insurance Plan. Definitely, an Insurance Plan means benefits but somehow, claiming those benefits could be tedious and time-consuming. Insurance claims need not give us so much trouble if we just understand how Insurance companies work on our Insurance claims. So to fully understand issues and save us a lot of troubles claiming our insurance, let us take a look on this.
How to File Your 4 Important Insurance Claims
Filing your Auto Insurance Claim
1. Assess if the Claim is Worth the Trouble
Before filing for an auto insurance claim, decide if you want to file a claim or not. If you think you can afford to pay for the damage, no matter who is responsible for it, then try not to make any claim. What is important, according to a Personal Insurance Expert, you need to keep your Insurance Record clean.
2. Get the Accident Document
It is very important to document every detail of the accident and get witnesses to back up your story afterwards. A Police record on the scene is a relevant document you must have to support your claim.
3. File Claim Immediately
You don't need to lose time in filing your claim. Question as to who is responsible will be taken care of by your Insurance Company.
4. Expect a Call Anytime
Expect a call from the other driver's Insurance Company to interview you on your version of the incident. Make sure you document the conversation and don't forget to ask the agent's name.
5. Get Your Car Fixed
After your claim is approved, then you can have your car's body fixed in case of a damage. The Insurance Company will assess the damage or ask you to send your car to any car shop of their choice to get it fixed.
How to File Your Home Insurance Claim
In case of a disaster which left you and your family homeless, file your Home Insurance Claim. As you file your claim, be sure to have your Insurance Policy with you. In case you were not able to have your copy available after the disaster, at least know and remember your Insurance Company's name and contact numbers. It is not always relevant to remember only your agent's name for sometimes, he could represent various companies.
Prepare a Quick Household Inventory
It's always better to take a video of your whole household belongings every time you acquire a Home Insurance Plan. Keep a copy of this record and keep it in a safe-keeping vault outside of your house. It's always advisable to keep a bank deposit box for important documents like Insurance Policies, Property Title, etc.
Notify Your Insurance Company ASAP
It is important to notify your Insurance Company as soon as possible for the reason that you may have to avail of the Loss-of-Use Benefit in your policy if you have this feature. This could cover living expenses outside of your home while it is being repaired such as hotel bills, meals and other cost of living expenses. This will entitle you to receive immediate cash needed for your bills.
Start Filing Your Claim
You can't have your claim until you have everything properly documented. So, it would be hard for you to have a documented list of your household belongings if you don't have access to your damaged home. Only when you can gain access to your home once again could you properly document it. While you are waiting for the approval of the claim, you may make minor repairs but be sure to record every disbursement you make. Don't make any major repairs until your claim is approved.
How to Hire a Contractor for Insurance Claim
Find a reputable contractor to take care of your building or repair needs. A lot of contractors would always grab a chance like this to take advantage of your anxiety. They can always stretch your budget beyond the level of reasoning.
How to File a Life Insurance Claim
Filing for an Insurance Claim after the death of a loved is not really easy. However, it is at this point in life when you have to be practical. You need money more than anything to pay off the funeral cost, bills and even the family needs. It is hard to be left alone and face all these problems but you have to be thankful if the deceased love one had prepared you for times like this. As a survivor, we sometimes worry about things like these but a Life Insurance Plan is designed to give us less worries and ensures the deceased family that we won't have to deal with the financial problem as we grieved over the loss of a loved one.
Find the Life Insurance Policy
The Policy is an important document granted to the Policy Holder. This is badly needed when filing for an Insurance claim. Be sure to look for it if the deceased party had failed to inform you where he had kept it. You may keep in mind that this is a very important document, so the keeper might have kept it in a place not easily seen or recognizable. You may look in a plastic container or any sealed container large enough to contain it. It could also be kept in a small drawer of a cabinet in your head board or lamp stand cabinet.
If you can't find the Insurance Policy but you are sure that the decease is an Insurance Policy Holder, you may write to the American Council of Life
Insurance (ACLI).For a small amount, the ACLI will conduct a search to find the Policy. The address is 101 Pennsylvania Avenue, NW, Washington, DC 20004-2500.
Don't forget to include a self-addressed, business-sized envelope.
Contact the Company's Number Listed in the Policy
Try to contact immediately the contact number or numbers listed in the document. If you personally know the authorized representative or agent, you may as well contact him directly and tell him that you want to file a claim. The company's agent will always be ready to assist you in your filing. He will be providing you with forms needed for the application. Wait for any instruction that the Insurance Company will provide you.
Fill-up the Necessary Forms and Submit Requirements
After receiving the necessary form needed for application in filing for the Insurance claim, fill it up with all the needed information. Provide also the other requirements needed upon submission. The Death Certificate is the very basic of all requirements you may need to provide together with your Application Form. Decide How you want to Receive the Proceeds from the Life Policy. You may choose to receive the proceeds in lump sum, or opt to receive it in a form of monthly pension or simply leave the money in deposit for it to earn interest and dividends.
Wait for the Release of the Funds
Expect that your fund's approval for the claim will take more than a month to process as the Insurance Company still have to validate information relative to your application.
How to File Health for Medical Claims
If you have to pay for your medical bills, then you have to file for your Health Insurance Claim. Here are some helpful tips in making your claim:
Keep an Itemized Report
Be sure to obtain all receipts and necessary statement of accounts issued by the doctor or pharmacist. Summarize it, so it could be easily understood by the Insurance Evaluator. Attach it to your Application Form.
Fill-Up Your Claim Application Form
Contact your Health Insurance Company as soon as possible. You may get your Application Form directly from them after declaring your desire to file for a Health Insurance Claim. The Application Form is easy to fill-up but someone from the Insurance Company is sure to assist you if there are some items in the Application Form that you don't understand.
Scan or Duplicate a Copy
After filling up your form and submitting to the Health Insurance Company, be sure to scan it or have your duplicate copy to keep. This will keep you from inconvenience in case of loss or error in filing. You can easily file it again when needed. Review Before Submission. File your claim as soon as possible. Ask for assistance or inquire for any additional instruction or requirements. Ask how long it will take you to wait for the result and be sure to make a note of it in your calendar. If they failed to contact you on the given date, be sure to contact your Health Insurance Agent immediately.
Filing for an insurance claim can be tedious but in today's world where everything is fast-paced, having an Insurance Policy is becoming a necessity. Here is your guide on how to file your Insurance claim with lesser time, effort and troubles.
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