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Wall Street reportedly raked in nearly $27.6 billion during COVID-19 peak

Published: October 26, 2020
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Source: nypost

Wall Street made a killing during the peak of the coronavirus pandemic — at a time of sky-high statewide unemployment that has put 500,000 Big Apple residents out of work.

The securities industry raked in a massive pretax profits fortune of $27.6 billion for the first six months of 2020 — nearly eclipsing 2019’s profit total of $28.1 billion.

That’s an eye-popping 82 percent increase compared to the same six-month period last year, according to a new report released by state Comptroller Tom DiNapoli.

DiNapoli tied the gold rush to a frenzy of factors: the $2.4 trillion federal stimulus package, interest rates cut to zero and reduced borrowing costs — plus frenetic trading patterns posing a massive disruption to the financial markets.

“An injection of federal stimulus money, plummeting interest rates and rising volume in trading drove profits dramatically upward to a level hard to imagine in March,” explained DiNapoli.


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