Sterling Business Solutions Inc
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Company profile

Sterling Business Solutions, Inc., formerly known as Virtual Reality Inc., is a Professional Employer and Finance Organization (PEFO), that provides Payroll Administration, Human Resources Benefits, Financing, Funds Administration, Credit Card Processing and Equipment Leasing. The Company owns Technology Innovation Group Inc., which specializes in the development and manufacturing of new technology and systems for aerospace applications in technical disciplines such as electro-optical systems for space flight, helmet-mounted displays, artificial intelligence, holographic optical designs, and engineering and training simulation. The Company is set to acquire Intellashop.com, which is designed to meet all of the consumer's shopping needs. By allowing consumers to personalize their shopping preferences, Intellashop provides the tools to source products and product information, check real-time availability, compare price and quality of merchants, and obtain price and availability alerts.

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Day's Change
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UPDATE: Dow closes 517 points lower Wednesday as Fed's Powell says coronavirus crisis 'without modern precedent'

4:10 pm ET May 13, 2020 (MarketWatch)
Print

U.S. stocks ended lower on Wednesday as investors attempted to digest comments being made by Federal Reserve Chairman Jerome Powell about the economic outlook in the aftermath of the COVID-19 pandemic. Powell said on Wednesday that the U.S. economic outlook was "both highly uncertain and subject to significant downside risks," speaking Wednesday morning in a webcast hosted by the Peterson Institute for International Economics. The Dow Jones Industrial Average finished down 516 points, or 2.2%, at 23,247 but off its intraday nadir at 23,067, the S&P 500 index ended the session 1.8% lower at 2,820, while the Nasdaq Composite Index wrapped up off 1.6% at 8,863. All the closing levels are on a preliminary basis. Powell said further fiscal support would be expensive but worth it if it helped bring about a stronger recovery. The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II,' Powell said. In economic news, the April producer-price index plunged by 1.3%. Economists surveyed by MarketWatch, on average, forecast the index to fall 0.5%.In corporate news, shares of Tesla Inc. (TSLA) was down 2.3% after a news report late Tuesday said the electric-vehicle maker would fully reopen its battery "gigafactory" in Nevada, after Tesla reopened its auto factory in Fremont, California., on Monday in defiance of county regulations.

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

May 13, 2020 16:10 ET (20:10 GMT)

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