In a move that would have been unthinkable just months ago, quarantine and social distancing have now become commonplace globally as governments make concerted efforts to fight the spiraling coronavirus outbreak. The measures, which have seen citizens from the U.S. to India either encouraged or enforced to stay in their homes, are deemed by medical
Month: March 2020
If you have cash parked in a money market fund that invests in non-U.S. Treasury debt, the Federal Reserve says it’s got your back. Late Wednesday, the Fed announced a new program that will make loans to financial institutions that buy shares in “prime” money market mutual funds, whose investments include corporate bonds. It’s the
A person wears a face mask as a precaution against coronavirus in New York, on March 2, 2020. Tayfun Coskun | Anadolu Agency | Getty Images Walmart shares are emerging as a winner during the chaotic coronavirus crisis. The big box retailer, a classic defensive consumer staple stock, is benefiting from the millions of Americans
Jim Cramer Scott Mlyn | CNBC CNBC’s Jim Cramer said Thursday that whatever happens on the other side of the coronavirus crisis CEOs should not benefit more than their employees. “I like anything that protects the works,” Cramer said on “Squawk on the Street.” “We can not have the fat cats make money at the
Yellow Dog Productions The economic fallout from the coronavirus is driving more Americans to seek unemployment benefits. However, the nation’s main financial backstop for laid-off workers is deficient — which could leave many Americans, especially gig workers, in a precarious situation, according to some experts. The $100 billion aid package President Trump signed into law on Wednesday,
A take-out order from a Darden Restaurants Inc. Olive Garden. Daniel Acker | Bloomberg | Getty Images Darden Restaurants on Thursday reported quarterly earnings and revenue that topped analysts’ expectations. The company also withdrew its fiscal 2020 outlook and suspended its quarterly dividend, citing the uncertainty it faces as states mandate the closure of dining rooms due the coronavirus
A pedestrian walks through the parking lot of a CVS Health Corp. store in Oakland, California, Aug. 2, 2019. Michael Short | Bloomberg | Getty Images CVS has opened its first drive-up testing location for the coronavirus in Massachusetts. Starting around 3 pm on Thursday, the health-care company began offering tests in a pharmacy parking
To prevent millions of Americans from running out of money amid the coronavirus, the government has announced plans to send out checks to them soon. When Treasury Secretary Steven Mnuchin made the announcement about the cash infusion on Tuesday, universal basic income proponents felt validated. Now, the group of those calling for such a policy,
A man in a surgical mask walks by the New York Stock Exchange (NYSE) after more cases of coronavirus were confirmed in New York City, New York, U.S., March 10, 2020. Andrew Kelly | Reuters The easiest thing is to blame the computers and the algorithms that keep them going, propelling the market ever lower
US Federal Reserve Chair Jerome Powell speaks at a “Fed Listens” event in Washington, DC, on October 4, 2019. Eric Baradat | AFP | Getty Images The Federal Reserve took another page out of its 2008 crisis-era playbook late Wednesday evening, invoking its emergency authority to create a backstop for prime money market mutual funds.
GM CEO and Chairman Mary Barra and LG Chem Vice Chairman and CEO Hak-Cheol Shin at the automaker’s battery lab in Warren, Mich., where the companies announced a new $2.6-billion joint venture on Dec. 5, 2019. GM General Motors is studying whether it can use its auto factories to ”support production” of ventilators and other medical
boonchai wedmakawand Financial scammers will likely try to steal money offered to Americans suffering from the negative economic effects of the coronavirus pandemic — and the public should be on its guard, federal officials warned on Wednesday. The White House has proposed making direct payments to American households as the coronavirus continues to wreak havoc
Pedestrians pass a JPMorgan Chase & Co. bank branch near the New York Stock Exchange in 2018. Bloomberg | Bloomberg | Getty Images JPMorgan Chase will temporarily close about 20% of its branches and reduce staffing in the ones remaining open in response to the coronavirus pandemic. “We are planning to temporarily close about 20% of
U.S. President Donald Trump, joined by members of the Coronavirus Task Force, speaks about the coronavirus outbreak in the press briefing room at the White House on March 17, 2020 in Washington, DC. (Photo by Drew Angerer/Getty Images) Drew Angerer Two financial-relief measures the Trump administration is weighing to fight the economic scourge of the
Traders work on the floor at the closing bell of the New York Stock Exchange, December 30, 2019. Bryan R Smith | Reuters Dow Jones Industrial Average drops 1,338 points The Dow dropped 1,338.46 points, or 6.30%, to close at 19,898.92. The S&P 500 slid 5.18% to 2,398.10. The Nasdaq Composite fell 4.7% to 6,989.84
U.S. package delivery company FedEx suspended its 2020 profit outlook on Tuesday, citing the “significant impact” of the coronavirus, and said it would cut costs due to the uncertainty wrought by the pandemic. Even so, the company reported quarterly revenue that beat market expectations as more businesses turned to its international express plane service to
This photo taken on January 11, 2018 shows a woman walking past Marriott signage in Hangzhou in China’s Zhejiang province. – | AFP | Getty Images Major hotel chains are temporarily closing properties and seeing occupancy rates tumble as travelers stay at home during the coronavirus outbreak. Global hospitality research company STR said Wednesday that
Juicy Couture went from being beloved by celebrities like Paris Hilton to being sold at discount retailer Kohl’s. While the brand dominated the early 2000s with its tracksuits, accessories, and perfume lines, it quickly lost its value following the Great Recession. MORE RISE AND FALL: The Rise And Fall Of BlackBerry The Rise And Fall
► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs Alongside Damien Hirst and Tracey Emin, Fiona Rae is one of the generation known as the YBAs, or Young British Artists. Yet while her peers explored installation and video, she stayed faithful to painting. Rachel Spence asks her about her new works showing at the Timothy
U.S. President Donald Trump speaks while flanked by Secretary of the Treasury Steven Mnuchin (R) during a briefing about the coronavirus in the press briefing room at the White House on March 17, 2020 in Washington, DC. Drew Angerer | Getty Images Taxpayers will get a three-month reprieve to pay the income taxes they owe
Some of the hottest stocks of the last couple years have been hit especially hard in this coronavirus market collapse as investors shed all risk taking. Cult trend stocks of the bull market, such as cannabis and alternative meat, are plunging even more than the rest of the U.S. market. In fact, five of the
Revolut, one of Europe’s biggest fintech (financial technology) firms, has launched a “money management” product for children, which can be monitored by parents via the app. The online-only bank, which currently has more than 10 million users worldwide, announced Wednesday it was launching Revolut Junior, an app aimed at kids between the ages of 7
The United Auto Workers union has asked the Big Three Detroit automakers to shut down production for two weeks to safeguard its members from the coronavirus outbreak. In a letter to union members, UAW President Rory Gamble said Ford, General Motors and Fiat Chrysler haven’t been willing to pause production. “They asked for 48 hours
AndreyPopov | Getty Images Some good news – in the form of money – may be coming to Americans soon. On Tuesday, Treasury Secretary Steve Mnuchin said that the Trump administration plans to move “immediately” to send money to Americans as the coronavirus cripples the economy. “Americans need cash now,” Mnuchin said, indicating checks could
CNBC’s Jim Cramer said Tuesday that he would advise investors to sell troubled stocks on any market bounces rather than trying to find stocks to buy on market declines. “It’s really the opposite of buy the dips,” Cramer said “Squawk on the Street.” “I only think you sell lower quality.” Following Wall Street’s worst day
Brendan McDermid | Reuters Investors glued to their screens as stocks tumble day after day. Central banks around the world injecting trillions of dollars into the financial system. Talk of bailing out out entire industries. For people who have been around long enough, the upheaval in markets being caused by the global covid-19 pandemic reminds
The outside of Nordstrom’s men’s store in New York, which opened in April 2018. Source: Nordstrom Nordstrom is closing all of its stores temporarily to try to curb the spread of COVID-19. The retailer has also withdrawn its 2020 earnings outlook, due to the uncertainty of the situation. Nordstrom said it has experienced “a broad-based
Adam Carver, 38, wears a mask to protect against coronavirus while on a nearly empty Delta flight from Seattle-Tacoma International Airport o JFK on March 15, 2020 near New York City. John Moore | Getty Images The Trump administration is seeking to “very quickly” pass an aid package for industries hurt by coronavirus, including airlines, Treasury
Another wrinkle for the travel industry may emerge as the novel coronavirus, or COVID-19, continues its rapid spread across the country: airline passengers who don’t have proper identification to fly domestically beginning in October. At least two states have now asked the federal government to delay the enforcement date for when travelers must comply with
Oaktree Capital co-chairman Howard Marks said Monday that the stock market is “pricing in a bad scenario” after its rapid sell-off and that it makes sense for some investors to buy into the market. “I do think that here we are down 30 [percent] from the high — and the high in my opinion was
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