Senate Majority Leader Mitch McConnell (R-KY) talks to reporters after the Senate voted to acquit President Trump of both charges in his Senate impeachment trial in Washington, February 5, 2020. Jonathan Ernst | Reuters Dow Jones Industrial Average tumbles 582 points The Dow dropped 582.05 points, or 3.04%, to close at 18,591.93. The S&P 500
Finance
A staff worker wearing a protective mask and protective suit checks a visitor’s body temperature with a temperature gun by a monitor showing the current stock information at the Shanghai Stock Exchange Building on March 20, 2020 in Shanghai, China. Health authorities of China said the country has passed the peak of the COVID-19 epidemic
Corporate earnings are about to do something they haven’t done since the 2008 financial crisis: Turn negative. According to PNC Financial’s Amanda Agati, the coronavirus fallout could dramatically hurt companies through the second quarter. “Q1 expectations are in negative territory at about 1.5%. It looks like Q2 will be down about 1%,” the firm’s chief
Meric Greenbaum, Designated Market Maker IMC financial looks up at the board before the opening bell right before trading halted on the New York Stock Exchange on March 9, 2020 in New York. Timothy A. Clary | AFP | Getty Imgaes The S&P 500 could return to record highs by early next year if U.S.
PeopleImages Coronavirus scams are emerging, and many look remarkably similar to frauds from the 2008 financial crisis. Government agencies like the Federal Trade Commission and Federal Deposit Insurance Corp. issued warnings this week for Americans to be vigilant as con artists attempt to steal from consumers spooked by an onslaught of bad news related to
Pedestrians walk past an american multinational investment bank and financial services holding company JPMorgan Chase Bank branch. Alex Tsai | SOPA Images | Getty Images JPMorgan Chase said it was giving bank tellers and other “front-line employees” a one-time bonus of up to $1,000 to help cushion the difficulties of working during the coronavirus pandemic.
David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020. Adam Galacia | CNBC Goldman Sachs CEO David Solomon got a 20% raise to $27.5 million for his work leading the bank in 2019. His pay package includes a $2 million annual salary, $7.65 million in a cash
US President Donald Trump gestures as CEO of Bank of America Brian Moynihan (L) speaks during a meeting with banking leaders to discuss how the financial services industry can meet the needs of customers affected by COVID-19 at the White House in Washington, DC on March 11, 2020. Brendan Smialowski | AFP | Getty Images
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,
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.
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
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
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
An exterior view shows MGM Grand Hotel & Casino on the Las Vegas Strip as the coronavirus continues to spread across the United States on March 15, 2020 in Las Vegas, Nevada. Ethan Miller | Getty Images Check out the companies making headlines after the bell. MGM Resorts International — Shares of the resort company were
Getty Images The coronavirus outbreak is prompting second thoughts about reaching for cash. As the number of cases tick up in the U.S., some are going cashless to avoid potential hygiene issues around handling banknotes. Regardless of whether there’s a proven risk, the “psychological factor” of people thinking of cash as “unclean” could change how they
The U.S. Federal Reserve‘s latest moves — which include cutting interest rates to zero — deserve applause, even though the American economy could still head into a recession given the uncertainty around the coronavirus outbreak, a former Fed official said. “I think recessionary conditions are definitely a risk and we’re dealing with so much uncertainty
US President Donald Trump gestures as CEO of Bank of America Brian Moynihan (L) speaks during a meeting with banking leaders to discuss how the financial services industry can meet the needs of customers affected by COVID-19 at the White House in Washington, DC on March 11, 2020. Brendan Smialowski | AFP | Getty Images
Omar Marques | LightRocket | Getty Images Bitcoin lost its allure as a safe-haven asset this week. The world’s first and most widely held cryptocurrency dropped 50% over the past two days. Bitcoin — sometimes referred to as “digital gold” — fell more than 30% Friday to its weakest level since March 2019, according to
Chesnot | Getty Images Investors likely won’t get their fix for newly public companies for a long time thanks to the financial turmoil caused by the spreading coronavirus. Logistics issues aside for investment bankers unable to travel, market volatility like this scares off companies who want to raise capital. The initial public offering calendar is
People pass a sign for JPMorgan Chase at it’s headquarters in Manhattan, New York City. Spencer Platt | Getty Images JPMorgan Chase said that two employees at its headquarters in New York City had the coronavirus, the first confirmed instances at the biggest U.S. bank. The company said that two separate cases were found recently,
Scott Mlyn | CNBC Check out the companies making headlines in midday trading. Ulta Beauty — Share of Ulta Beauty rose about 3% around midday, paring gains along with the broad market. The stock surged as much as 15% at its session high after the makeup retailer posted better-than-expected quarterly earnings. Ulta reported fourth-quarter profit of $3.89
Market researcher James Bianco calls the Federal Reserve’s move to pump $1.5 trillion into the market the “nuclear option” to calm investors gripped by coronavirus fears. Only, it didn’t work Thursday. Instead, stocks saw their worst day since the 1987 Black Monday market crash. “Financial markets are not recovering. It’s incredible to think that a
Mario Tama | Getty Images News In these difficult, confusing and, at times, scary days, it’s easy to get turned around in the market. Though we’ve never seen anything like the health scare that’s happening real time right now, we have seen financial markets deal with massive unknowns and take hits in the last twenty
If coronavirus infections decline and Congress passes a fiscal stimulus package, Invesco’s Kristina Hooper says, stocks will make a sustainable comeback. She made the call as the Dow was plunging into a bear market, which reflects a 20% or more drop from 52-week highs. “I don’t think we’ve hit a bottom yet,” the firm’s chief
A worker is seen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2020. Brendan McDermid | Reuters Check out the companies making headlines in midday trading. Apache Corp. – Shares of the exploration and production company slid more than 18% on the back of declining oil prices. Apache
Traders work at the New York Stock Exchange. Johannes Eisele | AFP | Getty Images U.S. stock futures fell sharply on Tuesday night, pointing to another volatile session on Wall Street following a massive rally. Around 7:40 p.m. ET, Dow Jones Industrial Average futures were down about 366 points, indicating a loss of more than
Source: Stitch Fix Check out the companies making headlines in midday trading. Stitch Fix — Shares of Stitch Fix plummeted nearly 30% after the personal styling service issued a bleak outlook and reported quarterly revenue that missed analysts’ expectations. Stitch Fix reported sales of $451.8 million, below the forecast $452.5 million, according to Refinitiv. Its next
Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, chairs a symposium at the School of Medicine at Tsinghua University in Beijing, capital of China, March 2, 2020. Yan Yan | Xinhua News Agency | Getty Images Chinese President Xi Jinping flew
The JP Morgan Chase flag outside company headquarters in New York. Peter Foley | Bloomberg | Getty Images Bank shares plunged Monday as collapsing oil prices and bond yields sparked worry that the widening impact of the coronavirus could cause a recession. JPMorgan Chase, the biggest U.S. bank, fell nearly 12% by 1 p.m. ET,
Vladimir Putin just sparked what could end up being one of the ugliest oil price wars in modern history, and American oil and gas companies may be the victims. This weekend Saudi Arabia dropped the oil bomb. It not only cut its forward crude price to Chinese customers by as much as $6 or $7