Wall Street falls as coronavirus shreds U.S. payrolls
Wall Street's main indexes fell more than 1.5% on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, intensifying fears of a deep economic slowdown.
Wall Street's main indexes fell more than 1.5% on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, intensifying fears of a deep economic slowdown.
U.S. President Donald Trump met with oil company executives at the White House on Friday afternoon to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war.
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The dollar firmed against major currencies for a third straight day on Friday, as investors took shelter in the U.S. currency amid worsening economic fallout from the coronavirus outbreak.
Aircraft lessor Avolon on Friday announced the cancellation of an order for 75 Boeing 737 MAX planes that were due to be delivered by 2023, saying it was adjusting its order book to the disruption caused by the coronavirus pandemic.
As the coronavirus bore down on the United States in February and President Donald Trump renewed his public call for interest rate cuts, he and Federal Reserve Chair Jerome Powell conducted two previously undisclosed phone calls, calendars released by the U.S. central bank on Friday show.
Investors are parsing a broad range of signals, from infection counts to more traditional indicators, for clues on the trajectory markets may take in coming weeks as the pandemic caused by the novel coronavirus continues to spread.
Crude futures surged for a second day on Friday, with both U.S. and Brent contracts posting their largest weekly percentage gains on record due to hopes that a global deal to cut crude supply worldwide will emerge early next week.
Kraft Heinz Co has moved to halt production at three different plants because of a decline in demand stemming from the new coronavirus outbreak, its Chief Executive Miguel Patricio on Friday said in a video presentation hosted by Brazilian retail brokerage XP Inc .
The Treasury Department raised interest rates on its Paycheck Protection Program loans for small businesses and reduced their payback period.
Major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury meant to keep workers employed while airlines ride out their toughest crisis in history due to the coronavirus, though some warned the funds are "not enough."
The U.S. has asked banks to help it dole out at least $350 billion in loans to small businesses, part of the $2 trillion coronavirus stimulus law.
U.S. Treasury Secretary Steven Mnuchin said on Friday he expects all large U.S. banks to be participating in a newly launched, $350 billion small business coronavirus rescue loan program by next week, with community banks issuing most of the loans so far.
Warren Buffett's Berkshire Hathaway Inc said on Friday it has sold some of its stake in Delta Air Lines Inc .
Fiat Chrysler said on Friday it decided to postpone to late June its shareholders' meeting scheduled for April 16, as a consequence of the continuing coronavirus emergency.