Wall Street's four-week slump deepened and the Dow Jones Industrials was set to surrender all its "Trump-bump" gains on Wednesday, as the coronavirus pandemic threatened to bring the U.S. economic activity to a grinding halt.
The Detroit Three automakers will shut down their U.S. plants to stop the spread of coronavirus, bowing to pressure from the union representing about 150,000 hourly workers at those facilities, industry officials said.
U.S. regulators are considering giving banks additional regulatory points for lending to mid- to low-income Americans hurt by the coronavirus, as they seek to mitigate the economic impacts of the pandemic, an official within a banking agency told Reuters.
Zara owner Inditex, whose polka dot dress was a high-street sensation in 2019, may soon be stitching hospital scrubs, helping its home country Spain fight the coronavirus epidemic, the company said on Wednesday.
Investor Bill Miller, chairman of Miller Value Partners, joined CNBC's "The Exchange" to discuses the current market climate.
U.S. regulators are considering issuing guidance that would encourage lenders to offer loans to low-income individuals and to provide leniency on some repayments amid the coronavirus pandemic, an official within a banking agency told Reuters.
Global equities tumbled anew on Wednesday, with bond and gold prices also falling in an unusual tandem, as markets grappled with the sheer scale of government programs and handouts aimed at softening the economic shockwave from the coronavirus.
Tesla Inc's vehicle factory in California appeared to be operating normally on Wednesday despite an order by local officials to comply with a three-week lockdown in the San Francisco Bay Area to rein in the spread of coronavirus.
Oil prices plunged on Wednesday, with U.S. crude futures hitting an 18-year low, as governments worldwide accelerated lockdowns to counter the coronavirus pandemic that is causing global fuel demand to collapse.
Delta Air Lines said on Wednesday it was parking more than 600 jets, cutting corporate pay by as much as 50%, and scaling back its flying by more than 70% until demand begins to recover from the coronavirus epidemic hit.
The French government will consult with its Dutch counterpart before making any decision over support for Air France, the French subsidiary of Air France-KLM , Finance Minister Bruno Le Maire said on Wednesday.
The S&P 500 index fell on Wednesday when trading resumed after an initial automatic 15-minute cutout, as investors priced in a complete breakdown in business activity and consumer spending from the coronavirus pandemic.
S&P 500 companies' earnings are expected to decline in the first quarter from the year-earlier period, reversing a forecast for profit gains, according to IBES data from Refinitiv, as companies face the toll from the coronavirus outbreak.
Financial scammers are likely gearing up to steal any money Americans might receive as coronavirus relief, according to the the Federal Trade Commission.
The Detroit Three automakers have agreed to shut down their U.S. plants to stop the spread of coronavirus, bowing to pressure from the union representing about 150,000 hourly workers at those facilities, a person familiar with the matter said on Wednesday.