The United Arab Emirates followed Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two OPEC producers raised the stakes in a standoff with Russia that has hammered global crude prices.
"I would start to nip away at it on these kind of down days that we have," the Leuthold chief investment strategist said Wednesday.
Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) cut oil demand forecasts because of the coronavirus outbreak.
The top U.S. securities regulator has increased its scrutiny of private funds that make higher-risk loans over the last two years, according to a Reuters review of SEC actions and industry and regulatory sources -- just as fears of a global recession hit the booming private credit market.
U.S. stock indexes dropped sharply on Wednesday after attempting a rebound in the previous session, on skepticism around President Donald Trump's stimulus plan to combat the coronavirus outbreak.
The Treasury Department might push back the April 15 deadline for taxpayers, due to coronavirus concerns. You don't have to wait for the official word just yet. Ask for an extension if you need it.
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In a recent CNBC/SurveyMonkey Women at Work Survey, 7% of working women with children under 18 said they have at least $5,000 in a 529 College Savings Plan.
The IRS is giving some relief to individuals in high-deductible medical plans: Their insurance may cover the cost of COVID-19 testing and treatment. Be aware this is guidance and not a mandate, so check with your plan first.
The mayor of Omaha, Nebraska said on Wednesday that Warren Buffett would prefer to wait until one month before Berkshire Hathaway Inc's annual shareholder weekend to decide whether to change its plans because of the coronavirus outbreak.
Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak. Several have grounded many flights and ditched their financial outlooks.
Saudi Arabia has asked state agencies to submit proposals for cuts of at least 20% to their budgets in a fresh austerity drive to cope with a sharp drop in oil prices, four sources familiar with the matter said.
Boeing Co is freezing new hiring and overtime except in certain critical areas in efforts to preserve cash due to the coronavirus outbreaks and the 737 MAX grounding, people familiar the matter said on Wednesday.
Employees at the largest U.S. oil companies have lost around $5 billion in retirement savings since the end of 2018 because of outsized bets on their own slumping stock, according to a Reuters analysis of company disclosures, a trend exacerbated by the recent crash in oil prices.
President Donald Trump will meet with Wall Street executives on Wednesday to discuss the financial industry's response to the coronavirus and the toll it is taking on small businesses, markets and the broader economy, the White House said.