Wall Street plunges at the open as pandemic fears heighten
U.S. stocks opened sharply lower on Friday as investors dumped equities amid a rapidly spreading coronavirus outbreak, which has raised fears of a possible global recession.
U.S. stocks opened sharply lower on Friday as investors dumped equities amid a rapidly spreading coronavirus outbreak, which has raised fears of a possible global recession.
U.S. consumer spending rose less than expected in January, a loss of momentum that could be exacerbated by the rapidly spreading coronavirus, which has triggered a sharp stock market sell-off and revived fears of a recession.
Coronavirus panic sent world share markets skidding again on Friday, putting them on course for their worst weekly fall since the 2008 global financial crisis, with almost $6 trillion wiped from their market value so far this week.
United Airlines said Friday it was cutting flights to Japan, South Korea and Singapore and extending flight cancellations to China in response to the coronavirus outbreak.
Elliott Management Corp is pressing SoftBank Group Corp for details of nearly-$10 billion of investment securities on its balance sheet, as part of its campaign to improve the value of the Japanese conglomerate in which it holds a stake, sources said.
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Shareholders in Prudential Plc have given their blessing to a bid by activist investor Third Point to carve up Britain’s largest insurer but advise against a hasty sale of its U.S business.
"The repercussions of the shock to the Chinese economy that has already happened to the rest of the world will not be insignificant," the strategist said.
"If you're in a 401(k), I know no one wants to hear this, but I think you have to buy. Buy some," CNBC's Jim Cramer said.
If you're considering dumping stocks for cash until you think it's safe to get back into the market, here's why you might want to think twice.
The coronavirus-driven market sell-off has wiped $6 trillion in value from the global markets in the past six days, according to S&P Dow Jones Indices.
Traders who rushed to buy Virgin Galactic in its February boom are moving on to stocks that could benefit from the coronavirus.
Oil prices slumped on Friday to their lowest in more than a year, set for their steepest weekly fall since 2008 as the global spread of the coronavirus stokes demand fears.
Bernard Madoff's former customers will soon see their total recovery approach $14 billion, a court-appointed trustee said on Friday, as the dying swindler awaits a decision on whether the U.S. government will support his request to leave prison early.