Wall Street staged a furious rally in the waning moments of the session on Friday after U.S. President Donald Trump declared a national emergency to combat the rapidly spreading coronavirus, although major averages still suffered sharp losses for the week.
The International Monetary Fund and World Bank Group on Friday advised their Washington headquarters staff to work from home after an IMF employee was diagnosed with COVID-19, the disease caused by the coronavirus.
(Bloomberg) — President Donald Trump told U.S. energy officials to purchase “large amounts” of oil to fill up the nation’s emergency reserve after the biggest price crash in a generation.Replenishing the Strategic Petroleum Reserve — as proposed by some oil lobbyists earlier this week in light of the collapse in prices — would enable the government to take as much as 77 million barrels off the world market.Oil prices jumped after Trump’s announcement, paring their worst weekly performance since 2008. Still, the purchases are unlikely to be able to offset the supply boost major producers such as Russia and Saudi …read more […]
The U.S. Federal Aviation Administration (FAA) said on Friday it has begun a probe following an in-flight incident involving an older 737 aircraft manufactured by Boeing Co and flown by Southwest Airlines .
German flagship carrier Lufthansa on Friday said it would scrap its annual dividend, slash its flight schedule further and is also considering a request for state aid to help it deal with the impact of the coronavirus outbreak.
Corporate America joined the fight against the spread of coronavirus on Friday, as President Donald Trump and executives announced that Google would offer a website to help people determine whether they needed tests and retailers set up drive-through tests in parking lots.
Major sports events around the world that have been hit by the coronavirus outbreak:
Boeing Co’s suppliers, already reeling from a 737 MAX grounding one year ago on Friday, face an even slimmer workload as flight cancellations spurred by the spreading coronavirus mean less airline demand for spare parts and services.
A gauge of stocks across the globe bounced back on Friday led by a late rally on Wall Street, after U.S. President Donald Trump freed $50 billion to tackle the novel coronavirus pandemic.
Warren Buffett’s Berkshire Hathaway Inc said on Friday that Microsoft Corp co-founder Bill Gates is retiring from the conglomerate’s board of directors, and is expected to be replaced by Kenneth Chenault, who spent 17 years as chief executive of American Express Co .
The International Monetary Fund on Friday advised all staff at its Washington, D.C., headquarters to work from home until further notice after an employee was diagnosed with COVID-19, the disease caused by the coronavirus, an IMF spokesman said.
Markets closed up today…
But don’t be fooled into thinking this is the all-clear moment when the market will return to form. While yesterday’s actions brought us closer to the bottom than the day before, one headline could change everything. Because of that, the betting is still pointed toward the downside in the days and weeks ahead.
However, with the CBOE Volatility Index (VIX) going absolutely parabolic this week, we may see a little letup in the velocity of the downside moves, meaning the daily massive moves down will start to slow down. So expect more big down days, but not necessarily …read more […]
Oil prices on Friday posted their biggest week of losses since the 2008 global financial crisis, rocked by the coronavirus outbreak and efforts by top exporter Saudi Arabia and its allies to flood the market with record levels of supply.
Fiat Chrysler Automobiles NV said production at its assembly plant in Windsor, Ontario, which was halted for 24 hours after an employee contracted the coronavirus, has resumed on Friday afternoon.
Microsoft Corp co-founder Bill Gates has stepped down from the company’s board to dedicate more time to his philanthropic priorities including global health, education and tackling climate change, the company said on Friday.
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