×

Money & Markets

Whiplash: All at once, a steady US economy screeches to halt

WASHINGTON — Three weeks ago, EmpireCLS was heading toward a second straight year of record business. A car service company in New Jersey, Empire couldn’t even find enough chauffeurs and office workers to meet its needs. Now? With stunning speed, business in the United States — as well ...

Congress toils on $1 trillion rescue

WASHINGTON — As leaders from Congress and the White House toiled in high-stakes negotiations on a mammoth $1 trillion-plus economic rescue package Friday, President Donald Trump unleashed fury on those questioning his handling of the coronavirus outbreak. It was an extraordinary moment in ...

Trump invokes emergency authority

MINNEAPOLIS — President Donald Trump on Wednesday invoked emergency authority to marshal industry to fight the coronavirus, as the economic fallout from the crisis mounted with word that nearly the entire U.S. auto industry is shutting down its North American factories to protect ...

Trump pushes for massive aid from Congress, checks to public

WASHINGTON — In a massive federal effort Tuesday, President Donald Trump asked Congress to speed emergency checks to Americans, enlisted the military for MASH-like hospitals and implored ordinary people — particularly socially active millennials — to do their part by staying home to stop ...

Amazon seeks to hire 100,000 to keep up with surge in orders

NEW YORK — Amazon said Monday that it needs to hire 100,000 people across the U.S. to keep up with a crush of orders as the coronavirus spreads and keeps more people at home, shopping online. The online retailer said it will also temporarily raise pay by $2 an hour through the end of April ...

Fed takes emergency steps to slash rates and ease bank rules

WASHINGTON — The Federal Reserve took massive emergency action Sunday to try to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds. The Fed’s surprise announcement signaled its ...

Delta slashes flights by 40% as virus cripples global travel

Delta Air Lines will cut passenger-carrying capacity by 40% to deal with a nosedive in travel demand, and it is talking to the White House and Congress about assistance to get through a downturn caused by the new coronavirus. The cut in capacity over the next few months is the largest in ...

Fallout from coronavirus reaches from Italy to Wall Street

NEW YORK — Schools shut down across much of Europe. Gatherings were canceled or banned from California to Germany. And the coronavirus reached directly into the world’s centers of power Thursday, with politicians in Canada, Brazil, Spain and elsewhere either testing positive for the new ...

Corporate debt loads a rising risk as virus hits economy

WASHINGTON — A gyrating stock market is seizing headlines as the coronavirus threatens corporate profits and economic growth. Yet it’s in the normally temperate bond market, where companies go to borrow money, where the gravest dangers may lurk. Investors fear that businesses that have ...

As stocks tumble, long-term investors advised to sit tight

It’s hard to sit tight during uncertain times. But when it comes to long-term investing, it’s the best time to do just that. U.S. stock markets have plunged due to a combination of falling oil prices and worsening coronavirus fears. The rout on Monday knocked 7.6% off the S&P 500 ...

The oil market meltdown and its global impact

FRANKFURT, Germany — A clash of two oil titans — Saudi Arabia and Russia — is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States. The spat between these vital oil ...

Anxiety grips companies across the world as virus spreads

WASHINGTON — Since breaking out of China, the coronavirus has breached the walls of the Vatican. It’s struck the Iranian holy city of Qom and contaminated a nursing home in Seattle. And around the world, it’s carrying not just sickness and death but also the anxiety and paralysis that ...

How to prepare your home and family, if new virus spreads

As the new coronavirus keeps turning up in more places, health experts say it’s wise to prepare for wider spread. But people shouldn’t panic or hoard large amounts of supplies, they stress. So what should you do? Some common-sense steps that are useful for any emergency, such as severe ...

Facebook drops Trump ads after Pelosi cites census confusion

Facebook on Thursday began taking down ads for the reelection campaign of President Donald Trump that direct people to a survey labeled a “census,” hours after House Speaker Nancy Pelosi said people would confuse it with the once-a-decade head count. Facebook said in a statement that it ...

Virus hammers business travel as wary companies nix trips

Amazon and other big companies are trying to keep their employees healthy by banning business trips, but they’ve dealt a gut punch to a travel industry already reeling from the virus outbreak. The Seattle-based online retail giant has told its nearly 800,000 workers to postpone any ...

Virus spread prompts Fed to slash rates in surprise move

WASHINGTON — In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell said at a news conference that the virus “will surely weigh ...

Supreme Court will decide the fate of Obama health care

WASHINGTON — The Supreme Court agreed Monday to decide a lawsuit that threatens the Obama-era health care law, a case that will keep health care squarely in front of voters even though a decision won’t come until after the 2020 election. The court said it would hear an appeal by 20 ...

Markets want Fed to save them and why its tools might not work

e associated press NEW YORK — As stocks around the world tumble on worries about a fast-spreading virus, investors have been clamoring for the superheroes of the financial world to ride to the rescue once again. Yet this time, there are doubts: Can central banks really fix this crisis as ...

Trump tries to shift blame as virus outbreak rattles markets

WASHINGTON — As global markets plunged amid growing fears about the coronavirus outbreak, President Donald Trump and his allies pulled from a familiar playbook Friday and blamed others for the slide. It’s a challenging sell for a president who has lashed his fate to Wall Street like no ...

Investors shy away from risk as coronavirus rattles markets

LOS ANGELES — This week’s big sell-off on Wall Street suggests stocks have finally caught up to the bond market, where fear of an economic slowdown has been evident for months. Signs that the new coronavirus that originated in China is now spreading to other parts of the world rattled ...