The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to essentially zero on Sunday and launched a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus. The new fed funds rate, used as […]
Tag: business news
Stocks tank 10%, Dow off 30% from record
This is a live blog. Here’s the latest. 10:17 am: Stocks fall deeper into bear market territory The Dow and S&P 500 entered a bear market last week, putting an end to the historic bull run that began in the throes of the financial crisis. Monday’s steep losses have sent the major averages further below […]
Alphabet’s Verily launches a limited coronavirus screening website
Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019. Josh Edelson | AFP | Getty Images Alphabet’s Verily on Sunday night launched a pilot of a COVID-19 screening and testing website in the San Francisco Bay Area, a day earlier than it said it […]
Traders await futures open after Fed cuts rates, launches easing program
Stock futures plunged Sunday night even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak. Stock market futures hit “limit down” levels of 5% lower, a move made by the CME futures exchange to reduce panic in markets. No prices can trade below that […]
Cuomo calls on Trump to mobilize military
National Guard troops listen to New York Governor Andrew Cuomo as people wait to be tested at the State’s First Drive Through COVID-19 Mobile Testing Center at Glen Island Park in New Rochelle, New York March 13, 2020. Timothy A. Clary | AFP | Getty Images This is CNBC’s 24-hour blog covering all the latest […]
White House signals third relief bill to help airline and cruise industries hit by coronavirus pandemic
Trump administration officials on Saturday made the clearest indication yet they expect to bring forward a third coronavirus bill aimed in part at helping industries struck by the pandemic. President Donald Trump signed an $8.3 billion relief bill earlier this month, helping states fund their efforts to battle and contain the virus. The House passed […]
Multilevel marketing sellers use coronavirus to sell oils
Sellers of supplements and essential oils are using coronavirus claims to try to sell on Facebook. CNBC has found dozens of examples where sellers for multilevel marketing, or MLM, companies, such as doTerra and Young Living, claim on Facebook that their products can prevent consumers from getting coronavirus. Some suggest the products can give consumers […]
Spain to impose nationwide lockdown
A tourist wearing a protective mask takes a selfie outside the Sagrada Familia in Barcelona on March 11, 2020 after Spain banned all air traffic from Italy, closed schools and blocked fans from football matches after being caught off-guard by a near tripling of coronavirus infections in less than 48 hours. Lluis Gene | AFP […]
Vice President Mike Pence to hold press conference on coronavirus response at noon ET
US Vice President Mike Pence (L) speaks as US President Donald J. Trump (R) and other members of the White House Coronavirus Task Force listen during declaration a national emergency due to the COVID-19 coronavirus pandemic, in the Rose Garden of the White House, in Washington, DC, United States on March 13, 2020. Yasin Ozturk […]
Coronavirus and market volatility shuts down the IPO market for potential listings like Airbnb
Investors likely won’t get their fix for newly public companies for a long time thanks to the financial turmoil caused by the spreading coronavirus. Logistics issues aside for investment bankers unable to travel, market volatility like this scares off companies who want to raise capital. The initial public offering calendar is looking sparse this year, […]
