News Highlights: Top Global Markets News of the Day
U.S. Stocks Rise Despite Jobless Claims Hitting Record
The S&P 500 shot another 4% higher despite unemployment claims soaring in a fresh sign of the economic disruption caused by the coronavirus pandemic amid a shutdown of wide swaths of the country.
U.S., China Trade Blame for Coronavirus, Hampering Global Economy Rescue
The frayed relationship between the two governments contrasts with the way Washington and Beijing cooperated during the financial crisis.
A Q&A With Minneapolis Fed President Neel Kashkari
The president of the Federal Reserve Bank of Minneapolis says lawmakers shouldn't get hung up on how to precisely target economic aid. "We just have to get over it, err on the side of getting more help out there," Neel Kashkari says.
As Saudis Shop Discounted Crude, Refiners Say 'No Thanks'
The dynamic threatens the sustainability of a price war and battle for market share started by Riyadh.
Banks Urged to Issue More Small-Dollar Loans in Response to Outbreak
Banks should re-enter the business of offering short-term, small-dollar loans to cash strapped-customers in light of the outbreak of the coronavirus, a group of regulators said on Thursday.
Europe Opts for Economic Freeze in Coronavirus Tradeoff
As the new coronavirus gained momentum in Europe, reluctant nations coalesced around a strategy: freeze economies now and worry about the bill later.
Record Rise in Jobless Claims Halts Historic Run of Employment Growth
More than 3 million workers applied for unemployment benefits last week as the new coronavirus hit the economy. A strong labor market had kept the U.S. economy humming for a decade-and then, in a matter of days, it stopped.
Washington's Trillions Alone Can't Stop the Jobpocalypse
The massive jump in U.S. unemployment insurance claims last week doesn't tell you precisely how bad the hit to the job market is going to be. It does show that it is going to be horrible.
Powell Says Economy May Be in Recession, Virus Will Dictate Timetable
The chairman of the Federal Reserve said the Fed's job now is to make sure businesses of all sizes can have a bridge of support so that the economy can recover faster.
Short-Term Treasury Yields Go Negative in Scramble for Cash
Yields on the safest, short-term Treasurys settled into negative territory for the first time in more than four years, as investors continued clamoring for cash and safe dollar assets even as some markets showed signs of normalization.