Wall Street’s three major indexes tumbled on Tuesday, with the Dow registering its biggest quarterly decline since 1987 and the S&P 500 suffering its deepest quarterly drop since the financial crisis on growing evidence of massive economic damage from the coronavirus pandemic.
New York City Mayor Bill de Blasio said on Tuesday he had ordered the city’s human rights commission to open an investigation into the dismissal of a worker at an Amazon.com warehouse who participated in a walkout.
Citigroup Inc said on Tuesday it would postpone its 2020 investor day that was scheduled to take place on May 13 due to the coronavirus pandemic.
JetBlue Airways Corp plans to reduce daily flights in and out of the four New York City-area airports where it operates by as much as 80% in April as part of wider schedule cuts due to the coronavirus outbreak, a spokesman said.
COVID-19 whacking the broader markets was only one part of the story.
As the Dow Jones Industrial Average, Nasdaq and S&P 500 tumbled more than 30% from all-time highs to multiyear lows, individual sectors cratered even harder.
One of those sectors was cannabis.
The Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) has been having a wild 2020. As the rest of the market stalled at the start of the year, the pot stock index rocketed higher. Then, when everything was mauled by the bear, the ETF fell almost 50% at its lowest level…
The Marijuana Index ETF found a bottom before the Dow, …read more […]
President Donald Trump has signed off on a plan to defer U.S. tariffs for most-favored nations for three months, according to a source familiar with the decision.
Nine Democratic U.S. senators on Tuesday urged the chief executives of 11 major airlines to issue full cash refunds to customers canceling flights during the coronavirus pandemic after Congress approved a massive rescue package for the hard-hit industry.
An independent group of workers at Whole Foods Market called on colleagues to phone in sick to the grocer’s stores on Tuesday to protest what they say is a lack of adequate compensation and protections from the coronavirus.
Xerox Holdings Corp decided on Tuesday to abandon its $35 billion hostile cash-and-stock bid for HP Inc after the coronavirus outbreak put the brakes on its takeover campaign, according to people familiar with the matter.
Global stock markets fell in volatile trading on Tuesday, and the economic damage from the coronavirus pandemic left the MSCI benchmark of world equities with its biggest quarterly decline since the financial crisis of 2008.
The decision came after Xerox said earlier this month it would postpone meetings with HP shareholders to focus on coping with the coronavirus pandemic. It is a blow to billionaire investor Carl Icahn, who owns big stakes in both companies and had pushed for their merger. Xerox’s board concluded that pursuing the takeover without having access to HP’s books, so that it could assess the impact of the coronavirus pandemic on HP’s business, would be too risky, the sources said. …read more […]
Daily U.S. user volumes rose to a record 4.84 million on Monday for Zoom, as millions of children switched to virtual learning programs and companies asked employees to work from home to contain the outbreak. Business-focused Teams was used by 1.56 million users on the same day, while Slack saw less than 500,000 users. Zoom declined to comment on usage statistics, but its active users in March were 151% higher on average from a year earlier, according to Apptopia. …read more […]
Yahoo Finance’s Editor-in-Chief Andy Serwer sat down with Former National Security Advisor Susan Rice to discuss the U.S. government’s response along with New York Governor Andrew Cuomo’s response to the coronavirus pandemic. …read more […]
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