Mar.15 -- Vice President Mike Pence says the risk of getting seriously ill from the coronavirus remains low. He spoke at a White House press conference....
(Bloomberg) -- U.S. equity futures tumbled in the start to another volatile week, giving up much of a Friday rebound, after the Federal Reserve announced a massive easing in policy in an emergency move. Treasury futures surged. Futures on the S&P 500 Index fell about 5%, hitting limits on trading, after stocks climbed more than 9% on Wall Street Friday, recouping most of their 10% plunge the previous day. Wild swings have become an almost daily occurrence as investors assess the efficacy of actions by authorities to contain the coronavirus, moves that have had a crippling economic impact. The yen soared after the Fed cut its key interest rate by a full percentage point to near zero and said it will boost its bond holdings by $700 billion. Australian shares sank and Japanese equities futures were down more than 5%, while oil resumed declines. “The Fed made an emergency drop this...
The United States' biggest banks will stop buying back their own shares, and will instead use that capital to lend to individuals and businesses affected by the coronavirus, an industry trade group said on Sunday. The Financial Services Forum said its eight members - JPMorgan Chase & Co , Bank of America Corp , Citigroup Inc , Wells Fargo & Co , Goldman Sachs Group Inc , Morgan Stanley , Bank of New York Mellon Corp and State Street Corp - would each halt share repurchases through June 30....
(Bloomberg) -- The U.S. is preparing to start buying as much as 77 million barrels of oil for its emergency stockpiles within the next two weeks, an effort by President Donald Trump to support the domestic industry and boost reserves at cheap prices.While purchases of U.S. crude may begin swiftly, deliveries into the four sites that make up the country’s Strategic Petroleum Reserve could take months to complete, a senior Energy Department official said Sunday, asking not to be named before formal announcements. Pipeline and port capacity constraints could figure into the timing, the official said.The quick purchase plans are meant to fulfill Trump’s announcement Friday that the U.S. would buy “large amounts” of oil to fill up the reserve, which he said would help the U.S. oil industry while “saving the American taxpayer billions.” Energy Secretary Dan Brouillette directed Energy Department officials “to immediately initiate the process of purchasing American-made...
