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Stocks Rally as Trump and Business Leaders Pledge Support: Live Updates Stocks Rally as Trump and Business Leaders Pledge Support: Live Updates
(32 minutes later)
Stocks rallied Friday, rebounding from their worst day in more than 30 years, after President Trump said leaders of private companies in the United States had agreed to help with efforts to test for the coronavirus, and declared a national emergency that would free billions in funding to fight the epidemic.Stocks rallied Friday, rebounding from their worst day in more than 30 years, after President Trump said leaders of private companies in the United States had agreed to help with efforts to test for the coronavirus, and declared a national emergency that would free billions in funding to fight the epidemic.
The S&P 500 rose more than 9 percent, making Friday its best day since 2008, with most of the gains coming late in the day as government officials and business executives spoke at a news conference at the White House.The S&P 500 rose more than 9 percent, making Friday its best day since 2008, with most of the gains coming late in the day as government officials and business executives spoke at a news conference at the White House.
Mr. Trump said the administration was working with Google to develop a website to determine whether an individual needs a test — a move aimed at avoiding overwhelming the health system with people who are ill but do not necessarily need to be tested for coronavirus.Mr. Trump said the administration was working with Google to develop a website to determine whether an individual needs a test — a move aimed at avoiding overwhelming the health system with people who are ill but do not necessarily need to be tested for coronavirus.
The chief executives of Walmart, Target and Walgreens all said they had agreed to make facilities available for testing. Executives from CVS Health, Roche Diagnostics and Signify Health were also in attendance at the news conference.The chief executives of Walmart, Target and Walgreens all said they had agreed to make facilities available for testing. Executives from CVS Health, Roche Diagnostics and Signify Health were also in attendance at the news conference.
Mr. Trump also said he would waive interest on all student loans held by all government agencies, and that the energy secretary would be buying “large quantities of oil” to fill up the country’s strategic reserve — an effort to bolster flagging oil prices.Mr. Trump also said he would waive interest on all student loans held by all government agencies, and that the energy secretary would be buying “large quantities of oil” to fill up the country’s strategic reserve — an effort to bolster flagging oil prices.
Financial markets have been nothing if not inconsistent for the past three weeks, plunging and then rising, and then plunging again, as each day brought new measures to contain the outbreak and new worries that the economy, workers and businesses would take a hit as a result of them.Financial markets have been nothing if not inconsistent for the past three weeks, plunging and then rising, and then plunging again, as each day brought new measures to contain the outbreak and new worries that the economy, workers and businesses would take a hit as a result of them.
On Thursday, stocks had their biggest daily drop since the stock market crashed in 1987, as Mr. Trump’s ban on the entry to the United States from most European countries disappointed investors, who had been waiting for Washington to take stronger steps to bolster the economy. For the S&P 500, Friday’s gains recouped most of those losses.On Thursday, stocks had their biggest daily drop since the stock market crashed in 1987, as Mr. Trump’s ban on the entry to the United States from most European countries disappointed investors, who had been waiting for Washington to take stronger steps to bolster the economy. For the S&P 500, Friday’s gains recouped most of those losses.
Mr. Trump, in taking reporters’ questions after the markets closed, signaled that a bipartisan deal with lawmakers on fiscal stimulus was not close.Mr. Trump, in taking reporters’ questions after the markets closed, signaled that a bipartisan deal with lawmakers on fiscal stimulus was not close.
Democrats were not “giving enough,” Mr. Trump said. “We don’t think the Democrats are giving enough. We didn’t agree to certain things they agreed to. We could have something,” he said, adding “they’re not doing what’s right for the country.”Democrats were not “giving enough,” Mr. Trump said. “We don’t think the Democrats are giving enough. We didn’t agree to certain things they agreed to. We could have something,” he said, adding “they’re not doing what’s right for the country.”
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Late Thursday, Speaker Nancy Pelosi had said that she and Treasury Secretary Steven Mnuchin had “resolved most of our differences” on a package of economic aid for workers and companies. But on Friday, when Ms. Pelosi spoke about the bill, she highlighted that it would fund testing programs to determine the scope of the outbreak but didn’t address whether it had bipartisan support or buy-in from the White House.Late Thursday, Speaker Nancy Pelosi had said that she and Treasury Secretary Steven Mnuchin had “resolved most of our differences” on a package of economic aid for workers and companies. But on Friday, when Ms. Pelosi spoke about the bill, she highlighted that it would fund testing programs to determine the scope of the outbreak but didn’t address whether it had bipartisan support or buy-in from the White House.
But Mr. Trump did not rule a rescue package for the airline and cruise industries.But Mr. Trump did not rule a rescue package for the airline and cruise industries.
Asked whether the United States would bail out the cruise industry, Mr. Trump acknowledged that “it’s an industry that was very badly impacted by what is going on. We will be helping them and we will be helping the airline industry if we have to.”Asked whether the United States would bail out the cruise industry, Mr. Trump acknowledged that “it’s an industry that was very badly impacted by what is going on. We will be helping them and we will be helping the airline industry if we have to.”
Mr. Trump did note that the virus outbreak had been good for some companies, including some retailers, who have seen runs on things like hand sanitizer, paper goods and foods. “Your business is like the opposite,” he said to the chief executives of Walmart and Target, who were standing beside him. “You’re selling a lot of stuff.”
Google is working with Verily, a life sciences unit of its parent company Alphabet, to direct individuals with a high risk of coronavirus infection to testing sites.Google is working with Verily, a life sciences unit of its parent company Alphabet, to direct individuals with a high risk of coronavirus infection to testing sites.
President Trump said on Friday that Google had devoted 1,700 engineers to build a website to help people screen for COVID-19 symptoms and then be directed to testing locations.President Trump said on Friday that Google had devoted 1,700 engineers to build a website to help people screen for COVID-19 symptoms and then be directed to testing locations.
The description of the website fits with an initiative described by Sundar Pichai, Alphabet’s chief executive, in an internal memo sent on Thursday and obtained by The New York Times. A Google representative was not immediately available for comment, and The Times could not independently confirm the company had devoted 1,700 people to the effort.The description of the website fits with an initiative described by Sundar Pichai, Alphabet’s chief executive, in an internal memo sent on Thursday and obtained by The New York Times. A Google representative was not immediately available for comment, and The Times could not independently confirm the company had devoted 1,700 people to the effort.
“A planning effort is underway to use the expertise in life sciences and clinical research of Verily in partnership with Google to aid in the COVID-19 testing effort,” Mr. Pichai wrote in the memo.“A planning effort is underway to use the expertise in life sciences and clinical research of Verily in partnership with Google to aid in the COVID-19 testing effort,” Mr. Pichai wrote in the memo.
He explained that once more tests become available, the plan is to have public health officials direct people to a Verily website that can steer people at higher risk to testing sites. Mr. Pichai did not lay out how many engineers would be assigned to the project, but he asked for volunteers interested in working on the project.He explained that once more tests become available, the plan is to have public health officials direct people to a Verily website that can steer people at higher risk to testing sites. Mr. Pichai did not lay out how many engineers would be assigned to the project, but he asked for volunteers interested in working on the project.
President Trump said on Friday that he would fill up the Strategic Petroleum Reserve, which for decades has been used as a cushion in case of fuel shortages caused by global political events or natural disasters.President Trump said on Friday that he would fill up the Strategic Petroleum Reserve, which for decades has been used as a cushion in case of fuel shortages caused by global political events or natural disasters.
The reserve has about 635 million barrels of oil, and is equipped to store another 75 million barrels, which is equivalent to three-quarters of one day’s global oil production. By adding to it, the government would have to buy oil on the market, increasing overall demand and lifting prices. But the reserve can take in only about 500,000 barrels a day, or slightly less than 4 percent of U.S. production. Still, oil prices, which have tumbled in recent weeks as demand has plummeted because of the coronavirus outbreak, shot up about 6 percent after Mr. Trump’s remarks.The reserve has about 635 million barrels of oil, and is equipped to store another 75 million barrels, which is equivalent to three-quarters of one day’s global oil production. By adding to it, the government would have to buy oil on the market, increasing overall demand and lifting prices. But the reserve can take in only about 500,000 barrels a day, or slightly less than 4 percent of U.S. production. Still, oil prices, which have tumbled in recent weeks as demand has plummeted because of the coronavirus outbreak, shot up about 6 percent after Mr. Trump’s remarks.
“It won’t clean up the market, but it is an important first step,” said Larry Goldstein, a director of the Energy Policy Research Foundation, an industry and government funded research organization.“It won’t clean up the market, but it is an important first step,” said Larry Goldstein, a director of the Energy Policy Research Foundation, an industry and government funded research organization.
As part of his emergency declaration on Friday, President Trump said he was waiving interest on tens of millions of student loans held by the federal government until further notice.
How much the waiver saves a particular borrower will vary depending on the interest rate on their loan. The current range of interest rates on fixed-rate loans to undergraduate and graduate students is 4.53 percent to 7.08 percent.
Those borrowers will still have to make payments on their principal, and it was not immediately clear how quickly the loan servicers who send out the bills will be able to recalculate what each person owes.
The waiver will not affect all borrowers. Student loans issued through state agencies and others — including from big private lenders like Sallie Mae — are not covered. Other loans that are not part of the waiver program include the majority of Federal Family Education Loans, which are mostly held by commercial lenders, and school-held Perkins loans.
But the federal government is the biggest holder of student debt with $1.2 trillion in direct loans to more than 35 million borrowers.
Other details were not clear, including how the unpaid interest would be handled.
The entire federal student loan system has grown more complex over time, so changing payments on the fly poses a serious challenge. Many loan servicers have committed errors in recent years and sowed confusion among borrowers, especially those in the public service loan forgiveness program.
With most finished movies pulled off the release calendar through the end of April, Hollywood studios started to halt their assembly lines on Friday, beginning with Disney.With most finished movies pulled off the release calendar through the end of April, Hollywood studios started to halt their assembly lines on Friday, beginning with Disney.
“While there have been no confirmed cases of Covid-19 on our productions, after considering the current environment and the best interests of our cast and crew, we have made the decision to pause production on some of our live-action films for a short time,” Walt Disney Studios said in a statement.“While there have been no confirmed cases of Covid-19 on our productions, after considering the current environment and the best interests of our cast and crew, we have made the decision to pause production on some of our live-action films for a short time,” Walt Disney Studios said in a statement.
The affected Disney projects include a new version of “The Little Mermaid,” which was supposed to begin shooting in London next week; “Shang-Chi and the Legend of the Ten Rings,” a Marvel superhero film; a remake of “Home Alone,” the 1990 comedy; “The Last Duel,” a period epic starring Ben Affleck and Matt Damon; and the big-budget “Peter Pan & Wendy.” Disney is also halting production on two scripted series and 16 pilots.The affected Disney projects include a new version of “The Little Mermaid,” which was supposed to begin shooting in London next week; “Shang-Chi and the Legend of the Ten Rings,” a Marvel superhero film; a remake of “Home Alone,” the 1990 comedy; “The Last Duel,” a period epic starring Ben Affleck and Matt Damon; and the big-budget “Peter Pan & Wendy.” Disney is also halting production on two scripted series and 16 pilots.
Netflix is halting production on all scripted television series and films in the United States and Canada for at least two weeks, according to two people briefed on the plans. This will affect dozens of shows, and it includes projects that are either filming or are preparing for production.Netflix is halting production on all scripted television series and films in the United States and Canada for at least two weeks, according to two people briefed on the plans. This will affect dozens of shows, and it includes projects that are either filming or are preparing for production.
The decision was reached by Netflix executives after realizing that new government rules setting restrictions on gatherings would have made production next to impossible, one of the people said.
Warner Bros. also announced on Friday that it was halting production on more than 70 series and pilots that are filming.Warner Bros. also announced on Friday that it was halting production on more than 70 series and pilots that are filming.
European leaders said they would spend hundreds of billions of euros to prevent the coronavirus outbreak from provoking a deep recession or financial crisis.
Nearly simultaneous announcements by leaders in Berlin, Brussels, Paris and other capitals contrasted with the bickering and finger-pointing that characterized Europe’s response to the financial crisis a decade ago, which left economic scars that have still not fully healed.
Germany dropped its insistence on balanced budgets and said it would offer as much credit as businesses need to stay afloat. France promised to compensate citizens for lost wages. Italy was expected to introduce a multibillion-euro economic aid package. And the European Union said it would allow members to run bigger budget deficits than normally allowed.
But the sums committed by national leaders were for their own countries. It is still an open question how far other European countries will be willing to go to help Italy, which has been hit hardest by the virus but has limited resources to respond because of a weak economy and enormous debt load.
Delta will cut 40 percent of its flights over the next few months — more than it did after the 9/11 terrorist attacks — and is also parking up to to 300 planes, offering unpaid leaves, freezing hiring, scaling back its use of consultants and contractors and slashing capital spending by at least $2 billion for the year.Delta will cut 40 percent of its flights over the next few months — more than it did after the 9/11 terrorist attacks — and is also parking up to to 300 planes, offering unpaid leaves, freezing hiring, scaling back its use of consultants and contractors and slashing capital spending by at least $2 billion for the year.
Berkshire Hathaway said it would not allow shareholders to physically attend its May 2 annual meeting in Omaha, which will be streamed online. All special events around the meeting were canceled.Berkshire Hathaway said it would not allow shareholders to physically attend its May 2 annual meeting in Omaha, which will be streamed online. All special events around the meeting were canceled.
American consumers were slightly less confident in early March compared with a month ago, according to the latest University of Michigan consumer confidence index, reflecting early fears about the spread of coronavirus and its impact on the stock market.American consumers were slightly less confident in early March compared with a month ago, according to the latest University of Michigan consumer confidence index, reflecting early fears about the spread of coronavirus and its impact on the stock market.
Reporting was contributed by Alexandra Stevenson, Jeanna Smialek, Niraj Chokshi, Jim Tankersley, Cao Li, Matt Phillips, Amie Tsang, Carlos Tejada, Brooks Barnes, Tiffany Hsu, Mohammed Hadi and Katie Robertson. Reporting was contributed by Ron Lieber, Tara Siegel Bernard, Alexandra Stevenson, Jeanna Smialek, Niraj Chokshi, Jim Tankersley, Cao Li, Matt Phillips, Amie Tsang, Carlos Tejada, Brooks Barnes, Tiffany Hsu, Mohammed Hadi and Katie Robertson.