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Grim Economic Outlook Grips Markets as Stocks Plummet | Grim Economic Outlook Grips Markets as Stocks Plummet |
(about 7 hours later) | |
This briefing is no longer updating. Live coverage can be found here. | This briefing is no longer updating. Live coverage can be found here. |
Financial markets cratered on Monday, as investors were confronted with evidence that a steep decline in the world’s largest economies may have already begun. | Financial markets cratered on Monday, as investors were confronted with evidence that a steep decline in the world’s largest economies may have already begun. |
The sell-off began after the Federal Reserve took extraordinary steps on Sunday afternoon to bolster the American economy, signaling that it saw an economic crisis unfolding as businesses shut down and borders are closed to contain the coronavirus. The financial downdraft was global, with major benchmarks in Asia, Europe and the United States all falling on Monday. | The sell-off began after the Federal Reserve took extraordinary steps on Sunday afternoon to bolster the American economy, signaling that it saw an economic crisis unfolding as businesses shut down and borders are closed to contain the coronavirus. The financial downdraft was global, with major benchmarks in Asia, Europe and the United States all falling on Monday. |
Then came news that factory activity in China — one of the world’s largest economies — fell 13.5 percent last month compared with February of last year. Investment in China fell by roughly 25 percent. And one of the first bits of data for American economic activity in March, a gauge of manufacturing activity in New York State, showed a record one-month plunge in the measure, which fell to its lowest level since 2009. | Then came news that factory activity in China — one of the world’s largest economies — fell 13.5 percent last month compared with February of last year. Investment in China fell by roughly 25 percent. And one of the first bits of data for American economic activity in March, a gauge of manufacturing activity in New York State, showed a record one-month plunge in the measure, which fell to its lowest level since 2009. |
“Unfortunately, this is the new reality. This report is a harbinger of what is to come,” wrote economic analysts with the investment bank Jefferies in New York. | “Unfortunately, this is the new reality. This report is a harbinger of what is to come,” wrote economic analysts with the investment bank Jefferies in New York. |
The Trump administration released new public guidelines on Monday to slow the spread of the coronavirus, including closing schools and avoiding groups of more than 10 people, discretionary travel, bars, restaurants and food courts. | The Trump administration released new public guidelines on Monday to slow the spread of the coronavirus, including closing schools and avoiding groups of more than 10 people, discretionary travel, bars, restaurants and food courts. |
The S&P 500 fell 12 percent, its biggest drop since the coronavirus outbreak began to roil markets in the United States last month — and its worst daily decline since October 1987, when stocks plunged about 20 percent in what came to be known as Black Monday. For the technology heavy Nasdaq, the drop was its worst on record. | The S&P 500 fell 12 percent, its biggest drop since the coronavirus outbreak began to roil markets in the United States last month — and its worst daily decline since October 1987, when stocks plunged about 20 percent in what came to be known as Black Monday. For the technology heavy Nasdaq, the drop was its worst on record. |
Energy prices also slid sharply as investors factored in significant slowdowns in economic activity. | Energy prices also slid sharply as investors factored in significant slowdowns in economic activity. |
Global oil prices plunged to below $30 a barrel, the lowest level in more than four years. Oil has fallen by half since the start of the year, and some analysts predict that oil prices could drop below $20 a barrel in the coming weeks. | Global oil prices plunged to below $30 a barrel, the lowest level in more than four years. Oil has fallen by half since the start of the year, and some analysts predict that oil prices could drop below $20 a barrel in the coming weeks. |
The panic showed signs of abating as markets opened on Tuesday in Asia. Markets in Japan and Australia rose by more than 2 percent in early trading, while mainland Chinese stocks were modestly higher and Hong Kong was modestly lower. | The panic showed signs of abating as markets opened on Tuesday in Asia. Markets in Japan and Australia rose by more than 2 percent in early trading, while mainland Chinese stocks were modestly higher and Hong Kong was modestly lower. |
Goldman Sachs and Apple are granting one-month, interest-free payment waivers to people who hold the Apple credit card that the companies issue. | Goldman Sachs and Apple are granting one-month, interest-free payment waivers to people who hold the Apple credit card that the companies issue. |
All cardholders can enroll in the customer assistance program. Once they do so, they can skip their March payment and will not incur interest charges, the companies told cardholders on Sunday. The companies will not add the interest to the balance later on, and customers’ credit scores will not suffer if they participate. | All cardholders can enroll in the customer assistance program. Once they do so, they can skip their March payment and will not incur interest charges, the companies told cardholders on Sunday. The companies will not add the interest to the balance later on, and customers’ credit scores will not suffer if they participate. |
Other banks may make similar offers. The Federal Reserve and a group of financial regulators encouraged banks last week to “meet the financial needs of customers” and “work constructively” with those in “affected communities.” | Other banks may make similar offers. The Federal Reserve and a group of financial regulators encouraged banks last week to “meet the financial needs of customers” and “work constructively” with those in “affected communities.” |
JPMorgan Chase has also allowed some customers to skip a payment without incurring interest, a spokeswoman said. | JPMorgan Chase has also allowed some customers to skip a payment without incurring interest, a spokeswoman said. |
Goldman Sachs will be extending the same offer to customers with personal loans through its online bank, Marcus, in which it does not partner with Apple, Mr. Williams said. | Goldman Sachs will be extending the same offer to customers with personal loans through its online bank, Marcus, in which it does not partner with Apple, Mr. Williams said. |
The lobbying group for the biggest airlines in the United States on Monday called on the government to provide the industry more than $50 billion in emergency support in the form of grants, loan guarantees and tax relief. The group, Airlines for America, warned that the situation is not sustainable for the industry and that there is no end in sight to the crisis. | The lobbying group for the biggest airlines in the United States on Monday called on the government to provide the industry more than $50 billion in emergency support in the form of grants, loan guarantees and tax relief. The group, Airlines for America, warned that the situation is not sustainable for the industry and that there is no end in sight to the crisis. |
“This is a today problem, not a tomorrow problem,” said Nicholas E. Calio, chief executive of Airlines for America. “It requires urgent action.” | “This is a today problem, not a tomorrow problem,” said Nicholas E. Calio, chief executive of Airlines for America. “It requires urgent action.” |
Boeing confirmed on Monday that it had talked with the White House and Congress about gaining access to government assistance to weather the economic impact of the outbreak. | Boeing confirmed on Monday that it had talked with the White House and Congress about gaining access to government assistance to weather the economic impact of the outbreak. |
“We’re leveraging all our resources to sustain our operations,” a Boeing spokesman, Gordon Johndroe, said in a statement. | “We’re leveraging all our resources to sustain our operations,” a Boeing spokesman, Gordon Johndroe, said in a statement. |
The company recently cashed out a $13.8 billion loan and froze new hiring. The news that the company had drawn down on the loan, first reported by Bloomberg last week, sent the company’s shares tumbling. | The company recently cashed out a $13.8 billion loan and froze new hiring. The news that the company had drawn down on the loan, first reported by Bloomberg last week, sent the company’s shares tumbling. |
The airline industry group said that flight cancellations were outpacing new bookings and that the decline in demand was getting worse by the day. The request included $25 billion in grants for passenger carriers, $4 billion in grants for cargo, $25 billion in loan guarantees. | The airline industry group said that flight cancellations were outpacing new bookings and that the decline in demand was getting worse by the day. The request included $25 billion in grants for passenger carriers, $4 billion in grants for cargo, $25 billion in loan guarantees. |
Larry Kudlow, the director of the National Economic Council, said on Monday that “we’re in touch” with the airlines “about their balance sheets and their cash flow.” | Larry Kudlow, the director of the National Economic Council, said on Monday that “we’re in touch” with the airlines “about their balance sheets and their cash flow.” |
“We don’t see the airlines failing, but if they get into a cash crunch we’re going to try to help them,” he said. | “We don’t see the airlines failing, but if they get into a cash crunch we’re going to try to help them,” he said. |
In some places, public officials and private business owners moved with stunning speed. In others, paralyzing hesitancy, defiant bravado or blithe disregard dominated. But by Monday, everywhere there were signs that most of the American economy was scraping to an unparalleled halt. | In some places, public officials and private business owners moved with stunning speed. In others, paralyzing hesitancy, defiant bravado or blithe disregard dominated. But by Monday, everywhere there were signs that most of the American economy was scraping to an unparalleled halt. |
Across the country, bars and bookstores, gyms and nail salons, kindergarten classrooms and universities shut their doors. Major retailers from Apple to Lululemon to Patagonia have closed stores for two weeks, as have casino hotels in Las Vegas. | Across the country, bars and bookstores, gyms and nail salons, kindergarten classrooms and universities shut their doors. Major retailers from Apple to Lululemon to Patagonia have closed stores for two weeks, as have casino hotels in Las Vegas. |
Some companies are shutting stores to help prevent the spread of the virus. Others are cutting back because their customers are staying away. | Some companies are shutting stores to help prevent the spread of the virus. Others are cutting back because their customers are staying away. |
Updated June 24, 2020 | |
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. | |
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
Many companies have vowed to continue to pay workers who are not coming in, and Congress is working on legislation to help businesses cover costs. But it’s only a matter of time before layoffs start registering on the wider economy. | Many companies have vowed to continue to pay workers who are not coming in, and Congress is working on legislation to help businesses cover costs. But it’s only a matter of time before layoffs start registering on the wider economy. |
Challenger Gray & Christmas, an outplacement firm that tracks layoffs, said it had seen only a relative handful of coronavirus-related layoffs so far. | Challenger Gray & Christmas, an outplacement firm that tracks layoffs, said it had seen only a relative handful of coronavirus-related layoffs so far. |
“We anticipate more to come,” said Andrew Challenger, the firm’s vice president. Many probably won’t be announced and will be hard to track, at least in real-time, he said. “But they will definitely start happening fairly quickly.” | “We anticipate more to come,” said Andrew Challenger, the firm’s vice president. Many probably won’t be announced and will be hard to track, at least in real-time, he said. “But they will definitely start happening fairly quickly.” |
Some businesses are improvising. Starbucks is eliminating seating at all of its company-owned stores in the United States for at least the next two weeks to encourage social distancing. McDonald’s company-owned restaurants will close seating areas and shift to serving customers through drive-through, takeout and delivery. Stop & Shop stores will open earlier, 6 a.m. to 7:30 a.m. daily, to serve only customers who are age 60 and over. | Some businesses are improvising. Starbucks is eliminating seating at all of its company-owned stores in the United States for at least the next two weeks to encourage social distancing. McDonald’s company-owned restaurants will close seating areas and shift to serving customers through drive-through, takeout and delivery. Stop & Shop stores will open earlier, 6 a.m. to 7:30 a.m. daily, to serve only customers who are age 60 and over. |
And others are planning to keep their doors open, including a few retailers. Home Depot, which employs about 400,000 people at roughly 2,200 stores in the United States, was also open for business on Monday. Lowe’s, another big home improvement chain, said all of its more than 1,700 stores were open for business. | And others are planning to keep their doors open, including a few retailers. Home Depot, which employs about 400,000 people at roughly 2,200 stores in the United States, was also open for business on Monday. Lowe’s, another big home improvement chain, said all of its more than 1,700 stores were open for business. |
UPS, which employs some 413,000 people in the United States, was still processing packages and sending trucks for deliveries. Merck, the pharmaceutical company, was continuing to produce and distribute drugs from facilities spread out across nine states. | UPS, which employs some 413,000 people in the United States, was still processing packages and sending trucks for deliveries. Merck, the pharmaceutical company, was continuing to produce and distribute drugs from facilities spread out across nine states. |
Amazon said it would hire 100,000 new workers and raise pay by $2 an hour for many employees in response to a surge in delivery orders from people staying at home to combat the spread of the coronavirus. | Amazon said it would hire 100,000 new workers and raise pay by $2 an hour for many employees in response to a surge in delivery orders from people staying at home to combat the spread of the coronavirus. |
Amazon said the 100,000 new jobs would include both full and part-time positions across the United States to staff its warehouses and make deliveries. The company encouraged people who lost work as a result of coronavirus-related shutdowns and cancellations to apply. | Amazon said the 100,000 new jobs would include both full and part-time positions across the United States to staff its warehouses and make deliveries. The company encouraged people who lost work as a result of coronavirus-related shutdowns and cancellations to apply. |
“We also know many people have been economically impacted as jobs in areas like hospitality, restaurants, and travel are lost or furloughed as part of this crisis,” the company said in a news release. “We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back.” | “We also know many people have been economically impacted as jobs in areas like hospitality, restaurants, and travel are lost or furloughed as part of this crisis,” the company said in a news release. “We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back.” |
Amazon said it would also spend $350 million to raise pay by $2 or more an hour for workers staffing its enormous logistics operation in the United States, Britain and parts of Europe. The raises would last at least through April. In the United States, such workers start at $15 an hour. | Amazon said it would also spend $350 million to raise pay by $2 or more an hour for workers staffing its enormous logistics operation in the United States, Britain and parts of Europe. The raises would last at least through April. In the United States, such workers start at $15 an hour. |
The decline of the stock market, which hit a record high less than a month ago, has wiped out many of the gains that President Trump has crowed about throughout his presidency. | The decline of the stock market, which hit a record high less than a month ago, has wiped out many of the gains that President Trump has crowed about throughout his presidency. |
Mr. Trump’s victory in 2016, along with the Republican Party’s control of Congress, set off a surge in share prices as investors looked forward to the prospect of steep cuts to corporate tax rates and an administration stocked with industry-friendly faces. | Mr. Trump’s victory in 2016, along with the Republican Party’s control of Congress, set off a surge in share prices as investors looked forward to the prospect of steep cuts to corporate tax rates and an administration stocked with industry-friendly faces. |
In December 2017, Mr. Trump delivered a sweeping tax overhaul. By the following month, the S&P 500 was up more than 30 percent, and the gains kept coming for much of the year. For Mr. Trump, this was a surefire barometer of his success as president. | In December 2017, Mr. Trump delivered a sweeping tax overhaul. By the following month, the S&P 500 was up more than 30 percent, and the gains kept coming for much of the year. For Mr. Trump, this was a surefire barometer of his success as president. |
There was one other nasty dip along the way: In late 2018, investors grew increasingly worried about Mr. Trump’s trade war with China and the prospect that the Federal Reserve would raise interest rates. | There was one other nasty dip along the way: In late 2018, investors grew increasingly worried about Mr. Trump’s trade war with China and the prospect that the Federal Reserve would raise interest rates. |
Stocks climbed 28.9 percent last year, thanks largely to the Fed’s decision to reverse course. But that rally has unraveled in the past month. | Stocks climbed 28.9 percent last year, thanks largely to the Fed’s decision to reverse course. But that rally has unraveled in the past month. |
Though stocks have now given up most of their gains since the president was elected, the S&P 500 would have to fall another 12 percent for the entire Trump bump to be erased. | Though stocks have now given up most of their gains since the president was elected, the S&P 500 would have to fall another 12 percent for the entire Trump bump to be erased. |
Europe’s auto industry is coming to a standstill. PSA, the maker of Peugeot and Citroën cars, said it would suspend production at all of its factories in Europe. Renault is closing its French factories, idling 18,000 workers, and Fiat Chrysler is also shutting factories. | Europe’s auto industry is coming to a standstill. PSA, the maker of Peugeot and Citroën cars, said it would suspend production at all of its factories in Europe. Renault is closing its French factories, idling 18,000 workers, and Fiat Chrysler is also shutting factories. |
NBC confirmed on Monday that “Saturday Night Live” would remain dark until further notice. There were six scheduled episodes remaining this season, which normally ends in May. | NBC confirmed on Monday that “Saturday Night Live” would remain dark until further notice. There were six scheduled episodes remaining this season, which normally ends in May. |
Shares of the largest banks in the United States were hit particularly hard on Monday, with JPMorgan Chase, Bank of America and Morgan Stanley all down around 13 percent. On Sunday, the eight largest U.S. banks announced that they would suspend buybacks of their stock — a move that would help them keep cash on hand in case conditions in the financial markets grew unstable. | Shares of the largest banks in the United States were hit particularly hard on Monday, with JPMorgan Chase, Bank of America and Morgan Stanley all down around 13 percent. On Sunday, the eight largest U.S. banks announced that they would suspend buybacks of their stock — a move that would help them keep cash on hand in case conditions in the financial markets grew unstable. |
The falling price of crude is being reflected at the gasoline pump. The U.S. average price for regular gasoline fell 13 cents a gallon over the last week, according to the AAA motor club, to $2.25 a gallon. Eleven states now average below $2 a gallon. | The falling price of crude is being reflected at the gasoline pump. The U.S. average price for regular gasoline fell 13 cents a gallon over the last week, according to the AAA motor club, to $2.25 a gallon. Eleven states now average below $2 a gallon. |
Reporting was contributed by Ron Lieber, Peter S. Goodman, Amie Tsang, Jeanna Smialek, Niraj Chokshi, Ben Dooley, Isabella Kwai, Daniel Victor, Carlos Tejada, Clifford Krauss, Jim Tankersley, Peter Baker, Sapna Maheshwari, Natalie Kitroeff, Keith Bradsher, Ben Casselman, Vanessa Friedman, Jack Ewing, Stanley Reed, Jack Nicas, Liz Alderman, Brooks Barnes, Nicole Sperling, David Yaffe-Bellany and Matt Phillips. | Reporting was contributed by Ron Lieber, Peter S. Goodman, Amie Tsang, Jeanna Smialek, Niraj Chokshi, Ben Dooley, Isabella Kwai, Daniel Victor, Carlos Tejada, Clifford Krauss, Jim Tankersley, Peter Baker, Sapna Maheshwari, Natalie Kitroeff, Keith Bradsher, Ben Casselman, Vanessa Friedman, Jack Ewing, Stanley Reed, Jack Nicas, Liz Alderman, Brooks Barnes, Nicole Sperling, David Yaffe-Bellany and Matt Phillips. |