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Stocks Rebound From Monday’s Collapse Stocks Rebound From Monday’s Collapse
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This briefing is no longer updating. Live coverage can be found here.This briefing is no longer updating. Live coverage can be found here.
After suffering their worst day in decades, stocks bounced back on Tuesday as Washington policymakers talked up plans to try to cushion an economy careening toward a deep recession driven by the coronavirus outbreak.After suffering their worst day in decades, stocks bounced back on Tuesday as Washington policymakers talked up plans to try to cushion an economy careening toward a deep recession driven by the coronavirus outbreak.
The S&P 500 rose 6 percent, rebounding from a 12 percent collapse on Monday, which was its steepest drop since 1987.The S&P 500 rose 6 percent, rebounding from a 12 percent collapse on Monday, which was its steepest drop since 1987.
Early trading was unsteady, and stocks briefly fell into negative territory. They then surged after the Federal Reserve said it would use its emergency lending powers to try to keep credit flowing to households and businesses in the United States by buying up commercial paper. Shares in Europe also recovered from early losses to end higher.Early trading was unsteady, and stocks briefly fell into negative territory. They then surged after the Federal Reserve said it would use its emergency lending powers to try to keep credit flowing to households and businesses in the United States by buying up commercial paper. Shares in Europe also recovered from early losses to end higher.
The market for commercial paper is part of the normally invisible plumbing of the American financial system, but it had become frozen in recent days. Companies and financial entities borrow billions by issuing commercial paper to fund their operations and manage their daily cash flows.The market for commercial paper is part of the normally invisible plumbing of the American financial system, but it had become frozen in recent days. Companies and financial entities borrow billions by issuing commercial paper to fund their operations and manage their daily cash flows.
On Tuesday evening, the Fed announced yet another program intended to spur lending. The new Primary Dealers Credit Facility is similar to one the central bank unveiled in 2008 to help banks — known as primary dealers — that are conduits between the Fed, Treasury Department and broader financial system.On Tuesday evening, the Fed announced yet another program intended to spur lending. The new Primary Dealers Credit Facility is similar to one the central bank unveiled in 2008 to help banks — known as primary dealers — that are conduits between the Fed, Treasury Department and broader financial system.
Still, even if the financial system functions well, a daunting economic challenge continues to face the American economy, as the spread of the coronavirus forces federal, state and local officials to take simultaneous actions that will cut consumer spending. Such spending accounts for roughly 70 percent of American gross domestic product.Still, even if the financial system functions well, a daunting economic challenge continues to face the American economy, as the spread of the coronavirus forces federal, state and local officials to take simultaneous actions that will cut consumer spending. Such spending accounts for roughly 70 percent of American gross domestic product.
On Tuesday, economists from S&P Global Ratings wrote that they expected the United States’ economy to shrink by 1 percent in the first quarter, and 6 percent in the second quarter, putting the country in recession. That 6 percent drop would be the sharpest falloff in economic activity since 2008.On Tuesday, economists from S&P Global Ratings wrote that they expected the United States’ economy to shrink by 1 percent in the first quarter, and 6 percent in the second quarter, putting the country in recession. That 6 percent drop would be the sharpest falloff in economic activity since 2008.
Even as stocks gained, the trading on Tuesday reflected some of these concerns. The best performing parts of the market were traditionally defensive areas, such as the utilities and consumer staples, where investors typically hide out during trying economic times. Oil prices also fell.Even as stocks gained, the trading on Tuesday reflected some of these concerns. The best performing parts of the market were traditionally defensive areas, such as the utilities and consumer staples, where investors typically hide out during trying economic times. Oil prices also fell.
To address such expectations for deep economic weakness, Treasury Secretary Steven Mnuchin was pitching Republican senators for additional fiscal firepower on Tuesday, with the Trump administration preparing to ask for about $850 billion in additional stimulus to support the economy.To address such expectations for deep economic weakness, Treasury Secretary Steven Mnuchin was pitching Republican senators for additional fiscal firepower on Tuesday, with the Trump administration preparing to ask for about $850 billion in additional stimulus to support the economy.
“This is the type of news the market wants,” Ilya Feygin, managing director at the institutional brokerage firm WallachBeth, said in an email. “Aid to households and businesses and attacking the virus directly, not monetary gimmicks.”“This is the type of news the market wants,” Ilya Feygin, managing director at the institutional brokerage firm WallachBeth, said in an email. “Aid to households and businesses and attacking the virus directly, not monetary gimmicks.”
Congressional leaders and airlines on Tuesday started to negotiate a bailout for the industry, which has been hobbled by the coronavirus outbreak, a day after an airline association proposed more than $50 billion in federal grants and loans.Congressional leaders and airlines on Tuesday started to negotiate a bailout for the industry, which has been hobbled by the coronavirus outbreak, a day after an airline association proposed more than $50 billion in federal grants and loans.
The Trump administration has said that it wants to help airlines, and intends to include aid for them in a broader $850 billion package of economic stimulus measures it is proposing as a response to the outbreak. Separately, Democratic leaders in the House spoke with airline chief executives by phone Tuesday afternoon after hearing from Treasury Secretary Steven Mnuchin, who has been a central point of contact within the administration.The Trump administration has said that it wants to help airlines, and intends to include aid for them in a broader $850 billion package of economic stimulus measures it is proposing as a response to the outbreak. Separately, Democratic leaders in the House spoke with airline chief executives by phone Tuesday afternoon after hearing from Treasury Secretary Steven Mnuchin, who has been a central point of contact within the administration.
In Tuesday’s call, the airline executives and members of Congress specifically discussed limiting executive bonuses and shares buybacks and protecting employees from layoffs or furloughs. They also discussed protecting collective bargaining and reversing any union concessions when the industry recovers. The airlines indicated that furloughs would be a last resort, according to a person familiar with the call, but unauthorized to discuss it publicly.In Tuesday’s call, the airline executives and members of Congress specifically discussed limiting executive bonuses and shares buybacks and protecting employees from layoffs or furloughs. They also discussed protecting collective bargaining and reversing any union concessions when the industry recovers. The airlines indicated that furloughs would be a last resort, according to a person familiar with the call, but unauthorized to discuss it publicly.
Airlines for America, an industry association, asked the federal government on Monday for a $58 billion bailout, equally split between grants and loans and loan guarantees, for passenger and cargo airlines. It is also seeking help in the form of a temporary tax break.Airlines for America, an industry association, asked the federal government on Monday for a $58 billion bailout, equally split between grants and loans and loan guarantees, for passenger and cargo airlines. It is also seeking help in the form of a temporary tax break.
“Carriers are burning through cash as cancellations far outpace new bookings,” Katherine Estep, a spokeswoman for Airlines for America, said in a statement.“Carriers are burning through cash as cancellations far outpace new bookings,” Katherine Estep, a spokeswoman for Airlines for America, said in a statement.
In a sign of the stress on the industry, Moody’s on Tuesday downgraded the debt of Southwest Airlines, which borrowed $1 billion last week, and put it on watch for further downgrades. Moody’s said the carrier, the most consistently profitable U.S. airline, “remains vulnerable to the outbreak continuing to spread” and that the outbreak could depress travel demand through “at least June.”In a sign of the stress on the industry, Moody’s on Tuesday downgraded the debt of Southwest Airlines, which borrowed $1 billion last week, and put it on watch for further downgrades. Moody’s said the carrier, the most consistently profitable U.S. airline, “remains vulnerable to the outbreak continuing to spread” and that the outbreak could depress travel demand through “at least June.”
Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that the unemployment rate in the United States could approach 20 percent without the intervention of robust economic stimulus measures, according to people familiar with the discussion.Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that the unemployment rate in the United States could approach 20 percent without the intervention of robust economic stimulus measures, according to people familiar with the discussion.
The comments came while Mr. Mnuchin was making the White House’s pitch to lawmakers to back a $1 trillion fiscal stimulus package that would include $250 billion of checks being sent to Americans suffering from the fallout of the coronavirus epidemic.The comments came while Mr. Mnuchin was making the White House’s pitch to lawmakers to back a $1 trillion fiscal stimulus package that would include $250 billion of checks being sent to Americans suffering from the fallout of the coronavirus epidemic.
Mr. Mnuchin said that the jobless rate could go up by 5, 10 or 15 percentage points if there is no intervention, according to two people familiar with his comments. The jobless rate currently sits at 3.5 percent.Mr. Mnuchin said that the jobless rate could go up by 5, 10 or 15 percentage points if there is no intervention, according to two people familiar with his comments. The jobless rate currently sits at 3.5 percent.
Monica Crowley, a spokeswoman for Mr. Mnuchin, said that the Treasury secretary’s comments were not a projection and that because Congress was taking additional action, he did not believe the unemployment rate would reach 20 percent.Monica Crowley, a spokeswoman for Mr. Mnuchin, said that the Treasury secretary’s comments were not a projection and that because Congress was taking additional action, he did not believe the unemployment rate would reach 20 percent.
“During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case,” Ms. Crowley said in a statement.“During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case,” Ms. Crowley said in a statement.
Since World War II, the United States has never seen unemployment rise above 11 percent, the level it nearly reached in the recession of the early 1980s. It reached 10 percent, briefly, during the 2008 financial crisis.Since World War II, the United States has never seen unemployment rise above 11 percent, the level it nearly reached in the recession of the early 1980s. It reached 10 percent, briefly, during the 2008 financial crisis.
The Trump administration has spoken with large technology companies about how their access to geolocation data from smartphones can aid in the response to the coronavirus pandemic.The Trump administration has spoken with large technology companies about how their access to geolocation data from smartphones can aid in the response to the coronavirus pandemic.
At a recent meeting, a group of tech companies discussed the use of anonymous, aggregated geolocation data to respond to the spread of the virus with the White House and other administration officials, according to two people with knowledge of the matter. They also discussed how that would intersect with user privacy, the people said.
The Centers for Disease Control asked during the meeting about the prospect of using the data to track demand for hospitals around the country, which are expected to be deluged by patients, one of the people said. The conversations were first reported by The Washington Post.
Updated June 22, 2020Updated June 22, 2020
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.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
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.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
At a recent meeting, a group of tech companies discussed the use of anonymous, aggregated geolocation data to respond to the spread of the virus with the White House and other administration officials, according to two people with knowledge of the matter. They also discussed how that would intersect with user privacy, the people said.
The Centers for Disease Control asked during the meeting about the prospect of using the data to track demand for hospitals around the country, which are expected to be deluged by patients, one of the people said. The conversations were first reported by The Washington Post.
Facebook has also discussed with the U.S. government the maps it produces to track disasters using satellite and census data, said a company spokesman, Andy Stone. It is also working to provide nonprofit groups — which can work with local, state and federal authorities — with a second set of mapping tools that use smartphone location data that Facebook users can choose to share.Facebook has also discussed with the U.S. government the maps it produces to track disasters using satellite and census data, said a company spokesman, Andy Stone. It is also working to provide nonprofit groups — which can work with local, state and federal authorities — with a second set of mapping tools that use smartphone location data that Facebook users can choose to share.
The possible use of geolocation data raises questions about user privacy, especially as policymakers are increasingly asking about the power of major tech companies like Amazon, Facebook and Google.The possible use of geolocation data raises questions about user privacy, especially as policymakers are increasingly asking about the power of major tech companies like Amazon, Facebook and Google.
But analysis of aggregated data would be different from aggressive measures to track individual patients using their phones. In Israel, for example, the government has moved to use cellphone data to retrace the steps of virus patients.But analysis of aggregated data would be different from aggressive measures to track individual patients using their phones. In Israel, for example, the government has moved to use cellphone data to retrace the steps of virus patients.
Pressure mounted Tuesday for General Motors, Ford Motor and Fiat Chrysler to close their factories, while Europe’s auto manufacturing was brought virtually at a standstill after Daimler, Ford Motor and Nissan joined Volkswagen and most other major carmakers in shutting down.Pressure mounted Tuesday for General Motors, Ford Motor and Fiat Chrysler to close their factories, while Europe’s auto manufacturing was brought virtually at a standstill after Daimler, Ford Motor and Nissan joined Volkswagen and most other major carmakers in shutting down.
The United Automobile Workers union has called on the three Detroit carmakers to shut down manufacturing plants across the United States for two weeks to prevent the spread of the coronavirus, a request the companies have so far denied.The United Automobile Workers union has called on the three Detroit carmakers to shut down manufacturing plants across the United States for two weeks to prevent the spread of the coronavirus, a request the companies have so far denied.
In an email sent to U.A.W. members on Tuesday, the union’s president, Rory Gamble, said he had requested the shutdown in a meeting on Sunday with the chief executives of General Motors, Ford Motor, and Fiat Chrysler, based on the guidelines from the Centers for Disease Control and Prevention and the World Health Organization.In an email sent to U.A.W. members on Tuesday, the union’s president, Rory Gamble, said he had requested the shutdown in a meeting on Sunday with the chief executives of General Motors, Ford Motor, and Fiat Chrysler, based on the guidelines from the Centers for Disease Control and Prevention and the World Health Organization.
“Your U.A.W. leadership feels very strongly, and argued very strongly, that this is the most responsible course of action,” Mr. Gamble said in the email.“Your U.A.W. leadership feels very strongly, and argued very strongly, that this is the most responsible course of action,” Mr. Gamble said in the email.
The automakers have responded by taking actions to protect workers, such as extending down time between shifts to allow for sanitizing of equipment and common areas in the plants.The automakers have responded by taking actions to protect workers, such as extending down time between shifts to allow for sanitizing of equipment and common areas in the plants.
Jim Cain, a G.M. spokesman, said the company was trying to keep factory workers safe while being mindful of the potential economic impact of a broad shutdown and of the hardship employees could face if they were no longer earning paychecks.Jim Cain, a G.M. spokesman, said the company was trying to keep factory workers safe while being mindful of the potential economic impact of a broad shutdown and of the hardship employees could face if they were no longer earning paychecks.
In Europe, Ford said the suspension would take effect Thursday and last “for a number of weeks” depending on the spread of the pandemic, as well as disruptions to supply chains, government restrictions on travel, and declines in sales.In Europe, Ford said the suspension would take effect Thursday and last “for a number of weeks” depending on the spread of the pandemic, as well as disruptions to supply chains, government restrictions on travel, and declines in sales.
Facebook announced a $100 million grant program for small businesses around the world that are affected by the coronavirus outbreak. The company said in a blog post that it would begin accepting applications in the coming weeks.Facebook announced a $100 million grant program for small businesses around the world that are affected by the coronavirus outbreak. The company said in a blog post that it would begin accepting applications in the coming weeks.
Macy’s said on Tuesday that it would close all its stores, including Bloomingdale’s, through March 31. The company added that it would provide benefits and compensation to its work force.Macy’s said on Tuesday that it would close all its stores, including Bloomingdale’s, through March 31. The company added that it would provide benefits and compensation to its work force.
Reporting was contributed by David McCabe, Cecilia Kang, Alan Rappeport, Nicholas Fandos, Alexandra Stevenson, Julie Creswell, Neal Boudette, Jack Ewing, Jeanna Smialek, Ben Casselman, Matthew Goldstein, Jim Tankersley, Niraj Chokshi, Sapna Maheshwari, Liz Alderman, Michael Corkery, Jack Nicas, Daniel Victor, Kevin Granville and Carlos Tejada.Reporting was contributed by David McCabe, Cecilia Kang, Alan Rappeport, Nicholas Fandos, Alexandra Stevenson, Julie Creswell, Neal Boudette, Jack Ewing, Jeanna Smialek, Ben Casselman, Matthew Goldstein, Jim Tankersley, Niraj Chokshi, Sapna Maheshwari, Liz Alderman, Michael Corkery, Jack Nicas, Daniel Victor, Kevin Granville and Carlos Tejada.