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Stock Markets Rise, Showing Cautious Optimism: Live Updates Stock Markets Dip as Investors Remain Cautious: Live Updates
(30 minutes later)
European stock markets were trading higher on Tuesday following Monday’s big rise on Wall Street, reflecting cautious optimism over government efforts to blunt the economic damage from the coronavirus. U.S. stock futures dipped and European indexes were unsteady on Tuesday as investors remained uncertain following a period of staggering volatility in financial markets in the wake of the coronavirus pandemic.
Stock indexes were 1 percent to 2 percent higher in markets throughout Europe, following a generally positive trading day in Asia. Futures markets were predicting a modest rise on Wall Street when it opens later in the day. Futures for the S&P 500 signaled a downbeat opening on Wall Street.
On Monday in the United States, the S&P 500 climbed more than 3 percent, adding to a strong showing last week. It followed a rise on Wall Street on Monday, when the S&P 500 climbed more than 3 percent. Last week, markets also had a strong showing, with the S&P up 10 percent after a three-day run that was its best since 1933, amid relief over Washington’s $2 trillion spending plan.
Other signs of cheer could be found in other markets. Oil futures rose on Tuesday after tumbling to their lowest levels since 2002. Oil prices offer a handy gauge of how investors expect the economy to perform. The price of gold, long considered a safe place to park money, fell in Tuesday trading. Prices for longer-term U.S. Treasury bonds, another safe haven, also fell. In Europe, stock indexes were 1 percent to 2 percent higher before paring most of their gains on Tuesday, following a generally positive trading day in Asia.
Still, signs of worry were not far away. An index that tracks stock market volatility, known as VIX, fell on Monday in the United States but remains at historically high levels. Signs of cheer could be found in other markets. Oil futures rose after tumbling to their lowest levels since 2002. Oil prices offer a gauge of how investors expect the economy to perform. The price of gold, long considered a safe place to park money, fell in Tuesday trading. Prices for longer-term U.S. Treasury bonds, another safe haven, also fell.
In Japan, the Nikkei 225 index fell 0.9 percent, but other markets in the Asia-Pacific region rose modestly. The Kospi index in South Korea rose 2.2 percent. In China, the Shanghai Composite index edged up by 0.1 percent. And the Hang Seng Index in Hong Kong closed 1.9 percent higher. Yet concerns linger. An index that tracks stock market volatility, known as VIX, fell on Monday in the United States but remains at historically high levels.
Pennsylvania’s economy was buoyed during the Great Recession when energy companies discovered a way to get at the state’s vast natural-gas reserves, investing billions of dollars in the region.Pennsylvania’s economy was buoyed during the Great Recession when energy companies discovered a way to get at the state’s vast natural-gas reserves, investing billions of dollars in the region.
But as they brace for the coronavirus recession, natural-gas companies are much more likely to weigh on the local economy than to rescue it.But as they brace for the coronavirus recession, natural-gas companies are much more likely to weigh on the local economy than to rescue it.
Even before the latest shock, gas operators were reeling from self-inflicted wounds. They had taken on too much debt and drilled so many wells that they had flooded the market with gas, sending its price into a tailspin.Even before the latest shock, gas operators were reeling from self-inflicted wounds. They had taken on too much debt and drilled so many wells that they had flooded the market with gas, sending its price into a tailspin.
Many local businesspeople and residents expect the energy industry to remain an important part of their economy for years to come.Many local businesspeople and residents expect the energy industry to remain an important part of their economy for years to come.
But there are strong signs that this natural-gas shakeout could grind on longer than others. And if it does turn into a rout that leads to large layoffs and business closures, Pennsylvania may have to reassess its great shale experiment.But there are strong signs that this natural-gas shakeout could grind on longer than others. And if it does turn into a rout that leads to large layoffs and business closures, Pennsylvania may have to reassess its great shale experiment.
Stocks on Wall Street rose on Monday as investors bid up shares of health care companies as they reported progress on products that could help with the coronavirus outbreak.
The S&P 500 climbed more than 3 percent, adding to a strong showing last week. The S&P 500 had risen 10 percent last week after a three-day run that was its best since 1933, amid relief over Washington’s $2 trillion spending plan.
But there were lingering signs of caution in the financial markets. Most notably, oil prices tumbled to their lowest levels since 2002.
And in the stock market, Monday’s rally came on relatively light volume, said Matt Maley, chief market strategist at Miller Tabak, a trading and asset management firm. That suggests a lack of conviction among investors, he said.
“It’s a little bit of lack of confidence,” said Mr. Maley, “And you can’t blame them after what’s happened.”
In the oil market, brent crude, the international benchmark, fell more than 6 percent to roughly $26 a barrel on Monday. West Texas Intermediate, the U.S. benchmark, was down more than 5 percent with prices hovering around $20.25 in early afternoon trading. Earlier in the morning the price had briefly dropped below $20 a barrel, a level not seen in almost 20 years.
Zoom, the popular videoconferencing app whose traffic has surged amid the coronavirus pandemic, is under scrutiny by the office of New York’s attorney general, Letitia James, for its data privacy and security practices.Zoom, the popular videoconferencing app whose traffic has surged amid the coronavirus pandemic, is under scrutiny by the office of New York’s attorney general, Letitia James, for its data privacy and security practices.
The attorney general’s office sent a letter to Zoom on Monday asking what, if any, new security measures the company had put in place to handle increased traffic on its network and to detect hackers, according to a copy reviewed by The New York Times.The attorney general’s office sent a letter to Zoom on Monday asking what, if any, new security measures the company had put in place to handle increased traffic on its network and to detect hackers, according to a copy reviewed by The New York Times.
The letter referred to Zoom as “an essential and valuable communications platform,” but it outlined several concerns, noting that the company had been slow to address security flaws such as vulnerabilities that have allowed malicious users to invade videoconferences held on the service, a practice known as Zoombombing.The letter referred to Zoom as “an essential and valuable communications platform,” but it outlined several concerns, noting that the company had been slow to address security flaws such as vulnerabilities that have allowed malicious users to invade videoconferences held on the service, a practice known as Zoombombing.
Facebook and Twitter took down posts featuring Brazil’s president, Jair Bolsonaro, over the past two days after he claimed that the anti-malaria drug hydroxychloroquine was a “cure everywhere” for the coronavirus and called for an end to social distancing and shelter-in-place measures in Brazil.Facebook and Twitter took down posts featuring Brazil’s president, Jair Bolsonaro, over the past two days after he claimed that the anti-malaria drug hydroxychloroquine was a “cure everywhere” for the coronavirus and called for an end to social distancing and shelter-in-place measures in Brazil.
Mr. Bolsonaro had posted the videos, which showed him talking to street vendors in the Taguatinga district of Brasília, Brazil’s capital, to Twitter, Facebook and Instagram on Sunday. The New York Times has reported that there is no proof that the drug is effective against the virus.Mr. Bolsonaro had posted the videos, which showed him talking to street vendors in the Taguatinga district of Brasília, Brazil’s capital, to Twitter, Facebook and Instagram on Sunday. The New York Times has reported that there is no proof that the drug is effective against the virus.
Twitter took down the videos on Sunday. The videos on Facebook and Instagram were taken down on Monday evening. The companies said the posts violated their policies for spreading misinformation that could also lead to physical harm.Twitter took down the videos on Sunday. The videos on Facebook and Instagram were taken down on Monday evening. The companies said the posts violated their policies for spreading misinformation that could also lead to physical harm.
But the moves were unusual for the tech companies, which have long been hesitant to remove posts from world leaders, even when they walk the line of disinformation. The companies have said posts from world leaders are newsworthy.But the moves were unusual for the tech companies, which have long been hesitant to remove posts from world leaders, even when they walk the line of disinformation. The companies have said posts from world leaders are newsworthy.
Twitter deleted a post by President Nicolás Maduro of Venezuela last week, in which Mr. Maduro promoted a “brew” that he claimed could cure coronavirus. President Trump has previously posted that hydroxychloroquine showed “tremendous promise,” which the social media companies said did not violate their policies because there was not a clear call to action that would cause the public any harm.Twitter deleted a post by President Nicolás Maduro of Venezuela last week, in which Mr. Maduro promoted a “brew” that he claimed could cure coronavirus. President Trump has previously posted that hydroxychloroquine showed “tremendous promise,” which the social media companies said did not violate their policies because there was not a clear call to action that would cause the public any harm.
British supermarkets had their best month on record in March, as panicked shoppers emptied supermarket shelves and hoarded goods, according to the latest report from Kantar, a London-based data and consulting firm.British supermarkets had their best month on record in March, as panicked shoppers emptied supermarket shelves and hoarded goods, according to the latest report from Kantar, a London-based data and consulting firm.
Sales surged nearly 21 percent compared with the same month a year ago.Sales surged nearly 21 percent compared with the same month a year ago.
“It’s inevitable that shoppers will add extra items to their baskets when faced with restrictions on their movement and possible isolation if one of them becomes unwell,” said head of Kantar’s retail and consumer insight, Fraser McKevitt. “But many families are also adjusting to having more mouths to feed.”“It’s inevitable that shoppers will add extra items to their baskets when faced with restrictions on their movement and possible isolation if one of them becomes unwell,” said head of Kantar’s retail and consumer insight, Fraser McKevitt. “But many families are also adjusting to having more mouths to feed.”
Figures indicate that households spent approximately 63 pounds, or about $78, more throughout the month. Alcohol sales surged 22 percent, driven partly by the forced closure of pubs and restaurants on March 20.Figures indicate that households spent approximately 63 pounds, or about $78, more throughout the month. Alcohol sales surged 22 percent, driven partly by the forced closure of pubs and restaurants on March 20.
Huawei, the Chinese technology giant, said its sales worldwide last year came in at $123 billion, an increase of nearly one-fifth over 2018. The solid growth came despite a wide-ranging crackdown on the company by the U.S. government, which says Huawei is a national security menace. Company executives declined to give a specific forecast of how the pandemic might affect this year’s financial results.Huawei, the Chinese technology giant, said its sales worldwide last year came in at $123 billion, an increase of nearly one-fifth over 2018. The solid growth came despite a wide-ranging crackdown on the company by the U.S. government, which says Huawei is a national security menace. Company executives declined to give a specific forecast of how the pandemic might affect this year’s financial results.
American Airlines plans to apply for some of the $50 billion airline bailout included in the federal stimulus that was signed into law last week, its chief executive and president said in a memo to staff. The airline expects to receive $12 billion, some of which will be used to pay employees through September.American Airlines plans to apply for some of the $50 billion airline bailout included in the federal stimulus that was signed into law last week, its chief executive and president said in a memo to staff. The airline expects to receive $12 billion, some of which will be used to pay employees through September.
Virgin Australia said it would ask for $1.4 billion Australian dollars ($866 million) in bailout money from the government.Virgin Australia said it would ask for $1.4 billion Australian dollars ($866 million) in bailout money from the government.
Facebook announced on Monday that it would give out $25 million in grants to local news organizations and spend $75 million in marketing that will go to news outlets internationally. Campbell Brown, a Facebook vice president, acknowledged in an interview that the company, whose huge chunk of online ad revenue helped dent media companies’ business models in the first place, felt a “responsibility” to help out.Facebook announced on Monday that it would give out $25 million in grants to local news organizations and spend $75 million in marketing that will go to news outlets internationally. Campbell Brown, a Facebook vice president, acknowledged in an interview that the company, whose huge chunk of online ad revenue helped dent media companies’ business models in the first place, felt a “responsibility” to help out.
Reporting was contributed by Carlos Tejada, Raymond Zhong, Peter Eavis, Davey Alba, Sheera Frenkel, Kate Conger, Ernesto Londono and Daniel Victor. Reporting was contributed by Carlos Tejada, Raymond Zhong, Peter Eavis, Davey Alba, Sheera Frenkel, Geneva Abdul, Kate Conger, Ernesto Londono and Daniel Victor.