'Stocks Surge as Oil Prices Rally' diff viewer (4/5)

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~~Stocks Surge as Oil Prices Rally: Live Updates~~	Stocks Surge as Oil Prices Rally
2020-05-18 22:18:12 UTC	2020-05-19 06:42:23 UTC (about 8 hours later)
	This briefing has ended. Follow live market developments here.
Many of the world’s economies have begun to loosen restrictions on commerce, the Federal Reserve chair on Sunday signaled that the central bank has more firepower to lend to recovery efforts, and a drugmaker reported positive developments in an early trial of a coronavirus vaccine.	Many of the world’s economies have begun to loosen restrictions on commerce, the Federal Reserve chair on Sunday signaled that the central bank has more firepower to lend to recovery efforts, and a drugmaker reported positive developments in an early trial of a coronavirus vaccine.
Taken together, the developments set off a surge in global stock prices and Wall Street had its best day in about six weeks.	Taken together, the developments set off a surge in global stock prices and Wall Street had its best day in about six weeks.
The S&P 500 rose more than 3 percent Monday, while stock benchmarks in Europe were 4 percent to 6 percent higher.	The S&P 500 rose more than 3 percent Monday, while stock benchmarks in Europe were 4 percent to 6 percent higher.
Before trading began in the United States, the drugmaker Moderna said its coronavirus vaccine showed promising early results in tests on humans. The early-stage tests were on just eight people, but the hope that a vaccine might be quickly developed was enough to give stock prices a lift.	Before trading began in the United States, the drugmaker Moderna said its coronavirus vaccine showed promising early results in tests on humans. The early-stage tests were on just eight people, but the hope that a vaccine might be quickly developed was enough to give stock prices a lift.
Also bolstering markets was a pledge from Jerome H. Powell, the Fed chair, that there was “really no limit” to what the central bank could do with its emergency lending facilities.	Also bolstering markets was a pledge from Jerome H. Powell, the Fed chair, that there was “really no limit” to what the central bank could do with its emergency lending facilities.
“The one thing I can absolutely guarantee is that the Federal Reserve will be doing everything we can to support the people we serve,” Mr. Powell said during a television interview broadcast on Sunday.	“The one thing I can absolutely guarantee is that the Federal Reserve will be doing everything we can to support the people we serve,” Mr. Powell said during a television interview broadcast on Sunday.
The Fed chair also suggested that the worst economic readings were yet to come, even as states begin to gradually reopen. He said that he expected “a couple more months” of job losses and acknowledged that the unemployment rate, which hit 14.7 percent in April, could peak at 20 percent or even 25 percent.	The Fed chair also suggested that the worst economic readings were yet to come, even as states begin to gradually reopen. He said that he expected “a couple more months” of job losses and acknowledged that the unemployment rate, which hit 14.7 percent in April, could peak at 20 percent or even 25 percent.
Still, investors were looking for silver linings as the world grapples with lockdowns and other restrictions. Japan released economic figures on Monday that showed its economy formally fell into recession, but Tokyo has begun easing some of its containment efforts. Some restrictions have also been lifted in parts of Europe and the United States.	Still, investors were looking for silver linings as the world grapples with lockdowns and other restrictions. Japan released economic figures on Monday that showed its economy formally fell into recession, but Tokyo has begun easing some of its containment efforts. Some restrictions have also been lifted in parts of Europe and the United States.
And trading on Monday had all the characteristics of a rally focused on the prospects for a return to normal. Shares of companies that stand to gain the most, like United Airlines, Expedia Group and Marriott ~~International~~ were among the best performers in the S&P 500.	And trading on Monday had all the characteristics of a rally focused on the prospects for a return to normal. Shares of companies that stand to gain the most, like United Airlines, Expedia Group and Marriott International, were among the best performers in the S&P 500.
Businesses that have benefited as Americans stockpiled food and cleaning supplies, like Campbell Soup and Clorox, were among a small number of decliners.	Businesses that have benefited as Americans stockpiled food and cleaning supplies, like Campbell Soup and Clorox, were among a small number of decliners.
Oil prices also reflected optimism about the economy, with West Texas Intermediate, the U.S. benchmark, rising above $30 a barrel for the first time since March. Shares of energy companies like Chevron and Exxon were also sharply higher.	Oil prices also reflected optimism about the economy, with West Texas Intermediate, the U.S. benchmark, rising above $30 a barrel for the first time since March. Shares of energy companies like Chevron and Exxon were also sharply higher.
Jerome H. Powell, the chair of the Federal Reserve, will tell members of Congress that the central bank stands ready to do what it can to help the American economy make it through the sharp downturn underway.	Jerome H. Powell, the chair of the Federal Reserve, will tell members of Congress that the central bank stands ready to do what it can to help the American economy make it through the sharp downturn underway.
“The scope and speed of this downturn are without modern precedent and are significantly worse than any recession since World War II,” Mr. Powell said in prepared testimony that he is scheduled to deliver to the Senate Banking Committee on Tuesday.	“The scope and speed of this downturn are without modern precedent and are significantly worse than any recession since World War II,” Mr. Powell said in prepared testimony that he is scheduled to deliver to the Senate Banking Committee on Tuesday.
He added that the Fed was “committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.”	He added that the Fed was “committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.”
Mr. Powell will testify alongside Treasury Secretary Steven Mnuchin. The pair will explain to senators what they are doing with a $500 billion congressional appropriation in the CARES Act that was primarily meant to back up Fed emergency lending programs, which can keep credit flowing to businesses and local governments in times of crisis.	Mr. Powell will testify alongside Treasury Secretary Steven Mnuchin. The pair will explain to senators what they are doing with a $500 billion congressional appropriation in the CARES Act that was primarily meant to back up Fed emergency lending programs, which can keep credit flowing to businesses and local governments in times of crisis.
Mr. Powell noted that one program — the Main Street facility, which is intended to lend to midsize businesses and which has been a particular focus of lawmaker concern — has been revised to count in a broader set of counterparties and could be revised further.	Mr. Powell noted that one program — the Main Street facility, which is intended to lend to midsize businesses and which has been a particular focus of lawmaker concern — has been revised to count in a broader set of counterparties and could be revised further.
The changes made already “should help the program meet the needs of a wider range of employers that may need bridge financing to support their operations and the economic recovery,” he said. “We will continue to adjust facilities as we learn more.”	The changes made already “should help the program meet the needs of a wider range of employers that may need bridge financing to support their operations and the economic recovery,” he said. “We will continue to adjust facilities as we learn more.”
WeWork, the office space giant that was struggling even before the coronavirus shut down much of the economy, is asking landlords for a break on its huge rent bill as it tries to survive the pandemic.	WeWork, the office space giant that was struggling even before the coronavirus shut down much of the economy, is asking landlords for a break on its huge rent bill as it tries to survive the pandemic.
Some of the company’s small-business customers are also seeking relief on the rent they owe. But they say WeWork has been unwilling to cut them much slack as they grapple with plunging revenues and stay-at-home orders that prevent them from using the company’s sleek spaces.	Some of the company’s small-business customers are also seeking relief on the rent they owe. But they say WeWork has been unwilling to cut them much slack as they grapple with plunging revenues and stay-at-home orders that prevent them from using the company’s sleek spaces.
Klint Briney, who runs a marketing company in Los Angeles, was disappointed that WeWork only offered to defer one month’s rent. Because much of his business comes from live events, his revenue is a fraction of what it was a year ago.	Klint Briney, who runs a marketing company in Los Angeles, was disappointed that WeWork only offered to defer one month’s rent. Because much of his business comes from live events, his revenue is a fraction of what it was a year ago.
“Something that was a legitimate offer, I certainly would have entertained,” he said. “What they offered was a slap in the face.”	“Something that was a legitimate offer, I certainly would have entertained,” he said. “What they offered was a slap in the face.”
The tension between WeWork, its landlords and its customers highlights the problems gripping the market for office space, a huge part of the economies of big cities. In the coming months, many tenants will be unable or unwilling to pay their rent. And landlords will have to decide whether to grant them relief, wait for them to make good on their arrears or seek to evict them. Banks and investors who lent money to property owners will face similar choices.	The tension between WeWork, its landlords and its customers highlights the problems gripping the market for office space, a huge part of the economies of big cities. In the coming months, many tenants will be unable or unwilling to pay their rent. And landlords will have to decide whether to grant them relief, wait for them to make good on their arrears or seek to evict them. Banks and investors who lent money to property owners will face similar choices.
J.C. Penney, the 118-year-old retailer that filed for bankruptcy on Friday, said on Monday that it planned to close about 242 stores — 30 percent of its locations — as part of its restructuring plan. The move will leave J.C. Penney with 604 stores.	J.C. Penney, the 118-year-old retailer that filed for bankruptcy on Friday, said on Monday that it planned to close about 242 stores — 30 percent of its locations — as part of its restructuring plan. The move will leave J.C. Penney with 604 stores.
The retailer also aims to have its e-commerce business account for more than one-quarter of its revenue within the next few years, up from 14 percent last year, according to a filing that included a presentation outlining J.C. Penney’s business plan.	The retailer also aims to have its e-commerce business account for more than one-quarter of its revenue within the next few years, up from 14 percent last year, according to a filing that included a presentation outlining J.C. Penney’s business plan.
The company said in the filing that it would close 192 stores this year and close and sell 50 stores that it owns next year. The stores it plans to keep operating accounted for 82 percent of J.C. Penney’s most recent annual revenue and represent “the highest sales-generating, most profitable, and most productive stores in the network.”	The company said in the filing that it would close 192 stores this year and close and sell 50 stores that it owns next year. The stores it plans to keep operating accounted for 82 percent of J.C. Penney’s most recent annual revenue and represent “the highest sales-generating, most profitable, and most productive stores in the network.”
J.C. Penney is planning to lose about half of its overall sales this year for annual revenue of about $5.1 billion. The retailer said it thinks it can expand its e-commerce sales to $2.3 billion in fiscal 2024, which would make up 26 percent of its business.	J.C. Penney is planning to lose about half of its overall sales this year for annual revenue of about $5.1 billion. The retailer said it thinks it can expand its e-commerce sales to $2.3 billion in fiscal 2024, which would make up 26 percent of its business.
The retailer said it would reduce expenses by having fewer workers, lowering ad spending and cutting administrative costs, as well as cutting “bonus/equity and benefits.”	The retailer said it would reduce expenses by having fewer workers, lowering ad spending and cutting administrative costs, as well as cutting “bonus/equity and benefits.”
Black and Latino business owners are struggling to get government assistance under the Paycheck Protection Program, a new survey has found, and many say they are on the brink of closing permanently.	Black and Latino business owners are struggling to get government assistance under the Paycheck Protection Program, a new survey has found, and many say they are on the brink of closing permanently.
The survey, conducted by the Global Strategy Group for two equal-rights organizations, Color of Change and UnidosUS, included interviews with 500 business owners and 1,200 workers from April 30 to May 11. Just 12 percent of the owners who applied for government-backed loans in the $650 billion program reported receiving what they had asked for, and nearly half of all owners said they anticipated having to permanently close in the next six months.	The survey, conducted by the Global Strategy Group for two equal-rights organizations, Color of Change and UnidosUS, included interviews with 500 business owners and 1,200 workers from April 30 to May 11. Just 12 percent of the owners who applied for government-backed loans in the $650 billion program reported receiving what they had asked for, and nearly half of all owners said they anticipated having to permanently close in the next six months.
By comparison, in a survey of small businesses by the Census Bureau from April 26 to May 2, three-quarters said they had asked for a loan and 38 percent of them said they had received one.	By comparison, in a survey of small businesses by the Census Bureau from April 26 to May 2, three-quarters said they had asked for a loan and 38 percent of them said they had received one.
This month, the federal government said it would borrow a record-breaking $3 trillion from April to June to help businesses and workers get through the coronavirus-induced recession. In April alone, the United States recorded a larger budget deficit in a single month than it did for all of the 2017 fiscal year, a total of $738 billion.	This month, the federal government said it would borrow a record-breaking $3 trillion from April to June to help businesses and workers get through the coronavirus-induced recession. In April alone, the United States recorded a larger budget deficit in a single month than it did for all of the 2017 fiscal year, a total of $738 billion.
Running such a large deficit would have been politically untenable just a year ago; since the end of World War II, economists have often warned that doing so would risk runaway inflation and possibly unsustainable tax hikes on future generations. But now, even some of the country’s most ardent deficit hawks have watched the debt pile up and said: More, please.	Running such a large deficit would have been politically untenable just a year ago; since the end of World War II, economists have often warned that doing so would risk runaway inflation and possibly unsustainable tax hikes on future generations. But now, even some of the country’s most ardent deficit hawks have watched the debt pile up and said: More, please.
The coronavirus pandemic has brought a new sort of deficit scolding to Capitol Hill, with economists and lawmakers warning that the United States is not borrowing enough to carry the nation through a debilitating recession that could turn into a second Great Depression.	The coronavirus pandemic has brought a new sort of deficit scolding to Capitol Hill, with economists and lawmakers warning that the United States is not borrowing enough to carry the nation through a debilitating recession that could turn into a second Great Depression.
A legion of economists, Federal Reserve officials and even some of the most outspoken proponents of deficit reduction in recent years are now urging Congress and President Trump to continue spending trillions of dollars to prevent a long-term collapse in business activity and prolonged joblessness.	A legion of economists, Federal Reserve officials and even some of the most outspoken proponents of deficit reduction in recent years are now urging Congress and President Trump to continue spending trillions of dollars to prevent a long-term collapse in business activity and prolonged joblessness.
Every financial services company has a coronavirus relief page on its website right now, filled with reassuring language about the assistance on offer. Federal laws and regulations are supposed to make it easier to get help.	Every financial services company has a coronavirus relief page on its website right now, filled with reassuring language about the assistance on offer. Federal laws and regulations are supposed to make it easier to get help.
But if you’re wary of the corporations riding to your rescue — or even if you’re not — you need to protect yourself, writes Ron Lieber. Memorialize every single thing they tell or promise you.	But if you’re wary of the corporations riding to your rescue — or even if you’re not — you need to protect yourself, writes Ron Lieber. Memorialize every single thing they tell or promise you.
One unfortunate lesson from recessions past is that companies and consumers often disagree about what help they settled on and under what terms. Absent written proof or recorded phone calls, struggling consumers are at a disadvantage years later when assistance turns out to be fleeting or illusory.	One unfortunate lesson from recessions past is that companies and consumers often disagree about what help they settled on and under what terms. Absent written proof or recorded phone calls, struggling consumers are at a disadvantage years later when assistance turns out to be fleeting or illusory.