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Stocks Rise on Hopes for Economic Recovery Stocks Rise on Hopes for Economic Recovery
(3 days later)
This briefing has ended. Follow live updates on the coronavirus here.This briefing has ended. Follow live updates on the coronavirus here.
Wall Street’s focus was on economic recovery Tuesday, and stocks rallied along with crude oil prices.Wall Street’s focus was on economic recovery Tuesday, and stocks rallied along with crude oil prices.
The S&P 500 rose more than 1 percent, with shares of companies most likely to benefit from the lifting of restrictions on travel and commerce faring well. Shares of Delta Air Lines, United Airlines and other big carriers rose, as did Marriott International.The S&P 500 rose more than 1 percent, with shares of companies most likely to benefit from the lifting of restrictions on travel and commerce faring well. Shares of Delta Air Lines, United Airlines and other big carriers rose, as did Marriott International.
Oil prices have been climbing all month as the restarting of factories and resumption of travel raised expectations that demand would rise. On Tuesday, West Texas intermediate crude rose another 3 percent, and shares of companies in the energy industry, like Chevron and Halliburton, were also higher.Oil prices have been climbing all month as the restarting of factories and resumption of travel raised expectations that demand would rise. On Tuesday, West Texas intermediate crude rose another 3 percent, and shares of companies in the energy industry, like Chevron and Halliburton, were also higher.
It’s been a turbulent period for stocks, with the S&P 500 alternating between gains to losses on a daily basis last week, as expectations for an eventual recovery from the coronavirus pandemic have squared off against the reality that the damage is still severe and likely to continue for some time.It’s been a turbulent period for stocks, with the S&P 500 alternating between gains to losses on a daily basis last week, as expectations for an eventual recovery from the coronavirus pandemic have squared off against the reality that the damage is still severe and likely to continue for some time.
News of progress on vaccine development — even if small scale and early stage — has been one factor fueling the gains.News of progress on vaccine development — even if small scale and early stage — has been one factor fueling the gains.
Tuesday was no exception, after the biotech company Novavax said on Monday that it was starting trials of its vaccine on humans, with preliminary results expected in July. On Tuesday, the pharmaceutical giant Merck said it bought the rights to develop a potential drug that had “potent antiviral properties against multiple coronavirus strains,” and was also beginning work on vaccine candidates.Tuesday was no exception, after the biotech company Novavax said on Monday that it was starting trials of its vaccine on humans, with preliminary results expected in July. On Tuesday, the pharmaceutical giant Merck said it bought the rights to develop a potential drug that had “potent antiviral properties against multiple coronavirus strains,” and was also beginning work on vaccine candidates.
The reopening of businesses has been another. One largely symbolic opening on Tuesday was that of the New York Stock Exchange’s trading floor. A small number of traders returned to the floor, wearing masks and following social-distancing rules, the exchange said.The reopening of businesses has been another. One largely symbolic opening on Tuesday was that of the New York Stock Exchange’s trading floor. A small number of traders returned to the floor, wearing masks and following social-distancing rules, the exchange said.
Shares in Europe and Asia were also higher as investors shrugged off negative news like rising tensions between the United States and China and the combustible political situation in Hong Kong. Instead, they focused on Japanese leaders gradually lifting emergency measures there, while European leaders have also moved to ease travel restrictions.Shares in Europe and Asia were also higher as investors shrugged off negative news like rising tensions between the United States and China and the combustible political situation in Hong Kong. Instead, they focused on Japanese leaders gradually lifting emergency measures there, while European leaders have also moved to ease travel restrictions.
But any gains are susceptible to a sudden change in sentiment if the reopening plans result in new outbreaks or fresh concerns about the longevity of economic slowdown emerge.But any gains are susceptible to a sudden change in sentiment if the reopening plans result in new outbreaks or fresh concerns about the longevity of economic slowdown emerge.
Hoping to take advantage of wreckage in the wake of the coronavirus pandemic, investors are preparing to snap up commercial real estate at rock-bottom prices.Hoping to take advantage of wreckage in the wake of the coronavirus pandemic, investors are preparing to snap up commercial real estate at rock-bottom prices.
Long before states and cities closed businesses and issued stay-at-home orders, many real estate funds were stockpiling cash and waiting for a buyer’s market. Some have raised billions of dollars in the last several weeks.Long before states and cities closed businesses and issued stay-at-home orders, many real estate funds were stockpiling cash and waiting for a buyer’s market. Some have raised billions of dollars in the last several weeks.
As a result, investment firms are sitting on roughly $300 billion of equity ready for deployment, said Douglas M. Weill, a founder of Hodes Weill & Associates, a global real estate capital advisory firm in New York. “It’s a staggering amount of dry powder,” he said.As a result, investment firms are sitting on roughly $300 billion of equity ready for deployment, said Douglas M. Weill, a founder of Hodes Weill & Associates, a global real estate capital advisory firm in New York. “It’s a staggering amount of dry powder,” he said.
Every commercial property owner has its specific problems, but mom-and-pop landlords that own a handful of apartment buildings, retail centers or other assets are in a much more compromised position, said Sanford D. Sigal, president and chief executive of NewMark Merrill, a shopping center owner and manager in Woodland Hills, Calif.Every commercial property owner has its specific problems, but mom-and-pop landlords that own a handful of apartment buildings, retail centers or other assets are in a much more compromised position, said Sanford D. Sigal, president and chief executive of NewMark Merrill, a shopping center owner and manager in Woodland Hills, Calif.
“Very few small owners are equipped for this type of market,” said Mr. Sigal, who expected to collect about 57 percent of his May rent from tenants across some 70 properties in California, Colorado and Illinois. “I’ve seen more deals in the past week that were worth looking at than I did in the entire prior year.”“Very few small owners are equipped for this type of market,” said Mr. Sigal, who expected to collect about 57 percent of his May rent from tenants across some 70 properties in California, Colorado and Illinois. “I’ve seen more deals in the past week that were worth looking at than I did in the entire prior year.”
The federal board overseeing Puerto Rico’s finances said the island’s economy would contract sharply this year because of the global pandemic, then sputter along with little growth for the next five years.The federal board overseeing Puerto Rico’s finances said the island’s economy would contract sharply this year because of the global pandemic, then sputter along with little growth for the next five years.
As a result, Puerto Rican government is unlikely to have enough cash to resume paying its bondholders anytime soon, even at reduced levels. Puerto Rico stopped paying most of them in 2016,As a result, Puerto Rican government is unlikely to have enough cash to resume paying its bondholders anytime soon, even at reduced levels. Puerto Rico stopped paying most of them in 2016,
The federal oversight board has been negotiating debt reduction plans for the island’s government in court proceedings similar to bankruptcy. Those proceedings began in May, 2017, but have since been disrupted by a devastating hurricane, several earthquakes and now the global pandemic.The federal oversight board has been negotiating debt reduction plans for the island’s government in court proceedings similar to bankruptcy. Those proceedings began in May, 2017, but have since been disrupted by a devastating hurricane, several earthquakes and now the global pandemic.
The debt reduction plans had not yet been completed as of March, when global markets plunged, prompting the oversight board to ask the federal judge overseeing Puerto Rico’s case, Laura Taylor Swain, to suspend the talks.The debt reduction plans had not yet been completed as of March, when global markets plunged, prompting the oversight board to ask the federal judge overseeing Puerto Rico’s case, Laura Taylor Swain, to suspend the talks.
The circumstances warranted a “one-year pause” in further budget cuts for Puerto Rico, the oversight board said in a statement issued Tuesday evening. But it also said there would be no pause in reforming Puerto Rico’s government, which delivers services that many residents of the island consider inferior without accounting clearly for the cost.The circumstances warranted a “one-year pause” in further budget cuts for Puerto Rico, the oversight board said in a statement issued Tuesday evening. But it also said there would be no pause in reforming Puerto Rico’s government, which delivers services that many residents of the island consider inferior without accounting clearly for the cost.
Also on Tuesday, a company that insures some of Puerto Rico’s bonds, Ambac Assurance, sued the oversight board in the United States District Court in San Juan, saying its efforts to reduce Puerto Rico’s debt were unconstitutional. The Constitution requires uniformity in bankruptcy laws, Ambac said, but Puerto Rico’s case was a one-off.Also on Tuesday, a company that insures some of Puerto Rico’s bonds, Ambac Assurance, sued the oversight board in the United States District Court in San Juan, saying its efforts to reduce Puerto Rico’s debt were unconstitutional. The Constitution requires uniformity in bankruptcy laws, Ambac said, but Puerto Rico’s case was a one-off.
The board is scheduled to vote on its fiscal plan for the coming year in a public meeting on Wednesday.The board is scheduled to vote on its fiscal plan for the coming year in a public meeting on Wednesday.
Even as American employers let tens of millions of workers go, some companies are choosing a different path. By instituting across-the-board salary reductions, especially at senior levels, they have avoided layoffs.Even as American employers let tens of millions of workers go, some companies are choosing a different path. By instituting across-the-board salary reductions, especially at senior levels, they have avoided layoffs.
The ranks of those forgoing job cuts and furloughs include major employers like HCA Healthcare, the hospital chain, and Aon, a London-based global professional services firm with a regional headquarters in Chicago.The ranks of those forgoing job cuts and furloughs include major employers like HCA Healthcare, the hospital chain, and Aon, a London-based global professional services firm with a regional headquarters in Chicago.
Others that managed to avoid layoffs include smaller companies like KVH, a maker of mobile connectivity and navigation systems that employs 600 globally and is based in Middletown, R.I.Others that managed to avoid layoffs include smaller companies like KVH, a maker of mobile connectivity and navigation systems that employs 600 globally and is based in Middletown, R.I.
“We’d never done a pay cut before,” said Martin Kits van Heyningen, who started KVH in his parents’ basement more than three decades ago.“We’d never done a pay cut before,” said Martin Kits van Heyningen, who started KVH in his parents’ basement more than three decades ago.
The trend is a reversal of traditional management theory, which held that salaries were sacred and it was better to cut positions and dismiss a limited number of workers than to lower pay for everyone during downturns.The trend is a reversal of traditional management theory, which held that salaries were sacred and it was better to cut positions and dismiss a limited number of workers than to lower pay for everyone during downturns.
There is often a genuine desire to protect employees, but long-term financial interests are a major consideration as well, said Donald Delves, a compensation expert with Willis Towers Watson. “Companies learned the hard way that once you lay off a bunch of people, it’s expensive and time-consuming to hire them back,” he said.There is often a genuine desire to protect employees, but long-term financial interests are a major consideration as well, said Donald Delves, a compensation expert with Willis Towers Watson. “Companies learned the hard way that once you lay off a bunch of people, it’s expensive and time-consuming to hire them back,” he said.
There’s recently been a surge of people who are picking up their online orders in-person at Walmart, Target, Home Depot and other stores big and small. With the best shopping ideas coming from big box retailers, Amazon is missing out, writes the On Tech columnist Shira Ovide.There’s recently been a surge of people who are picking up their online orders in-person at Walmart, Target, Home Depot and other stores big and small. With the best shopping ideas coming from big box retailers, Amazon is missing out, writes the On Tech columnist Shira Ovide.
I’ve been impressed by how old-school companies, from Best Buy to my local cheese shop, have quickly adapted to offering low-contact pickups like this. Some of this activity is a temporary coronavirus-related spike, but I bet some of these habits will stick.I’ve been impressed by how old-school companies, from Best Buy to my local cheese shop, have quickly adapted to offering low-contact pickups like this. Some of this activity is a temporary coronavirus-related spike, but I bet some of these habits will stick.
Three years ago, Amazon agreed to pay $14 billion to buy the Whole Foods supermarket chain. This was the moment when Amazon acknowledged the importance of physical stores, and I couldn’t wait to see how the company reimagined in-person shopping experiences that had not changed much in my lifetime. And then, not much happened.Three years ago, Amazon agreed to pay $14 billion to buy the Whole Foods supermarket chain. This was the moment when Amazon acknowledged the importance of physical stores, and I couldn’t wait to see how the company reimagined in-person shopping experiences that had not changed much in my lifetime. And then, not much happened.
Yes, Whole Foods stores are offering home deliveries now. But it’s other retailers that are rethinking how their physical stores can work hand-in-hand with online shopping.Yes, Whole Foods stores are offering home deliveries now. But it’s other retailers that are rethinking how their physical stores can work hand-in-hand with online shopping.
Powell’s Books, an enormous independent bookstore in Portland, Ore., was initially laid low by the pandemic. In the days after it decided to close its stores and suspend operations in mid-March, the company laid off some 450 of its roughly 500 employees.Powell’s Books, an enormous independent bookstore in Portland, Ore., was initially laid low by the pandemic. In the days after it decided to close its stores and suspend operations in mid-March, the company laid off some 450 of its roughly 500 employees.
Since then, the company’s chief executive, Emily Powell, has been trying to hire back employees where she can, all while trying to reimagine how bookstores work in the age of social distancing.Since then, the company’s chief executive, Emily Powell, has been trying to hire back employees where she can, all while trying to reimagine how bookstores work in the age of social distancing.
Ms. Powell discussed Powell’s, the book business and Amazon on a live Corner Office call with reporter David Gelles on Tuesday afternoon. It was part of a series of live Corner Office calls happening each Tuesday, and a replay is available now.Ms. Powell discussed Powell’s, the book business and Amazon on a live Corner Office call with reporter David Gelles on Tuesday afternoon. It was part of a series of live Corner Office calls happening each Tuesday, and a replay is available now.
A condensed and edited version of their conversation will be available in the coming days, and next week David will chat with Joey Bergstein, chief executive of Seventh Generation, about the great toilet paper shortage, social responsibility during the crisis and more.A condensed and edited version of their conversation will be available in the coming days, and next week David will chat with Joey Bergstein, chief executive of Seventh Generation, about the great toilet paper shortage, social responsibility during the crisis and more.
Updated June 2, 2020 Updated June 5, 2020
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.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
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.
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.
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.)
More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
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.
Chinese leaders meeting since last week in Beijing have stressed their efforts to create jobs and get the country back to work. But surveys and interviews show many young workers are entering into the work force in the worst market in decades.Chinese leaders meeting since last week in Beijing have stressed their efforts to create jobs and get the country back to work. But surveys and interviews show many young workers are entering into the work force in the worst market in decades.
“When it was April and I still couldn’t start my job, I started to feel worried,” said Huang Bing, 24, who graduated last year from a prestigious Chinese drama school. Her new job, set to begin this past January, ended before it began.“When it was April and I still couldn’t start my job, I started to feel worried,” said Huang Bing, 24, who graduated last year from a prestigious Chinese drama school. Her new job, set to begin this past January, ended before it began.
“I began worrying that I may not be able to work this year at all,” Ms. Huang said. “I can’t just keep waiting.”“I began worrying that I may not be able to work this year at all,” Ms. Huang said. “I can’t just keep waiting.”
Online, young people despair over finding a good job, with many settling for something that pays less. Many others are reluctant to relent. “The graduates do not fully understand the market,” said Martin Ma, a human resources officer for a Chinese software company. “Their expectations are quite high.”Online, young people despair over finding a good job, with many settling for something that pays less. Many others are reluctant to relent. “The graduates do not fully understand the market,” said Martin Ma, a human resources officer for a Chinese software company. “Their expectations are quite high.”
For the world, global growth will be hard to rekindle until China gets fully back to work. But the damage to the Communist Party could be long-lasting. It derives its political power from the promise of delivering a better life for the Chinese people, a promise that has become increasingly difficult to fulfill.For the world, global growth will be hard to rekindle until China gets fully back to work. But the damage to the Communist Party could be long-lasting. It derives its political power from the promise of delivering a better life for the Chinese people, a promise that has become increasingly difficult to fulfill.
The stock trading floor of the New York Stock Exchange reopened on Tuesday, though at a reduced head count to allow space for social distancing measures to remain in force. Gov. Andrew M. Cuomo rang the opening bell at 9:30 a.m. at the start of trading.The stock trading floor of the New York Stock Exchange reopened on Tuesday, though at a reduced head count to allow space for social distancing measures to remain in force. Gov. Andrew M. Cuomo rang the opening bell at 9:30 a.m. at the start of trading.
Floor brokers and trading floor officials will be allowed back, while designated market makers — the specialist traders who buy and sell in order to “make markets” in certain securities — will continue to operate remotely.Floor brokers and trading floor officials will be allowed back, while designated market makers — the specialist traders who buy and sell in order to “make markets” in certain securities — will continue to operate remotely.
Those who are returning must comply with a number of restrictions to regain access to the floor including avoiding public transportation, submitting to temperature checks on entry and wearing a face mask. They will also be expected to maintain a six-foot social distance and avoid physical contact such as shaking hands.Those who are returning must comply with a number of restrictions to regain access to the floor including avoiding public transportation, submitting to temperature checks on entry and wearing a face mask. They will also be expected to maintain a six-foot social distance and avoid physical contact such as shaking hands.
Other markets are also planning to reopen. Cboe Global Markets, owner the Chicago Board Options Exchange, said on Tuesday that it planned to reopen the trading floor on June 8 and resume operation in a modified manner.Other markets are also planning to reopen. Cboe Global Markets, owner the Chicago Board Options Exchange, said on Tuesday that it planned to reopen the trading floor on June 8 and resume operation in a modified manner.
The ability to trade electronically muted the market impact of the more than two-month shuttering of the trading floor, one of the most significant disruptions to the floor operations of the exchange since 1914, when it was closed for about four months as World War I began (not when the United States entered the war, as an earlier post said.).The ability to trade electronically muted the market impact of the more than two-month shuttering of the trading floor, one of the most significant disruptions to the floor operations of the exchange since 1914, when it was closed for about four months as World War I began (not when the United States entered the war, as an earlier post said.).
Back then, the exchange floor was the only way to trade shares listed on the exchange. But floor volume fell from around 70 percent of all New York Stock Exchange trading activity in the early 1990s to less than 20 percent by 2006, academic studies found.Back then, the exchange floor was the only way to trade shares listed on the exchange. But floor volume fell from around 70 percent of all New York Stock Exchange trading activity in the early 1990s to less than 20 percent by 2006, academic studies found.
But even that likely overstates the impact of the floor. Over the past decade, the New York Stock Exchange’s share of American stock trading has fallen to about 24 percent from 80 percent, with trading in U.S. stocks now shared by 12 public exchanges and many more nonpublic venues.But even that likely overstates the impact of the floor. Over the past decade, the New York Stock Exchange’s share of American stock trading has fallen to about 24 percent from 80 percent, with trading in U.S. stocks now shared by 12 public exchanges and many more nonpublic venues.
That means that the share of stock that actually is touched by the New York Stock Exchange’s flesh-and-blood traders is quite small — as little as 1 percent, according to one recent study.That means that the share of stock that actually is touched by the New York Stock Exchange’s flesh-and-blood traders is quite small — as little as 1 percent, according to one recent study.
Latam, the largest airline in Latin America, said on Tuesday it had filed for bankruptcy protection, the latest carrier to fall victim to the pandemic. The company, based in Santiago, Chile, said it had secured $900 million in financing from major shareholders, including the Cueto and Amaro families and Qatar Airlines, and that it would work with creditors to reduce its debt while it continues operating. Avianca, Colombia’s flagship airline and one of the world’s oldest carriers, filed for bankruptcy protection earlier this month.Latam, the largest airline in Latin America, said on Tuesday it had filed for bankruptcy protection, the latest carrier to fall victim to the pandemic. The company, based in Santiago, Chile, said it had secured $900 million in financing from major shareholders, including the Cueto and Amaro families and Qatar Airlines, and that it would work with creditors to reduce its debt while it continues operating. Avianca, Colombia’s flagship airline and one of the world’s oldest carriers, filed for bankruptcy protection earlier this month.
Lufthansa will receive a bailout worth 9 billion euros, or $9.8 billion, to help the airline survive an “existential emergency” caused by the pandemic and a virtual shutdown of passenger air traffic, the German government said Monday. The agreement, reached after several weeks of negotiations, will give the government part ownership of the airline for the first time since it was privatized in 1997.Lufthansa will receive a bailout worth 9 billion euros, or $9.8 billion, to help the airline survive an “existential emergency” caused by the pandemic and a virtual shutdown of passenger air traffic, the German government said Monday. The agreement, reached after several weeks of negotiations, will give the government part ownership of the airline for the first time since it was privatized in 1997.
Reporting was contributed by Joe Gose, David Gelles, Nelson Schwartz, Alexandra Stevenson, Keith Bradsher, Elizabeth Paton, Jack Ewing, Jason Karaian, Matt Phillips, Noam Scheiber, Jesse Drucker, Jessica Silver-Greenberg, Kevin McKenna, Sarah Kliff, Tim Arango, Shira Ovide, Thomas Fuller, Niraj Chokshi, Mohammed Hadi, Julie Creswell, Neal E. Boudette, David Yaffe-Bellany and Kevin Granville.Reporting was contributed by Joe Gose, David Gelles, Nelson Schwartz, Alexandra Stevenson, Keith Bradsher, Elizabeth Paton, Jack Ewing, Jason Karaian, Matt Phillips, Noam Scheiber, Jesse Drucker, Jessica Silver-Greenberg, Kevin McKenna, Sarah Kliff, Tim Arango, Shira Ovide, Thomas Fuller, Niraj Chokshi, Mohammed Hadi, Julie Creswell, Neal E. Boudette, David Yaffe-Bellany and Kevin Granville.