'Reopening Optimism Helps Wall Street' diff viewer (15/16)

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Wall Street Climbs Again as Reopening Optimism Prevails: Live Updates	Wall Street Climbs Again as Reopening Optimism Prevails: Live Updates
2020-05-27 20:44:13 UTC	2020-05-27 21:16:13 UTC (32 minutes later)
Walt Disney World in Florida, which draws 93 million people a year as one of the world’s largest tourist sites, will reopen to the public on a limited basis in mid-July.	Walt Disney World in Florida, which draws 93 million people a year as one of the world’s largest tourist sites, will reopen to the public on a limited basis in mid-July.
The Walt Disney Company presented its reopening plan on Wednesday to the Orange County Recovery Task Force in Orlando. Two of Disney World’s four main theme parks, the Magic Kingdom and the Animal Kingdom, will reopen on July 11 with reduced capacity and numerous safety precautions, including mandatory face masks for all visitors and employees. Disney World’s remaining major parks, Epcot and Hollywood Studios, will reopen on July 15. The resort has been closed since March 15.	The Walt Disney Company presented its reopening plan on Wednesday to the Orange County Recovery Task Force in Orlando. Two of Disney World’s four main theme parks, the Magic Kingdom and the Animal Kingdom, will reopen on July 11 with reduced capacity and numerous safety precautions, including mandatory face masks for all visitors and employees. Disney World’s remaining major parks, Epcot and Hollywood Studios, will reopen on July 15. The resort has been closed since March 15.
Disney said its “thoughtful, methodical and phased” approach to reopening would include increased use of plexiglass barriers and contactless payment systems. All visitors will need a reservation. Temperature checks will be conducted at entrances. Disney also said its parades, fireworks displays and character meet and greets would be suspended because of crowd control concerns.	Disney said its “thoughtful, methodical and phased” approach to reopening would include increased use of plexiglass barriers and contactless payment systems. All visitors will need a reservation. Temperature checks will be conducted at entrances. Disney also said its parades, fireworks displays and character meet and greets would be suspended because of crowd control concerns.
Disney did not give reopening dates for its two water parks, Blizzard Beach and Typhoon Lagoon. Disney Springs, an adjacent 120-acre shopping mall, began to reopen on May 20.	Disney did not give reopening dates for its two water parks, Blizzard Beach and Typhoon Lagoon. Disney Springs, an adjacent 120-acre shopping mall, began to reopen on May 20.
Tourism is Orlando’s largest industry, supporting 41 percent of the city’s work force, according to the trade organization Visit Orlando. Disney World attracts the bulk of those visitors.	Tourism is Orlando’s largest industry, supporting 41 percent of the city’s work force, according to the trade organization Visit Orlando. Disney World attracts the bulk of those visitors.
Central Florida’s other theme parks will begin reopening on June 1, when Legoland, owned by Merlin Entertainments, in Winter Haven, unlocks its gates. NBCUniversal’s three Orlando theme parks will reopen on June 5.	Central Florida’s other theme parks will begin reopening on June 1, when Legoland, owned by Merlin Entertainments, in Winter Haven, unlocks its gates. NBCUniversal’s three Orlando theme parks will reopen on June 5.
Businesses surveyed by the Federal Reserve were hopeful that economic activity would begin to pick up as states reopened, but most were “pessimistic about the potential pace of recovery.”	Businesses surveyed by the Federal Reserve were hopeful that economic activity would begin to pick up as states reopened, but most were “pessimistic about the potential pace of recovery.”
The Fed’s Beige Book, a regularly-published collection of qualitative business assessments, showed that companies were not expecting a rapid rebound, as they struggled to rehire workers and wait for demand to recover. Many companies were still shedding workers, and businesses who were trying to hire cited several factors complicating their attempt to restart their work force, including child care issues, enhanced unemployment benefits and health fears.	The Fed’s Beige Book, a regularly-published collection of qualitative business assessments, showed that companies were not expecting a rapid rebound, as they struggled to rehire workers and wait for demand to recover. Many companies were still shedding workers, and businesses who were trying to hire cited several factors complicating their attempt to restart their work force, including child care issues, enhanced unemployment benefits and health fears.
Especially hard-hit companies also appeared to be deferring or skipping rent payments.	Especially hard-hit companies also appeared to be deferring or skipping rent payments.
“Commercial real estate contacts mentioned that a large number of retail tenants had deferred or missed rent payments,” the Beige Book noted.	“Commercial real estate contacts mentioned that a large number of retail tenants had deferred or missed rent payments,” the Beige Book noted.
In the New York region’s services sector, “business contacts continued to express great uncertainty about whether and when business would get back to reasonably normal levels, but there continued to be fairly widespread pessimism,” the report said.	In the New York region’s services sector, “business contacts continued to express great uncertainty about whether and when business would get back to reasonably normal levels, but there continued to be fairly widespread pessimism,” the report said.
Companies in that region also reported that “many” unemployed workers were “reluctant to return to work — some attributed this to generous unemployment benefits, as well as safety concerns.”	Companies in that region also reported that “many” unemployed workers were “reluctant to return to work — some attributed this to generous unemployment benefits, as well as safety concerns.”
Chevron, the second-largest U.S. oil company after Exxon Mobil, is planning to cut 10 to 15 percent of its 45,000 employees worldwide in a sweeping overhaul.	Chevron, the second-largest U.S. oil company after Exxon Mobil, is planning to cut 10 to 15 percent of its 45,000 employees worldwide in a sweeping overhaul.
Veronica Flores-Paniagua, a company spokesman, said that employees were notified of the layoffs on Tuesday, and that most would occur by the end of the year.	Veronica Flores-Paniagua, a company spokesman, said that employees were notified of the layoffs on Tuesday, and that most would occur by the end of the year.
“It is a difficult business decision driven by a very challenging economic time,” she said, referring to the plummeting oil prices in recent months as the coronavirus pandemic reduced demand for transportation and power fuels. “The impacts are still being worked out, but they are going to vary across location, across business segment, across function.”	“It is a difficult business decision driven by a very challenging economic time,” she said, referring to the plummeting oil prices in recent months as the coronavirus pandemic reduced demand for transportation and power fuels. “The impacts are still being worked out, but they are going to vary across location, across business segment, across function.”
The cuts come as the California-based Chevron is slashing $1 billion from its 2020 operating costs, a move announced in March.	The cuts come as the California-based Chevron is slashing $1 billion from its 2020 operating costs, a move announced in March.
Tens of thousands of oil workers have lost their jobs this year, most of them employed by service companies doing oil field work for the producers. Exxon Mobil, Chevron’s main rival, has said it has no immediate layoff plans but is cutting spending. BP told employees in late March that there would be no layoffs for three months.	Tens of thousands of oil workers have lost their jobs this year, most of them employed by service companies doing oil field work for the producers. Exxon Mobil, Chevron’s main rival, has said it has no immediate layoff plans but is cutting spending. BP told employees in late March that there would be no layoffs for three months.
With varied international operations and a large presence in the Permian Basin shale field in West Texas, Chevron has been a favorite of investors because of its relatively strong balance sheet and a 5.5 percent dividend that is considered secure.	With varied international operations and a large presence in the Permian Basin shale field in West Texas, Chevron has been a favorite of investors because of its relatively strong balance sheet and a 5.5 percent dividend that is considered secure.
Boeing said Wednesday that it was taking a significant step toward its goal of slashing 10 percent of its global work force by laying off more than 6,700 employees in the United States, all of whom will be notified this week. Another 5,500 workers have been approved for voluntary buyouts and will leave within weeks.	Boeing said Wednesday that it was taking a significant step toward its goal of slashing 10 percent of its global work force by laying off more than 6,700 employees in the United States, all of whom will be notified this week. Another 5,500 workers have been approved for voluntary buyouts and will leave within weeks.
Boeing’s commercial business, which was most exposed to the devastating decline in air travel, will suffer the deepest cuts, the company said. Its defense and space operations have been more insulated.	Boeing’s commercial business, which was most exposed to the devastating decline in air travel, will suffer the deepest cuts, the company said. Its defense and space operations have been more insulated.
“The Covid-19 pandemic’s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices,” the chief executive, David L. Calhoun, said in a note to employees. “I wish there were some other way.”	“The Covid-19 pandemic’s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices,” the chief executive, David L. Calhoun, said in a note to employees. “I wish there were some other way.”
Boeing will have to cut nearly 4,000 more workers to meet its overall goal of shedding 16,000 jobs. The remaining layoffs will be announced in batches over the next few months, the company said.	Boeing will have to cut nearly 4,000 more workers to meet its overall goal of shedding 16,000 jobs. The remaining layoffs will be announced in batches over the next few months, the company said.
SpaceX is scheduled to send two American astronauts into orbit later today — weather permitting — at 4:33 p.m. Eastern. It’s the first crewed space launch from U.S. soil in nearly a decade, and the first ever in a privately made spacecraft.	SpaceX is scheduled to send two American astronauts into orbit later today — weather permitting — at 4:33 p.m. Eastern. It’s the first crewed space launch from U.S. soil in nearly a decade, and the first ever in a privately made spacecraft.
A lot is riding on the launch. NASA thinks the future of space — at least for low Earth orbit, for now — is chartered flights on private spacecraft. If successful, the launch could open up a range of economic activity and experimentation, with commercial operators stepping in while governments step back.	A lot is riding on the launch. NASA thinks the future of space — at least for low Earth orbit, for now — is chartered flights on private spacecraft. If successful, the launch could open up a range of economic activity and experimentation, with commercial operators stepping in while governments step back.
SpaceX’s Crew Dragon is the cheapest human-carrying spacecraft yet made for NASA, by some distance. The agency’s contracts with private companies have fixed prices, an incentive to keep costs down. But Elon Musk, who runs SpaceX in addition to Tesla, will get some extra promotional value out of the launch: The astronauts, Douglas Hurley and Robert Behnken, will be ferried to the spacecraft in a NASA-branded Tesla Model X.	SpaceX’s Crew Dragon is the cheapest human-carrying spacecraft yet made for NASA, by some distance. The agency’s contracts with private companies have fixed prices, an incentive to keep costs down. But Elon Musk, who runs SpaceX in addition to Tesla, will get some extra promotional value out of the launch: The astronauts, Douglas Hurley and Robert Behnken, will be ferried to the spacecraft in a NASA-branded Tesla Model X.
HBO has been an innovator for much of its nearly 50-year run. Now, with the unveiling on Wednesday of the ambitious HBO Max streaming platform, it’s a playing catch up in the streaming wars.	HBO has been an innovator for much of its nearly 50-year run. Now, with the unveiling on Wednesday of the ambitious HBO Max streaming platform, it’s a playing catch up in the streaming wars.
AT&T, the parent company of HBO since 2018, plans to spend more than $4.5 billion on the project over the next few years. The company hopes to have 50 million HBO Max subscribers by 2025 and envisions that the service will eventually generate billions in annual profits as it takes on Netflix, Disney Plus, Amazon Prime Video, Hulu, Apple TV Plus and Peacock, among others.	AT&T, the parent company of HBO since 2018, plans to spend more than $4.5 billion on the project over the next few years. The company hopes to have 50 million HBO Max subscribers by 2025 and envisions that the service will eventually generate billions in annual profits as it takes on Netflix, Disney Plus, Amazon Prime Video, Hulu, Apple TV Plus and Peacock, among others.
A potential stumbling block for it is the cost. Netflix’s no-frills plan costs $9 a month. Disney Plus charges $7 a month. But HBO Max is asking people to spend $15 a month, at a time when household budgets are constrained by the economic fallout from the coronavirus pandemic.	A potential stumbling block for it is the cost. Netflix’s no-frills plan costs $9 a month. Disney Plus charges $7 a month. But HBO Max is asking people to spend $15 a month, at a time when household budgets are constrained by the economic fallout from the coronavirus pandemic.
Even before the outbreak, industry analysts called the pricing “unreasonable.” Now many customers are looking to cancel their HBO accounts, largely because of the cost, according to a study prepared for The New York Times by the global research consultancy Kantar.	Even before the outbreak, industry analysts called the pricing “unreasonable.” Now many customers are looking to cancel their HBO accounts, largely because of the cost, according to a study prepared for The New York Times by the global research consultancy Kantar.
Wall Street climbed for a second day on Wednesday as investors kept their focus on the prospect of economic recovery.	Wall Street climbed for a second day on Wednesday as investors kept their focus on the prospect of economic recovery.
The S&P 500 rose 1.5 percent — after swinging back and forth between gains and losses earlier in the day as weakness in large technology stocks offset gains in other parts of the market. The S&P 500 had climbed 1.2 percent on Tuesday.	The S&P 500 rose 1.5 percent — after swinging back and forth between gains and losses earlier in the day as weakness in large technology stocks offset gains in other parts of the market. The S&P 500 had climbed 1.2 percent on Tuesday.
Wednesday’s trading reflected optimism about a return to normal as states and national governments lift stay-at-home restrictions. Companies that will benefit as shoppers are allowed back in stores and people begin to travel again were among the best performers in the S&P 500. Nordstrom, Gap and Kohl’s each rose more than 14 percent.	Wednesday’s trading reflected optimism about a return to normal as states and national governments lift stay-at-home restrictions. Companies that will benefit as shoppers are allowed back in stores and people begin to travel again were among the best performers in the S&P 500. Nordstrom, Gap and Kohl’s each rose more than 14 percent.
Though stocks have continued their rebound from late-March lows, the rally has become less steady than it was earlier, with the S&P 500 alternating between gains and losses, 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.	Though stocks have continued their rebound from late-March lows, the rally has become less steady than it was earlier, with the S&P 500 alternating between gains and losses, 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.
On Wednesday, investors were cheered by the news of fiscal stimulus proposals from the European Union and Japan. In Japan, the cabinet of Prime Minister Shinzo Abe approved more than a trillion dollars in stimulus money. In Brussels, the European Commission seemed on the verge of introducing expansive financial measures to support the bloc. Shares in Europe mostly ended higher.	On Wednesday, investors were cheered by the news of fiscal stimulus proposals from the European Union and Japan. In Japan, the cabinet of Prime Minister Shinzo Abe approved more than a trillion dollars in stimulus money. In Brussels, the European Commission seemed on the verge of introducing expansive financial measures to support the bloc. Shares in Europe mostly ended higher.
But uncertainty continued over U.S.-China relations. Secretary of State Mike Pompeo announced on Wednesday that the State Department no longer considered Hong Kong to have significant autonomy under Chinese rule, a move that indicated that the Trump administration was likely to end some or all of the United States government’s special trade and economic relations with the territory in southern China.	But uncertainty continued over U.S.-China relations. Secretary of State Mike Pompeo announced on Wednesday that the State Department no longer considered Hong Kong to have significant autonomy under Chinese rule, a move that indicated that the Trump administration was likely to end some or all of the United States government’s special trade and economic relations with the territory in southern China.
The European Union’s executive arm laid out on Wednesday the details of a recovery package worth 750 billion euros, or about $826 billion, for its 27 member economies, especially those hit hardest by the coronavirus pandemic and lockdowns put in place to stop its spread.	The European Union’s executive arm laid out on Wednesday the details of a recovery package worth 750 billion euros, or about $826 billion, for its 27 member economies, especially those hit hardest by the coronavirus pandemic and lockdowns put in place to stop its spread.
Europe’s recovery effort will be difficult and expensive, as some of its economies are set to shrink as much as 10 percent this year. Germany and other wealthy countries have their own funds available to spend immediately to prop up their economies, but poorer European Union members need help.	Europe’s recovery effort will be difficult and expensive, as some of its economies are set to shrink as much as 10 percent this year. Germany and other wealthy countries have their own funds available to spend immediately to prop up their economies, but poorer European Union members need help.
The program, which was presented by the European Commission president, Ursula von der Leyen, in an address to the European Parliament on Wednesday, hinges on using its own budget to issue bonds in international capital markets, and then distributing the proceeds according to members’ needs. It is seen as a breakthrough for the bloc’s integration, even if it is a one-off.	The program, which was presented by the European Commission president, Ursula von der Leyen, in an address to the European Parliament on Wednesday, hinges on using its own budget to issue bonds in international capital markets, and then distributing the proceeds according to members’ needs. It is seen as a breakthrough for the bloc’s integration, even if it is a one-off.