Markets rally as emergency declared on coronavirus
Wall Street surged after President Trump declared a national emergency for the coronavirus. The Dow jumped about 2,000 points in a dramatic late rally, posting the biggest point gain ever and the strongest percentage gain since 2008. All major indexes rose, but the week ended with steep losses as uncertainty remained about health and economic damage. Investors watched for a federal relief package including sick pay and free testing as talks continued between the White House and Congress.
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Wall Street
Donald Trump
Trump
Dow
U.S
White House
Congress
Apple Goes Online and Delta Slashes Flights
Apple will hold its annual World Wide Developers Conference entirely online and donate 1 million to San Jose groups, as Google and Facebook cancel their events amid the coronavirus outbreak. Delta cuts capacity by 40 percent, the largest in its history, while airlines seek U.S. aid and companies shift to remote work. The IMF reports a staffer tested positive, with headquarters staff urged to work from home.
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Treasury
Steven Mnuchin
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Mnuchin
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International Monetary Fund
IMF
Washington, D.C
Unemployment claims fall for second straight week
Washington reports 211000 initial unemployment claims last week, down 4000 from the prior period as virus fears loom. February jobs data showed a 3.5 percent unemployment rate and 273000 new hires, suggesting a still-strong labor market before the virus outbreak.
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