Virus Takes Hold As Jobless Claims Jump
Washington reports 281000 new benefit applications last week, a rise of 70000 to the highest level in over two years. economists warn of deeper layoffs as containment hits travel, leisure, and retail. Mnuchin says relief checks may reach Americans within three weeks amid a possible negative Q2.
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Cautious Optimism on Wall Street Amid Aid Hopes
Wall Street rose on a choppy day as investors weighed the potential for U.S. government and central bank aid to cushion a looming recession from the coronavirus. The Dow gained about 188 points to 20,087, the Nasdaq rose 2.3 percent, and the S&P 500 edged higher as big swings abated but volatility remained.
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Ford suspends quarterly dividend amid cash squeeze
Ford Motor shuts dividend payments to cut cash outflow, an annual $2.4 billion cost. The last 15 cent per share payout was March 2, duration of suspension unclear. Ford stock slid to 4.47, down 0.67 percent as shares dropped about 50 percent since February. The Fed launched dollar currency swaps with nine central banks to ease global dollar lending amid market strain and slowing economy.
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