James Gorman, chief executive officer of Morgan Stanley Qilai Shen | Bloomberg | Getty Images Morgan Stanley CEO James Gorman fell ill with the coronavirus about three weeks ago and has since recovered and been cleared by physicians, according to a company spokesman. The executive remained in charge of Morgan Stanley the entire time he
Month: April 2020
Framing designer Leticia Bartelle Lorenzoni searches Social Security services on the internet in her house after losing her job at a framing art gallery, during the coronavirus outbreak, in Los Angeles, California on April 1, 2020. APU GOMES Many Americans, now more than ever, are learning how to stretch their dollars. Faced with layoffs, furloughs
CNBC’s Jim Cramer on Thursday praised the Federal Reserve‘s latest moves to help keep afloat a U.S. economy that’s been battered by the coronavirus pandemic. Before the stock market opened, the Federal unveiled details of its much-anticipated Main Street lending program and other initiatives, a total of $2.3 trillion in loans to help businesses and municipalities.
European markets opened higher Thursday as market participants start to hope that the coronavirus pandemic is reaching a peak, but the latest U.S. unemployment claims data could hit sentiment. The pan-European Stoxx 600 climbed 1.1% in early deals, with autos jumping 2.4% to lead gains as all sectors and major bourses entered positive territory. European
Wells Fargo Securities’ Chris Harvey believes the worst is behind the market — even as Wall Street braces for a painful earnings season. According to the firm’s head of equity strategy, the steps taken by the Federal Reserve and Capitol Hill to stabilize the coronavirus-battered markets are creating a pivotal floor under stocks. “Although the
Federal Reserve Chair Janet Yellen speaks during a news conference December 13, 2017 in Washington, DC. Getty Images Former Federal Reserve Chair Janet Yellen thinks the central bank is not in a position where it needs to buy equities but thinks lawmakers should give them more leeway for the future. “It would be a substantial
Thomas Barwick This year, the coronavirus relief law is letting savers bypass mandatory withdrawals from their retirement accounts. While that’s good news, it’s still generating plenty of questions from account holders. Generally, savers who turn 70½ must begin annual required minimum distributions, or RMDs, from their retirement accounts and pay taxes on those withdrawals. However,
There are now about 20,000 shops on Etsy selling face masks, CEO Josh Silverman told CNBC on Wednesday. “Our sellers are able to produce hundreds of thousands of masks per day,” Silverman said on “Closing Bell.” Etsy began to see “overwhelming demand” for masks from shoppers last week after the Centers for Disease Control and Prevention began
U.S. President Donald Trump escalated tension with the World Health Organization on Wednesday, once again criticizing the agency’s response to the COVID-19 pandemic and threatening to withhold funding. “So we’re going to do a study, an investigation, and we’re going to make a determination as to what we’re doing. In the meantime, we’re holding back,”
Stock futures moved lower in overnight trading, pointing to losses at the open on Thursday. The move pointed to a loss of 50 points, or 0.2%, for the Dow, with the S&P 500 and Nasdaq-100 slated to open 0.3% and 0.6% lower, respectively. Stocks surged on Wednesday, with the major averages spending the entire session
Carson Block Anjali Sundaram | CNBC Carson Block’s Muddy Waters Research announced Wednesday it has taken a short position in eHealth Inc., which owns a digital health insurance exchange. Block, the firm’s founder, disclosed the position on CNBC’s “Squawk Box.“ Muddy Waters argues eHealth, with a stock market value of $3 billion as of Tuesday’s close,
With most Americans under stay-at-home orders due to the coronavirus outbreak, the roads are quieter – and safer – than usual. So why should you keep paying your regular auto insurance premium? Many insurers have a perhaps surprising answer to that question: You shouldn’t. Allstate announced this week that it would slash April and May’s
Steven Mnuchin, U.S. Treasury secretary, right, speaks beside U.S. President Donald Trump during a Coronavirus Task Force news conference in the briefing room of the White House in Washington, D.C., U.S., on Tuesday, March 17, 2020. Kevin Dietsch | Bloomberg | Getty Images Banks are scrambling to process a growing backlog of applications for the
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. Global cases: More than 1,446,500 Global deaths: At least 82,992 US cases: More than 399,900 US deaths: At least 12,911 The data above
A man wears a mask on Wall St. near the New York Stock Exchange, March 3, 2020. Brendan McDermid | Reuters This is a live blog. Check back for updates. 8:39 am: Fed to release minutes from meeting where it took rates to zero Investors will get a better idea why Federal Reserve officials last month
The Federal Reserve is lifting the asset cap it has imposed on Wells Fargo so the bank can participate in the government’s small business lending program. In a move that was expected, the central bank said Wells will have to return proceeds it gets from the Payment Protection Plan and a coming Main Street lending
Photo by Ariel Skelley via Getty Images Markets have been a roller coaster ride in the weeks since the coronavirus pandemic reached the U.S. Most of the country’s financial advisors think we haven’t hit bottom yet, a survey finds. Despite periodic rallies — like Monday’s more than 7% rise of both the Dow Jones and
If all goes well, Kaylee Klein, 18, will begin her freshman year at Slippery Rock University in western Pennsylvania in the fall. “She is so excited,” said her mom, Kim Klein. But now the family must also contend with the coronavirus pandemic, which has dramatically changed their financial circumstances. “I worry that, financially, it is
A framing art gallery is closed in Venice Beach, California’ during the COVID-19 novel coronavirus. APU GOMES/AFP via Getty Images Some small-business owners are growing increasingly worried that loan money being distributed as part of the coronavirus relief package will run out before they can access funds. The Paycheck Protection Program, which is being overseen
UK Prime Minister Boris Johnson speaks and takes questions during a press conference in Downing Street regarding the coronavirus outbreak, on March 9, 2020. in London, England. Alberto Pezzali – WPA Pool | Getty Images U.K. Prime Minister Boris Johnson has spent a second night in an intensive care unit in hospital, but his condition
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