The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero in response to the economic shock from the coronavirus crisis. “The most significant responsibility of the Fed now is to make sure that credit markets continue to function,” said Greg McBride, chief financial analyst at Bankrate.com. “Without functioning credit markets, there will be no economic
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Mortgage lenders are worried that high unemployment numbers will translate into mortgage defaults … [+] and late payments down the road. Getty The availability of mortgage credit in March plummeted to the lowest level in five years amid a deepening economic crisis making banks leery of more borrowers requesting delayed payments made possible by the
Dr. Anthony Fauci (L), director of the National Institute of Allergy and Infectious Diseases speaks as US President Donald Trump meets with Louisiana Governor John Bel Edwards(D-LA) in the Oval Office of the White House in Washington, DC on April 29, 2020. Mandel Ngan | AFP | Getty Images White House health advisor Dr. Anthony
Elon Musk, chief executive officer of Tesla Inc., speaks during a ceremony at the company’s Gigafactory in Shanghai, China, on Tuesday, Jan. 7, 2020. Qilai Shen | Bloomberg | Getty Images Tesla reported first-quarter earnings on Wednesday. Here’s how the company did: Earnings per share (EPS): $1.24 per share, ex-items Revenue: $5.99 billion Wall Street
Balancing the demands of office life and home life can be overwhelming for any working parent. But with women spending a disproportionate amount of time handling housework and childcare responsibilities, data from Pew Research Center shows that women are more likely than men to adjust their careers for family. As the coronavirus pandemic continues to
Market researcher James Bianco warns April’s big run will collapse. His reason: Investors are too bullish. “I understand the market has been up a lot since the March low. But what I see in the market is a retracement rally that looks very similar to the first type of rallies that you get in protracted
General Electric reported Wednesday a steep decline in first-quarter revenue as the industrial giant took a hit amid the coronavirus pandemic. The company posted total revenue of $20.524 billion, which represents a year-over-year decline of 8%. On an adjusted per-share basis, the company earned 5 cents. That’s below a Refinitiv estimate of 8 cents per
mediamasmedia The stock market is acting strangely these days, with headlines about market rallies next to ones about historic unemployment figures and companies filing for bankruptcy. You can’t figure it out. But you may be wondering if you should take advantage of the upswing and pull some money out of the market. After all, before this recent rally,
Subway CEO John Chidsey on Wednesday defended the company’s franchisees who applied for small business loans to help offset the economic impacts from the coronavirus pandemic. “We literally have 10,700 franchisees in the U.S., and on average they own two restaurants apiece,” Chidsey said on CNBC’s “Squawk on the Street.” “We are the ultimate mom-and-pop, if
Agents recommend looking beyond virtual staging and trying to find video tours when narrowing down a … [+] home search online. Getty Most people wouldn’t make their decision about starting a long-term relationship with someone based solely on their dating site profile, and the same holds true for deciding whether to rent or buy a
Assistant Secretary for Health admiral Brett Giroir speaks as US President Donald Trump listens during a news conference on the novel coronavirus, COVID-19, in the Rose Garden of the White House in Washington, DC on April 27, 2020. Mandel Ngan | AFP | Getty Images President Donald Trump said he thinks the U.S. will “very
An employee works near a Boeing 737 Max aircraft at Boeing’s 737 Max production facility in Renton, Washington, U.S. December 16, 2019. Lindsey Wasson | Reuters Boeing is scheduled to report first-quarter earnings before the market opens on Wednesday, as the company faces both coronavirus and the more than yearlong grounding of its best-selling plane, the
CNBC Make It is posting a new financial task to tackle each day for a month. These are all meant to be simple, time-sensitive activities to take your mind off of the news for a moment and, hopefully, put you on sturdier financial footing. This is day 22 of 30. If you’ve been following along, you
Shoppers are increasingly paying in ways that don’t involve touching cash, or handing over a credit card, because of fears of the coronavirus, according to Mastercard. The credit-card giant reported a 40% jump in contactless payments — including tap-to-pay and mobile pay — during the first quarter as the global pandemic worsened. Mastercard CEO Ajay Banga
Jim Cramer Scott Mlyn | CNBC CNBC’s Jim Cramer said Wednesday that positive news from Gilead Sciences about a potential treatment for the coronavirus marked a turning point in the fight against Covid-19. “What I regard this as is the beginning of the end of the true nightmare, which is that it’s a death sentence,” Cramer said on
For decades, financial advisors have counseled clients that they should be able to safely withdraw 4% of their assets each year as a means of providing income, while maintaining an account balance large enough to keep income flowing through retirement. While some of the underlying thinking behind the so-called 4% rule was prudent, it was
Getty Images If you received a stimulus check for a deceased relative, you should think twice before spending that money. Treasury Secretary Steve Mnuchin told The Wall Street Journal that he expects families who receive those checks to return the money. “You’re not supposed to keep that payment,” Mnuchin told the paper. “We’re checking the
Photo: Getty Now that April 1, 2020 has come and gone, I have a question to ask all landlords: Was the rent check in the mail? I also have one for tenants: Did you send the rent? In a more normal time, this would not be such a serious thing to write about. This is
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks. Global cases: At least 3,113,447. Global deaths: At least 216,930. Most cases reported: United States (1,011,877), Spain (232,128), Italy (201,505), France (169,053), and United Kingdom (162,350). The data above was compiled by Johns
A couple wearing protective facemasks as a prevention measure against the COVID-19 coronavirus walk at a nearly empty shopping mall in Beijing on February 27, 2020. Nicolas Asfouri | AFP | Getty Images BEIJING — As businesses try to boost sales to during the coronavirus slump, one of the hottest trends in marketing has created plenty