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Updated: 3 years 45 weeks ago
Millions of Americans continue to seek jobless benefits; consumer spending slumps
Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the novel coronavirus.
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Equities dip but remain on pace for best month on record
World equity benchmarks dipped on Thursday yet remained on pace for their best month on record as a rebound in oil prices, encouraging early results from a COVID-19 treatment trial and expectations of more government stimulus helped ease the pain of February and March.
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JPMorgan says it has handled $17.8 billion under emergency aid program
JPMorgan Chase & Co said it has submitted roughly 220,000 applications worth $17.8 billion to the Small Business Administration's Paycheck Protection Program to help small businesses hurt by the coronavirus shutdown.
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Wall Street falls on grim jobless claims data
U.S. stocks fell on Thursday as millions of more Americans applied for jobless claims, taking the shine off a strong rally this month and eclipsing upbeat results from Facebook and Tesla.
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Microsoft revenue beats as remote work boosts Teams
(This April 29 story corrects number of Xbox Live users in paragraph 6 to 90 million monthly active users not 19 million active users; and corrects description in paragraph 8 to say daily active Teams)
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Twitter gains users, beats estimates but ad trends alarm investors
Twitter Inc on Thursday reported higher first-quarter revenue and a smaller loss than analysts had expected amid the coronavirus pandemic, but its shares fell as investors fretted about potential weakness in the second quarter.
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Pringles maker Kellogg pushes product launches to second half as virus raises costs
Kellogg Co said on Thursday it would push product launches to the second half of 2020, as the breakfast cereal maker invests into additional warehouse space and logistics to meet higher demand brought on by coronavirus-led stockpiling.
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Fourth stimulus bill may not be needed if states bounce back: White House official
A fourth bill to provide stimulus to the U.S. economy may not be needed if states are able to successfully reopen their economies "relatively quickly," as some forecasters expect, a White House economic adviser said on Thursday.
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Equality key to rescuing U.S.-China business ties: U.S. business lobby
Recent strains in the relationship between the United States and China make it especially important to establish a policy of 'competitive neutrality' the American Chamber of Commerce in China said on Thursday.
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Fed: Main Street program widened to diverse set of new companies
The Federal Reserve expanded its Main Street lending program to be sure it captured larger firms that were still not big enough to tap public capital markets, the central bank said.
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Fed to expand reach of 'Main Street' lending program
The U.S. Federal Reserve on Thursday widened a key program to nurse the "Main Street" economy through the coronavirus pandemic, agreeing to lend to even larger firms, taking on more risk in participation with banks, and hinting at some form of dedicated help for non-profits.
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Millions of Americans continue to seek jobless benefits; consumer spending tanks
Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the coronavirus.
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American Airlines posts $2.2 billion loss on pandemic, first since bankruptcy exit
American Airlines on Thursday posted a $2.2 billion net loss, its first quarterly loss since emerging from bankruptcy in 2013, and warned of a roughly $70 million per day cash burn in the second quarter as the coronavirus pandemic halts travel.
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JPMorgan says it has processed $17.8 billion under emergency aid program
JPMorgan Chase & Co said on Wednesday that it had submitted roughly 220,000 applications worth $17.8 billion to the Small Business Administration's Paycheck Protection Program to help small businesses hurt by the coronavirus shutdown.
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Goldman Sachs shareholders back executive pay packages
Goldman Sachs Group Inc said on Thursday that 71% of shareholders voted to approve the bank's executive pay packages, according to preliminary tallies.
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Comcast revenue misses forecast, shares drop 4% on warning
Comcast Corp on Thursday reported first-quarter revenue that fell shy of Wall Street's estimate, and shares dropped more than 4% as the company warned that the coronavirus will hurt advertising, theme parks and films in the second quarter.
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Nissan plans to restart output at UK's biggest car factory in June
Nissan will restart phased production in early June at its northern English Sunderland factory, Britain's biggest car plant, as the sector tries to resume operations amid the coronavirus outbreak.
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Macy's reopening 68 stores, targets all within six weeks as U.S. restrictions loosen
Macy's Inc plans to reopen 68 U.S. stores on Monday in states that have loosened coronavirus lockdowns, the department store operator said on Thursday, as more retailers sought to get business going after a crushing month of closures.
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S&P 500, Dow slip after grim jobless claims data
The S&P 500 and Dow Jones indexes dipped on Thursday as a grim U.S. jobless claims report took the shine off a strong month for stock markets globally, but encouraging quarterly earnings reports from Facebook and Tesla supported the Nasdaq.
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U.S. economy may not need more stimulus to weather coronavirus hit: White House official
The U.S. economy may be able to weather the hit from the coronavirus with the stimulative policies already in the pipeline without the need for more measures to spur activity, a White House adviser said on Thursday.
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