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Microsoft Corp reported quarterly revenue above Wall Street estimates on Wednesday, powered by another strong performance from its cloud service Azure as the coronavirus outbreak and home sheltering lead to more people working from home.

The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.

U.S. stocks surged on Wednesday as expectations of an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair Jerome Powell.

The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to use its "full range of tools" to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only slam growth in the near term but pose "considerable risks" in the medium term as well.

Chesapeake Energy Corp , the oil and gas exploration and production company that was at the forefront of the past decade's U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices, people familiar with the matter said on Wednesday.

No company's stock market value has benefited more from the coronavirus pandemic than Amazon.com's.

Volkswagen AG and Toyota Motor Corp said Wednesday they will delay restarting U.S. production amid the coronavirus pandemic and concerns about the automotive supply network.

General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.

Several of Amazon.com Inc's foreign websites have been added to the U.S. trade regulator's "Notorious Markets" report on marketplaces known for counterfeiting and piracy concerns.

World stock markets surged on Wednesday following encouraging news for an experimental COVID-19 treatment and some positive earnings reports, while beaten-up oil prices soared.

Hertz Global Holdings Inc said on Wednesday it was in talks with its lenders to avoid defaulting on debt related to its rental vehicle fleet, after skipping a payment that was due April 27.

Volkswagen AG said Wednesday it is indefinitely delaying the resumption of production at its Tennessee assembly plant that had been set to restart on May 3.

The Federal Reserve on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the U.S. economy amid an ongoing coronavirus pandemic that will not only "weigh heavily" on the near-term outlook but poses "considerable risks" for the medium term as well.

Wall Street stock indexes surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors look past bleak economic data.

Federal Reserve policymakers on Wednesday left interest rates near zero and repeated a vow to do what it takes to shore up the economy, saying the ongoing coronavirus pandemic will "weigh heavily" on the near-term outlook and poses "considerable risks" for the medium term.

The U.S. insurance industry is promoting the idea of an insurance plan backed by the federal government that would help businesses that in the future suffer losses from a pandemic, people familiar with the effort told Reuters.

Top Boeing Co shareholder Vanguard Group voted against the company's chairman Lawrence Kellner, citing "control failures" under its audit committee after two 737 MAX plane crashes, according to a stewardship report issued on Wednesday that will further pressure the planemaker.

Face masks, temperature checks and packaged sandwiches could all become part of the daily routine for bankers as their employers work out how to get them safely back into the office.

U.S. stocks jumped to seven-week highs on Wednesday as Gilead Sciences gave an encouraging update on a potential COVID-19 treatment and upbeat earnings from Google-parent Alphabet boosted the so-called market-leading FAANG stocks.

A plan to axe up to 12,000 jobs at IAG's British Airways underlines CEO Willie Walsh's desire to survive what is expected to be aviation's worst downturn without a state bailout.