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The coronavirus pandemic may have erased around $64 billion of value from Warren Buffett's equity portfolio at Berkshire Hathaway Inc , setting up the conglomerate for one of the largest quarterly losses ever by an American company.

The United States will not ask U.S. domestic oil companies for a coordinated cut in production to counter a historic meltdown in global prices and is still awaiting the details of planned cuts in Saudi Arabia and Russia, a senior administration official told Reuters on Thursday.

The U.S. unemployment rate will shoot past 10% in the second quarter and the growth rate of gross domestic product will decline by more than 7% as the coronavirus crisis grips the U.S. economy, according to projections released by the Congressional Budget Office (CBO) on Thursday.

U.S. stocks rose on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut oil output drove gains, helping to offset the shocking jump in Americans filing for jobless claims due to coronavirus-led lockdowns.

U.S President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how the cut would work were unclear.

The U.S. Air Force has recommended the release of up to $924 million in payments to Boeing that were held back due to flaws in the KC-46 air refueling tanker, according to a memo seen by Reuters and a source familiar with the situation.

Battered S&P 500 stocks may get fresh interest from investors turning to dividends in a world of shrinking bond yields.

The financial industry wants the U.S. Securities and Exchange Commission to hold off on parts of a new rule requiring brokers to disclose potential conflicts of interest, citing disruptions caused by the coronavirus, four people with knowledge of the discussions said.

The dollar rose for a second straight day against a basket of currencies on Thursday as investors, worried about the prospect of a global recession, continued to take shelter in the greenback.

Crude prices soared on Thursday after U.S. President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.

General Electric Co said on Thursday it would furlough about half its workers in the U.S. engine assembly and component manufacturing operations, a move that would affect thousands of employees, as the coronavirus pandemic hurts travel demand.

Shares of Luckin Coffee Inc sank as much as 81% on Thursday after the Chinese coffee chain said an internal investigation had shown that its chief operating officer and other employees fabricated sales transactions.

Ford Motor Co said on Thursday it will make 50,000 face shields at factories in Brazil and Argentina to donate in the fight against the coronavirus pandemic.

Shares of Walgreens Boots Alliance Inc fell 6% on Thursday after the drugstore retailer reported a steep decline in U.S. same-store sales in the last week of March as customers stayed indoors due to the coronavirus outbreak.

Facebook Inc. launched a service in Italy to check the accuracy of information on coronavirus circulating on its messaging platform WhatsApp, the U.S. tech firm said on Thursday.

Amazon.com Inc plans to roll out temperature checks and face masks for staff at all its U.S. and European warehouses plus Whole Foods stores by early next week, a huge deployment for workers on the front lines of the coronavirus outbreak.

SoftBank Group Corp said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, drawing threats of legal action and plunging the floundering office space company further into crisis.

Walmart , the world's largest retailer, has put the possible sale of a majority stake in its British supermarket arm Asda on hold until the coronavirus crisis is over, said a person familiar with the situation.

U.S. borrowers seeking a reprieve from mortgage, auto or credit card payments because of coronavirus hardships are not getting the help they expected from big banks that promised assistance in recent weeks.

Wall Street bounced on Thursday as hopes of a truce between Saudi Arabia and Russia to cut oil output drove a record 22% surge in prices, outweighing the shock of over 6 million Americans filing for jobless claims due to virus-led lockdowns.