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US stocks climbed Tuesday as Wall Street once again grew optimistic about the path of coronavirus crisis while grappling with grim earnings reports from major companies. The Dow Jones industrial average jumped as many as 628.28 points, or 2.6 percent, in early trading following a 1.4 percent drop Monday. The S&P 500 posted an early …
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Jamie Dimon is preparing America’s biggest bank for some very rainy days ahead. The chief executive of JPMorgan Chase said he sees the economy worse before they get better on Tuesday after his bank reported its profits fell nearly 70 percent in the first quarter of 2020 as the coronavirus ravaged the US economy, forcing …
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A New York investment firm pitched wealthy investors in recent days on a way to make returns of 22 percent to 175 percent using US government programs designed to help Americans keep their jobs and boost the coronavirus-stricken economy, according to a marketing document seen by Reuters. Following questions posed by Reuters, Arcadia Investment Partners, …
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Morgan Stanley boss James Gorman surprised his staff by disclosing in an internal video that he has won his own battle with the coronavirus. According to sources close to the banking giant, employees were notified via email at 8 a.m. Thursday that their 61-year-old chief executive had posted a 10-minute video to Morgan Stanley’s intranet …
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US stocks tumbled Friday after a brutal monthly jobs report gave Wall Street more proof of how hard the coronavirus pandemic has hit the economy. The Dow Jones industrial average dropped −360.91 points, or 1.7 percent, to 21,052.53 after the feds’ March jobs report said the US economy lost 701,000 jobs last month, bringing the …
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Stocks rallied Thursday as rising oil prices overcame Wall Street’s worries about the coronavirus gutting the US labor market. The Dow Jones industrial average climbed as much as 534.26 points, or 2.5 percent, on hopes of a detente in the oil-price war between Russia and Saudi Arabia. The blue-chip index reversed the early losses it …
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JPMorgan Chase boss Jamie Dimon is back on the job after recovering from emergency heart surgery in early March. “I have been recuperating well and getting stronger every day,” the bank CEO wrote in a Thursday morning memo to colleagues, “and I am happy to be back to work this week — albeit working remotely …
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Banks are wobbling from the economic wallop being delivered by the coronavirus, but experts say they are unlikely to fall down. According to data from S&P Global Market Intelligence, the US banking industry will likely see its profits plunge 25 percent this year as locked-down consumers curtail their spending. That, in turn, will make it …
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Federal Reserve Chairman Jerome Powell said Thursday the country could already be in a recession, but that it was unlike a typical downturn because the economy was so strong before the coronavirus pandemic sent the markets into a tailspin and unemployment soaring. “We may well be in a recession. But I would point to the …
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Morgan Stanley and Citigroup have hit pause on layoffs as the coronavirus pandemic has led to a record level of unemployment claims and unprecedented economic uncertainty, according to sources. On Thursday, Morgan Stanley pledged to not cut any jobs this year, according to a memo seen by Reuters, as the Wall Street bank sought to …
US stocks climbed Tuesday as Wall Street once again grew optimistic about the path of coronavirus crisis while grappling with grim earnings reports from major companies. The Dow Jones industrial average jumped as many as 628.28 points, or 2.6 percent, in early trading following a 1.4 percent drop Monday. The S&P 500 posted an early …
