A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto Chris Helgren | Reuters Wells Fargo, one of the largest home lenders in the U.S., is stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic. The bank informed its mortgage
Month: April 2020
The economic impact of the coronavirus pandemic has been felt by millions of workers, including a record-breaking 30.3 million Americans who have filed for unemployment over the past six weeks. Young people are feeling some of the harshest impacts when it comes to job prospects. According to data from job site Glassdoor, the number of
Ariel Investments co-CEO and president Mellody Hobson speaks at the 2017 Fortune Most Powerful Women Summit in Washington, D.C. Paul Morigi | Getty Images Entertainment | Getty Images Investment expert Mellody Hobson is a firm believer in teaching kids about investing. She’d like it taught at every school in America — even at a young
Prior to the Covid-19 pandemic, an astounding 53% of the American population felt anxious about personal finances. Undoubtedly, that percentage has grown significantly, with more than 26 million Americans becoming unemployed since then. The statistics are alarming, but it is not time to panic — it’s time to plan. Although many financial plans will need
The torrent of major corporate earnings results continued Thursday, with McDonald’s, CNBC parent Comcast, Twitter, and Kraft Heinz among the many companies reporting before the opening bell on Wall Street. Sales and profits have taken a beating for most corporations in the first quarter of 2020 as the initial effects of the pandemic began 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
Tesla shares rose more than 9% after hours as the company showed its third consecutive quarter with a profit. Here’s how the company did: Earnings per share (EPS): $1.24 per share, ex-items Revenue: $5.99 billion Wall Street was expecting an adjusted loss of 36 cents per share and revenue of $5.9 billion for Q1, according
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
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 “Squawk Box.” U.S. stocks soared on
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
Starbucks on Tuesday said that its fiscal second-quarter global same-store sales fell 10% as the coronavirus hit sales in its two largest markets, the United States and China. The company also warned that its fiscal third-quarter results will take an even bigger hit from the pandemic, even as sales in China begin to recover. Shares of
Image Source | Getty Images When it comes to coronavirus stimulus checks, many say $1,200 isn’t enough. Millions of those one-time payments are still on their way to Americans. The coronavirus shutdown, however, could have economic effects for months. Now, political leaders are turning to proposals for putting more income in Americans’ hands. “Others have
An empty New York City subway car. Preston Rescigno | Getty Images The $3.8 trillion market for funding state and local governments, airports, schools and hospitals faces a test next month as New York City’s transit agency offers bonds to the market for the first time since the coronavirus emptied its subways, trains and buses.
As the coronavirus pandemic continues to escalate, doctors around the U.S. are joining lawyers and financial advisors in urging Americans to create essential documents that can help medical providers better coordinate their care. One form is an advanced directive, or living will, which states your wishes for medical care. Another legal document, a health-care proxy
A masked pedestrian walks past shuttered shopfronts in Hollywood, California on April 23, 2020. FREDERIC J. BROWN/AFP via Getty Images Many Americans collecting unemployment benefits may be wondering: Why isn’t my check bigger? The $2.2 trillion coronavirus relief package enacted last month expanded unemployment benefits in several ways, partly by increasing jobless pay by $600
Health experts and asset markets are watching closely as segments of the U.S. reopen their economies. Across the Atlantic, U.K. Prime Minister Boris Johnson is back at work after recovering from the virus, delivering a sober address about the nation’s progress in fighting the Covid-19 outbreak. This is CNBC’s live blog covering all the latest
Charles Munger David A. Grogan | CNBC Charlie Munger, vice chairman of Berkshire Hathaway, will not be taking questions at the company’s annual shareholder’s meeting alongside Warren Buffett as the coronavirus pandemic forces changes to the widely anticipated event. Instead, it will be Greg Abel, Berkshire’s vice chairman of non-insurance operations, taking previously submitted questions
This is a live blog. Please check back for updates. 9:31 am: Stocks start the week in the green, Dow up 100 U.S. equities opened in positive territory on Monday, with the Dow Jones Industrial Average rising 120 points, or 0.55%. The S&P 500 jumped 0.75% and the Nasdaq Composite gained 0.92%. Boosting investor sentiment
Geology is the study of pressure and time. That’s all it takes really… pressure… and time. Red Redding “The Shawshank Redemption” Pressure. Time. And a big gosh darn supertanker. Apologies for altering one of Morgan Freeman’s most famous lines in movies, but it had to be done to fit the oil drama that’s playing out
Fabian Videla Source: Fabian Videla In March, Fabian Videla realized that his 20-year-old construction and renovation company, Smarter Remodeling, in Jacksonville, Florida, might not survive the coronavirus outbreak. “People started canceling sales appointments,” Videla, 49, said. “Current customers were apprehensive about letting crews in their houses. All of a sudden, it was a massive shutdown.”
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. Global cases: More than 2.9 million Global deaths: At least 203,534 US cases: More than 939,000 US deaths: At least 53,934 The
From baking to puzzles, the Covid-19 quarantine might have you turning to hobbies that you never had time for before. If you’re looking for a calming weekend art project, Disney has free drawing classes on YouTube. You can learn how to draw some of the most popular Disney characters, from Elsa from “Frozen” to Goofy.
Comstock | Stockbyte | Getty Images “Scary,” “unbelievable,” “so dramatic,” “unprecedented,” “very visceral”: These are among the choice words Wall Street veterans used to describe what was, for the oil market, a week for the history books. On Monday, for the first time on record, West Texas Intermediate (WTI), the U.S. oil benchmark, plunged below
Employee Linda Tarkenton holds a blank U.S. Treasury check before it’s run through a printer at the U.S. Treasury printing facility in Philadelphia. Getty Images People who receive benefits through either the Department of Veterans Affairs or Supplemental Security Income who have children have a new deadline if they want to get all of 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 18 of 30. Bank account fees keep climbing. The
A Sierra Wireless display at a trade show. Source: Sierra Wireless Lion Point Capital, run by alumni of Elliott Associates, Perry Capital and Starboard Value, struck an agreement this month with Sierra Wireless, a struggling telecom hardware maker that’s trying to become a software company. We believe Lion Point has a good chance at getting
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 2,815,347. Global deaths: At least 197,506. Most cases reported: United States (905,333), Spain (219,764), Italy (192,994), France (159,952), and Germany (155,054). The data above was compiled by Johns Hopkins
A woman with a facial mask passes the New York Stock Exchange (NYSE) on February 3, 2020 at Wall Street in New York City. Johannes Eisele | AFP | Getty Images Dow Jones Industrial Average rises 260 points Oil extends gains from record lows U.S. crude futures rose 2.7% to settle at $16.94 per barrel,
As the number of Americans without jobs continues to rise, more states are providing unemployment benefits to gig workers and those who are self-employed. About 4.4 million new workers applied for unemployment in the week ending April 18, bringing the total number of out-of-work Americans to about 26.5 million over the past five weeks, the
Despite outrage on Main Street and new pressure from the Treasury Department this week, several publicly traded companies that received payroll relief funds from the Small Business Administration oppose demands to return the cash. The companies said the Paycheck Protection Program loans have allowed them to keep employees on payroll and that they disagree with
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