Bank of America said that about half way through its first day administering a small business relief program, more than 58,000 customers applied for $6 billion in loans. The bank was the first major lender to get its web portal for the Paycheck Protection Program up and running, and it was soon inundated with requests. “That
In times of market downturns, many of the stocks that take a beating will eventually rebound. Others, not so much. For investors who have a big portion of their assets in one particular stock, the current drubbing may serve as a reminder that diversification matters. It might also be time to make sure you still
SIphotography | Getty Images It’s been about a week since Congress pushed through a new bill that will send $1,200 stimulus payments to millions of Americans. And your questions about who is eligible for that money and how soon it could arrive keep on coming. Individuals with adjusted gross income of up to $75,000 stand
By every measure, the job market is getting grim. With many non-essential businesses forced to close, workers across the country are suddenly facing extended furloughs or lay-offs. The unemployment rate jumped to 4.4% — from 3.5% — its highest level since August 2017, and it will likely climb much higher. “There’s no avoiding a substantial rise in
Coronavirus scams are on the rise. Government agencies, like the IRS, the Federal Trade Commission and the Social Security Administration, are warning consumers to be vigilant as fraudsters try to take advantage of them during the coronavirus pandemic. “Whenever crises erupt, the scammers and fraudsters have a heyday,” said Sally Greenberg, executive director of the
The stock market could still touch new lows as uncertainty around the coronavirus pandemic persists, Mohamed El-Erian said Friday. “I don’t think we’re forming a bottom yet. I think we’re going down at a slower rate,” the chief economic advisor at Allianz said on CNBC’s “Squawk Box.” “There is a very important distinction there.” Calling a
Director of the National Institute of Allergy and Infectious Diseases Anthony Fauci speaks during the daily briefing on the novel coronavirus, COVID-19, in the Brady Briefing Room at the White House on April 1, 2020, in Washington, DC. Mandel Ngan | AFP | Getty Images Americans shouldn’t assume hydroxychloroquine is a “knockout drug” in preventing or
A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China July 17, 2018. Jason Lee | Reuters Here we go again. It sounds outrageous: The chief operating officer of Luckin Coffee, the largest domestic coffee chain in the China, was accused by his own company of fabricating much of
U.S. government debt prices were higher Friday as the total number of global coronavirus cases surpassed 1 million. The yield on the benchmark 10-year Treasury note fell 3 basis points to 0.59% while the yield on the 30-year Treasury bond was also lower at 1.23%. Bond yields move inversely to prices. Investors will be watching
Travelers wearing protective masks and suits walk through Incheon International Airport in Incheon, South Korea, on Monday, March 9, 2020. SeongJoon Cho | Bloomberg | Getty Images This is a live blog. Please check back for updates. Global cases: More than 1,011,000. Global deaths: At least 52,800. Top 5 countries: United States (242,182), Italy (115,242), Spain (112,065),
Hedge fund manager Mark Yusko is telling investors to brace for a nearly once in a lifetime downturn. The Morgan Creek Capital Management CEO and CIO sees the Great Depression as the closest comparison to what’s happening to the coronavirus ravaged economy. “The economic shock wave that’s coming is going to be like nothing that
A customer pays with cash at a Best Buy store in Texas, United States, on November 26, 2010. Aaron M. Sprecher | Bloomberg | Getty Images If you’re counting the days until you receive your stimulus money from the government, hold tight: It could take up to five months. A House Ways and Means Committee
Short seller Jim Chanos warned investors about piling into “virus stocks” boosted by the coronavirus lockdown temporarily. “One area I would warn people about for example is the virus stocks,” Chanos said on Thursday on CNBC’s Halftime Report. They are “doing well right now in this enforced lockdown. A lot of these companies are really not structurally
Portra Images | Getty Images If your financial life has hit a rough patch, you may be thinking about taking a loan from your 401(k) savings plan. Yet is it the right move to make? Many financial experts typically advise against it, calling it a “last resort.” However, with the coronavirus pandemic causing layoffs and
Kynikos Associates Founder Jim Chanos told CNBC on Thursday that he just closed a bet against Chinese coffee chain Luckin on Thursday after first taking a short position earlier in the year on advice from fellow short-seller Carson Block and his firm, Muddy Waters Research. Luckin Coffee is down more than 70% on Thursday after
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 965,246 Global deaths: At least 49,180 US cases: At least 217,263 US deaths: At least 5,137 The data
Walgreens Boots Alliance said it saw a surge in sales and then a drop-off in March as the coronavirus pandemic spreads across the world and now keeps people indoors. The international drugstore’s same-store sales were up 26% in the first 21 days of the month as people stocked up on prescriptions and other items, Global Chief
JPMorgan CEO Jamie Dimon told employees in a memo Thursday he is “happy to be back at work” following emergency heart surgery last month. “I have been recuperating well and getting stronger every day, and I am happy to be back to work this week — albeit working remotely like so many of you,” Dimon
A kayaker passes in front of an offshore oil platform in the Guanabara Bay in Niteroi, Brazil, Saturday, Feb. 1, 2020. Dado Galdieri | Bloomberg | Getty Images Oil prices rallied on Thursday after President Donald Trump talked up the possibility of Saudi Arabia and Russia ending a price war that has contributed to crude’s
The entrance to a Macy’s department store. Jeffrey Greenberg | Universal Images Group | Getty Images Macy’s is being dropped from the S&P 500, and in a sign of how far the fortunes of retail have fallen, it is being banished all the way down to the small-cap S&P 600, skipping the mid-cap S&P 400.
This is a live blog. Please check back for updates. Global cases: More than 937,783 Global deaths: At least 47,261 Top 5 countries: United States (216,721), Italy (110,574), Spain (104,118), China (82,394), and Germany (77,981) The data above was compiled by Johns Hopkins University as of 1:51 p.m. Beijing time. All times below are in
This photo taken on March 23, 2020 shows employees eating during lunch break at an auto plant of Dongfeng Honda in Wuhan in China’s central Hubei province. STR | AFP | China As the second quarter begins in China, it’s an altered landscape in the coronavirus-stricken economy with businesses that remain shut — some for good.
shot of social security card Kameleon007 People who receive Social Security benefits and who do not submit tax returns will not have to file in order to get a government stimulus check. The announcement by the Treasury Department and Internal Revenue Service on Wednesday night reverses earlier guidance that said those people would have to
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 932,000 Global deaths: At least 46,000 US cases: At least 209,000 US deaths: At least 4,700 The data above was
President Donald Trump speaks at the daily coronavirus briefing joined by Vice President Mike Pence in the James Brady Press Briefing Room at the White House on March 22, 2020 in Washington, DC. Tasos Katopodis | Getty Images Dow Jones Industrial Average drops 973 points The Dow slid 973.65 points, or 4.44%, to close at
NoDerog | iStock | Getty Images There may be a catch for individuals who typically don’t file a tax return but are expecting to receive a stimulus check. They may have to send a return to the government in order to get paid. New guidance was released on Monday by the IRS, which said there
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. Lucas Jackson | REUTERS Heading into earnings season, investors should expect delayed reports, withdrawn forecasts and confusing results from U.S. businesses grappling with the coronavirus shutdown. There is a general consensus that company earnings are going
Analysts have warned that falling oil prices will lead to a wave of consolidation or bankruptcies in the U.S. energy sector, and the Street got its first taste of what could be to come when U.S. shale producer Whiting Petroleum filed for bankruptcy on Wednesday. “The oil patch is falling apart. … This is the other
Taking a trip is the last thing on many people’s minds. Roughly 94 million Americans have cancelled or plan on canceling travel plans due to the coronavirus pandemic, according to a recent survey by personal finance site WalletHub. Given the circumstances, many airlines are relaxing cancellation policies and major hotel chains are waiving fees. “There is pretty
Mohamed El-Erian said Wednesday that he would be hesitant to put cash to work, arguing the stock market is still on a downward trend due to the coronavirus pandemic. But he offered a road map for investors who feel inclined to add to their portfolios. “Whatever cash you have, divide it over five installments,” El-Erian said on CNBC’s “Squawk
