Oil prices turned negative, giving back a more than 12% gain, as the Street awaited details on production cuts from OPEC and its allies, known as OPEC+. Producers were reportedly amenable to scaling back production in an effort to prop up falling oil prices, although
KEY POINTS More than 16 million Americans have now lost their jobs in three weeks. If you compare those claims to the 151 million people on payrolls in the last monthly employment report, that means the U.S. has lost 10% of the workforce in three
KEY POINTS U.S. auto dealers have been slow to embrace online sales. However, the coronavirus is changing that. Online sales is one of the last chances for salvation for some dealers that have had to close showrooms due to the pandemic and state orders. J.D.
While most Americans will receive a coronavirus stimulus check based on their tax returns, the IRS is urging certain groups that do not typically file taxes to do so as soon as they can in order to receive a payment. The 10 million Americans who
The Dow Jones Industrial Average rallied on Thursday, wrapping up its best week in more than 80 years, after the Federal Reserve gave more details on how it will support the economy amid the coronavirus pandemic. The Dow jumped 503 points, or 2.1%. The S&P 500 gained 2.2% while the Nasdaq
KEY POINTS Personal finance start-up SoFi has agreed to buy Utah-based payment processor Galileo for $1.2 billion. Deal talks began before “things got challenging,” but they were able to continue despite the coronavirus slowdown, SoFi CEO Anthony Noto says. Galileo has been around for a
KEY POINTS The Paycheck Protection Program will lend up to $349 billion in forgivable loans to small businesses hurt by the coronavirus fallout. The Small Business Administration program may not forgive as much of the loans as business owners think. At least 75% of the
KEY POINTS Exxon is cutting its capital spending by 30% as the coronavirus pandemic continues to hammer oil prices. The company is “committed to maintaining” its dividend, CEO Darren Woods said Tuesday on CNBC’s “Squawk Box.” Shares of Exxon gained 1.9% on Tuesday, but are