President Donald Trumps signs the $2 trillion coronavirus relief bill.
It passed the House earlier Friday after getting through the Senate on Wednesday.
House leaders rushed lawmakers back to Washington to block an effort by Rep. Thomas Massie, R-Ky., to ask for a recorded vote, which could have delayed the measure’s passage by hours.
Renaissance Technologies’s James Simons, Citadel’s Ken Griffin, Points72′s Steven Cohen and Appaloosa Management’s David Tepper were among the biggest hedge fund earners in 2019 with each man raking in over $1 billion, according to Institutional Investor’s Rich List.
Read MoreStocks are a good value for investors who think the economic hit from the coronavirus is temporary, Oakmark Funds partner Bill Nygren told on Tuesday.
“We think stocks are really cheap if you believe, as we do, that the economy is going to eventually recover, as will the P/E multiples,” the value investor said.
Ford and Tesla were highlights in a note from UBS analysts, who downgraded Ford’s stock to “neutral” from “buy” on concerns around the company’s debt in a worst-case market scenario. The firm also upgraded Tesla to “neutral” from “sell” on “relatively high demand visibility and its sustained tech leadership.”
Read MoreThe Dow Jones Industrial Average soared on Tuesday, logging its best day in 87 years as investors bet U.S. lawmakers would deliver soon a stimulus bill to rescue the economy from the damage caused by the coronavirus and shutdowns designed to stop its spread. It was a historic bounce coming amid a historic sell-off.
Read MoreIt took the S&P 500 only 22 trading days to fall 30% from its record high reached on Feb. 19, making it the fastest drop of this magnitude in history, according to data from Bank of America Securities.
The second, third and fourth quickest 30% pullbacks all occurred during the Great Depression era in 1934, 1931 and 1929, respectively.
Investors continued to dump equities as they feared that the economic fallout from the coronavirus outpaced the actions from global central banks and governments.
“Do not believe that any equity market stabilization is a sign of an investable bottom in US stocks,” DataTrek Research co-founder Nick Colas said. “The next flush down could, in other words, be days rather than weeks away.”
Britain will stop weddings and other large gatherings and will close shops and playgrounds, Prime Minister Boris Johnson said on Monday.
Johnson said that all shops selling nonessential goods would be closed, along with libraries and places of worship, and that all social events would be stopped other than funerals.
Deaths from the virus in Britain jumped to 335 on Monday as the government said the military would help ship millions of items of personal protective equipment (PPE) including masks to healthcare workers who have complained of shortages.
Goldman Sachs CEO David Solomon got a 20% raise to $27.5 million for his work leading the bank in 2019.
His pay package includes a $2 million annual salary, $7.65 million in a cash bonus, and $17.85 million in performance-linked stock units, the company disclosed Friday in a filing.
“He led our development of the firm’s three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm’s long-term mindset and instills a culture of innovation,” the bank said.
Any vaccine for the coronavirus would have to made available to everyone, not just the “haves,” WHO officials said.
WHO officials noted that the race for a vaccine has made remarkable progress as the first human trials have started only eight weeks into development.
The virus has infected more than 245,000 people worldwide and killed more than 10,000 as of Friday afternoon.
The Monaco Grand Prix has been cancelled and the Dutch and Spanish races have been postponed due to the coronavirus outbreak. The first four races in Australia, Bahrain, Vietnam and China had already been called off due to the pandemic. The sport's governing body, the FIA, says it expects the 2020 season to begin "as soon as it is safe to do so after May".
Read MoreCalifornia estimates that more than half of the state — 25.5 million people — will get the new coronavirus over the next eight week.
The state reported nearly 699 confirmed cases as of 9 p.m. ET Wednesday night, according to the California health department.
Newsom said the virus is spreading in the community in 23 counties across the state.
The Federal Reserve took another page out of its 2008 crisis-era playbook late Wednesday evening, invoking its emergency authority to create a backstop for prime money market mutual funds.
The new Money Market Mutual Liquidity Fund will provide loans to financial institutions to buy assets from prime money market funds.
Concern had risen in recent days about the prime funds, which purchase non-Treasury debt, such as corporate debt, commercial paper and government agency debt.
South Korea’s Kospi led losses among the region’s major markets as it dropped 9.1% while the Kosdaq index fell 9.66%. The Korea Exchange said earlier triggered circuit breakers after the Kospi dropped 8%, with trading halted for 20 mins, according to Reuters.
In the Philippines, where trading was halted earlier this week, the PSE Composite Index plummeted 11.57% as trading resumed on Thursday.
The Reserve Bank of Australia (RBA) announced Thursday a “comprehensive package,” including a reduction in the cash rate target to 0.25%, to support the country’s economy as it grapples with the impact of the virus.
Stock futures traded higher on Monday night after Wall Street suffered massive losses earlier in the day amid concerns over the economic blow from the coronavirus outbreak.
As of 10:03 p.m. ET, Dow Jones Industrial Average futures were 674 points higher. S&P 500 and Nasdaq 100 futures were also higher.
Read MoreThe Dow Jones Industrial Average closed 2,997.10 points lower, or 12.9%, at 20,188.52. The 30-stock Dow was briefly down more than 3,000 points in the final minutes of trading. The S&P 500 dropped 12% to 2,386.13 — hitting its lowest level since December 2018 — while the Nasdaq Composite closed 12.3% lower at 6,904.59 in its worst day ever.
Read MoreThe group — which includes JPMorgan, Bank of America and others — said in a statement that the pandemic was an “unprecedented challenge.”
Bank stocks have been pummeled so far this year as the virus has spread around the world.
Buybacks are one way for companies to return capital to their shareholders and can help boost the price of stocks.
Stock market futures hit “limit down” levels of 5% lower, a move made by the CME futures exchange to reduce panic in markets. No prices can trade below that threshold, only at higher prices than that down 5% limit.
Read MoreIn an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing.
The QE program will entail $700 billion worth of asset purchases entailing Treasurys and mortgage-backed securities.
Markets responded negatively, with Dow futures pointing to a drop of 900 points when the market opens Monday morning.
Stock markets took a pummeling last week and they look set for another volatile week ahead, as the implications of an escalating coronavirus outbreak and slumping oil prices spooked investors.
The downturn marked a dark time for those with a toe in the market and sparked anxiety, especially among new investors, who had been riding high on continued market rallies over recent years.
Read MoreFutures contracts tied to the major U.S. stock indexes fell on Wednesday night after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus.
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