25
Monday
May 2020
7:57 PM IST
News Headlines
Need to find a way to outlast Pujara in summer series: Cummins        La Liga can resume week of June 8 - Spanish Prime Minister        Extend loan automatically to all eligible borrowers without fear of 3Cs: FM to banks        Will try to restart international flights before August: Puri        Iran warns US not to interfere with Venezuela oil shipment        Sri Lanka to ease coronavirus restrictions from May 26        Coronavirus cases cross 10,000-mark in Ahmedabad, 24 deaths        Amphan toll rises to 85 in Bengal; protests over electricity, water supply        Prisoners aged above 60 to be released on emergency parole to decongest jail in Delhi        Record jump in COVID-19 cases, 137 more deaths        Bryant items fetch premium prices, Trout card sets record        Baseball players respond to MLB on virus protocols        RBI extends moratorium on loans for another 3 months till Aug        Sensex, Nifty turn choppy; RIL jumps on KKR deal        Quarantine must for domestic air travellers: Kerala govt        At least 57 killed in Pakistan passenger plane crash in Karachi        China introduces new security bill in parliament to tighten controls over Hong Kong        Trump lashes out at scientists whose findings contradict him        COVID-19 death toll climbs to 3,583 in India        Pak troops shell LoC areas in twin sectors of Poonch, Rajouri        
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Business News
Stocks fall on Wall Street, heading for another weekly loss
 
New York, Apr 3 (AP) Stocks are falling in afternoon trading Friday, putting Wall Street on track for its third losing week in the last four.

The losses came after the government said U.S. employers cut 701,000 more jobs than they added last month, the first drop in nearly a decade. Many businesses have screeched to a halt amid attempts to slow the spread of the coronavirus outbreak, and economists say the dire data is only going to get worse.

U.S. stock indexes held steady at first, then headed lower after the price of oil lost some of its momentum. That undercut a rally for energy stocks, which had been helping to keep the overall market's losses in check. Losses accelerated after New York's governor announced the biggest daily jump yet for deaths caused by the coronavirus in the country's hardest-hit state.

The worry is, there's just too much uncertainty, said Mark Hackett, chief of investment research for Nationwide.

The S&P 500 was down 2.5% as of 2:05 p.m. Eastern time. The Dow Jones Industrial Average fell 526 points, or 2.5%, to 20,886, and the Nasdaq was down 2.6%.

Such losses would be striking during a normal market, but since the market began selling off in mid-February, the average down day for stocks has brought an even steeper loss of 3.8%.

It shows that markets have already factored in dismal economic numbers for at least the next few weeks, said Peter Essele, head of portfolio management for Commonwealth Financial Network..

Friday's jobs report likely doesn't even fully capture the extent of the recent job losses, which have been accelerating by the day, because it collected data from before stay-at-home orders were widespread.

There is far worse to come, said Eric Winograd, senior economist at AllianceBernstein.

Economists say next month's report may even show the economy has wiped away the last of the 22.8 million jobs created during its nearly decade-long hiring streak.

The S&P 500 is down 27% since its record set in February, reflecting the growing assumption that the economy is set to slide into a sudden, extremely sharp recession.

But the panic selling that dominated the first few weeks of the sell-off has calmed a bit since Washington unleashed massive amounts of aid to help markets and the economy. The Federal Reserve has promised to buy as many Treasury securities as it takes to keep lending markets running smoothly, and Congress approved a 2.2 trillion rescue plan for the economy.

Together, these actions are staggering and unprecedented and will go some distance toward helping to cushion the economic blow of this health crisis and help get the country to the other side, said Rick Rieder, chief investment officer of global fixed income at BlackRock.


Extend loan automatically to all eligible borrowers without fear of 3Cs: FM to banks
Will try to restart international flights before August: Puri
RBI extends moratorium on loans for another 3 months till Aug
Sensex, Nifty turn choppy; RIL jumps on KKR deal
Rupee rises 13 paise to 75.67 against US dollar in early trade
Bajaj Auto shares jump 6.50 pc after Q4 earnings
Rupee rises 6 paise to 75.60 against US dollar in early trade
Decide corruption cases in time involving retiring bank, govt officials: CVC
Consumers footfall increase, average basket value goes up at retail stores in lockdown 3.0
Decentralisation of cities, devt of far-flung areas can help address migrant workers' woes: Gadkari
Find out novel ways for revival of economy, not the failed ideas: BMS
Reliance Industries' Rs 53,000-crore rights issue to kick off on May 20
Rupee falls 13 paise to 75.59 against US dollar in early trade
Investor wealth plunges Rs 1.99 lakh cr as mkts plummet
Kotak Mahindra Bank Q4 profit down 4 pc to Rs 1,952 cr
Jet Airways insolvency resolution professional seeks fresh EoI for defunct airline
Rupee falls 22 paise to 75.95 against US dollar in early trade
Maruti resumes operations at Manesar plant on single shift basis
Warehousing demand in 8 major cities drops 29% in Jan-Mar, new supply down 14%: Report
Reliance fixes May 14 as record date for rights issue
KERALA NEWS
Quarantine must for domestic air travellers: Kerala govt
 Thiruvananthapuram: Domestic flyers arriving in Kerala must undergo strict home quarantine as per th  
12 fresh COVID-19 cases in Kerala, total rises to 642
Central financial package lacks public healthcare initiatives: Kerala CM
29 fresh cases in Kerala; Over 67,000 under observation
INTERNATIONAL NEWS
Iran warns US not to interfere with Venezuela oil shipment
 Tehran: Iran's president on Saturday warned the United States not to interfere with a shipment of oi
Sri Lanka to ease coronavirus restrictions from May 26
At least 57 killed in Pakistan passenger plane crash in Karachi
China introduces new security bill in parliament to tighten controls over Hong Kong
NATIONAL NEWS
Coronavirus cases cross 10,000-mark in Ahmedabad, 24 deaths
 Ahmedabad: Coronavirus cases in Ahmedabad crossed the 10,000-mark and rose to 10,001 after 277 new p
Amphan toll rises to 85 in Bengal; protests over electricity, water supply
Prisoners aged above 60 to be released on emergency parole to decongest jail in Delhi
COVID-19 death toll climbs to 3,583 in India
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