Avie Schneider

Updated at 5:36 p.m. ET

Hank Paulson says the world and America are "facing a health and economic crisis unlike anything in our modern history."

Paulson knows a thing or two about a financial crisis. In 2008, as Treasury secretary, he helped steer the United States out of the worst financial crisis since the Great Depression.

Updated at 10:38 a.m. ET

The number of new people claiming unemployment benefits totaled a staggering 6.648 million last week — doubling the record set a week earlier, the Labor Department said Thursday.

In the prior week, ending March 21, a revised 3.307 million initial claims were filed.

In just two weeks, nearly all of the jobs gained in the last five years have been lost.

Updated at 4:07 p.m. ET

The stock market has never seen a month like March. The Dow notched losses and gains of 1,000 points to as many as 3,000 points in a day in reaction to the coronavirus pandemic and its economic toll.

The Dow Jones Industrial Average has recovered from recent lows, but it's still down nearly 14% this month.

And the blue chip index is 26% below its recent peak in February. At its low on March 23, it was down a staggering 38% from the record high.

Citing the coronavirus pandemic's "heavy toll" on its business, Macy's said it's furloughing the majority of its nearly 130,000 employees. Workers will continue to receive health benefits through May.

"Across Macy's, Bloomingdale's, and Bluemercury [beauty] brands, we will be moving to the absolute minimum workforce needed to maintain basic operations," the retailer said Monday.

Orange juice is suddenly hot.

In the commodity markets, frozen concentrate orange juice futures have soared 25% — just in the past month. (Yes, you're thinking of the comedy Trading Places.)

Updated at 4:17 p.m. ET

The Dow Jones Industrial Average jumped 2,112.98 points, a record for a single day, as negotiations continued over a massive stimulus package to help the crippled economy deal with the coronavirus pandemic. The Dow gained nearly 11.4%, the most since 1933.

Updated at 4:10 p.m. ET

The Dow Jones Industrial Average and other U.S. stock indexes fell again Monday as central bankers and lawmakers struggled to deal with the coronavirus pandemic's economic damage.

The Dow closed the day down 582 points, or 3%. The S&P 500 index fell 2.9% and the Nasdaq slipped about 0.3%. The Dow has plunged 37% from its February high.

Updated at 5:52 p.m. ET

The Dow Jones Industrial Average fell 913 points, leaving the index 2.8% lower than when President Trump took office. Friday's drop culminated a staggering week of losses as the coronavirus impact took an economic toll.

The Dow closed down nearly 4.6% Friday, and the S&P 500 index fell 4.3%. The Nasdaq dropped nearly 3.8%.

Updated at 4:05 p.m. ET

U.S. stock indexes finished up Thursday as investors tried to absorb the latest financial impacts of the coronavirus pandemic.

The Dow Jones Industrial Average rebounded, rising 188 points — about 1% — to 20,087. The S&P 500 index gained nearly 0.5% and the Nasdaq surged 2.3%.

Updated at 10:13 a.m. ET

New claims for unemployment benefits climbed to 281,000 last week as the coronavirus pandemic shuttered businesses and left people out of work, the Labor Department said Thursday. It was the highest level since Sept. 2, 2017, when they totaled 299,000.

The New York Stock Exchange says it will temporarily shift to all-electronic trading starting Monday to protect its employees. The announcement came after the market closed for the day.

"The decision to temporarily close the trading floors represents a precautionary step to protect the health and well-being of employees and the floor community in response to COVID-19," the NYSE said in a statement Wednesday.

Updated at 5:13 p.m. ET

The Dow Jones Industrial Average plummeted more 1,334 points, or 6.3%, Wednesday after President Trump announced new emergency steps to deal with the coronavirus pandemic, including suspending foreclosures and evictions until the end of April.

The Dow had been down more than 2,000 points earlier in the day, but later recovered some of its losses.

Updated at 4:05 p.m. ET

The Dow Jones Industrial Average surged Tuesday, a day after its stunning record plunge, as the White House and Federal Reserve unveiled massive stimulus measures to help the economy deal with the coronavirus pandemic.

The Dow closed up 1,049 points, or 5.2%. The S&P 500 index gained nearly 6%.

Updated at 4:21 p.m. ET

U.S. stock indexes fell sharply Monday, a day after the Federal Reserve aggressively cut interest rates to near zero in a bid to stop the economy from crashing. The Dow Jones Industrial Average dropped 2,997.20 points, or about 13%, as coronavirus measures rapidly expanded. The S&P 500 index lost nearly 12%.

The Dow, which closed at 20,188.52, has lost 31.7% since its record high Feb. 12 as the market plunges deeper into bear territory after an 11-year winning streak.

Updated at 5 a.m. ET on Monday

European shares dropped more than 8% on Monday, led by losses in Italy and France, the two countries hardest-hit by the coronavirus pandemic that has girdled the globe in recent weeks, infecting tens of thousands of people, severing supply chains and slowing commerce as people are forced to stay home.

In early trading, Italy's FTSE MIB, France's CAC 40 and Germany's DAX were all down more than 8%, with London's FTSE 100 just behind, dropping more than 7%.

Updated at 4:18 p.m. ET

It was a lucky Friday the 13th for Wall Street.

The Dow Jones Industrial Average soared 1,985 points, more than 9%, on the same day President Trump declared a national emergency to deal with the coronavirus pandemic. It closed at 23,185. The S&P 500 index also jumped more than 9%, closing at 2,711.

Nothing lasts forever — not even a stock market that keeps going up, up and up.

This week, just days after its 11-year anniversary, investors unceremoniously said goodbye to the longest-running bull market in history.

Then the bears took over.

Updated at 4:04 p.m. ET

The stock market has suffered a relentless, breathtaking drop — moving deeper into bear territory. Stocks fell so fast Thursday morning that it triggered a 15-minute halt in trading for the second time this week.

The Dow Jones Industrial Average fell 2,352 points, or nearly 10% — the biggest one-day drop since 1987. The S&P 500 and the Nasdaq were each down more than 9%.

Updated at 5:18 p.m. ET

Major stock indexes plunged again on Wednesday, and the Dow Jones Industrial Average was down more than 20% from its peak in February. The meant that the blue chip index entered bear market territory, ending its 11-year winning streak.

The blue chip index fell 1,464 points, or nearly 5.9%. The S&P 500 slid 4.9% and the Nasdaq lost 4.7% — and put those indexes down 19.2% from their peaks.

What a difference a day makes.

After diving more than 2,000 points Monday, the Dow Jones Industrial Average regained some of its footing Tuesday, rising 1,167 points.

The blue chip index, the S&P 500 and Nasdaq rose nearly 5% after the market's worst day since 2008. The price of oil also soared, up 11% after losing 25% the day before.

How Stock Market Circuit Breakers Work

Mar 9, 2020

Six minutes after trading began on the New York Stock Exchange on Monday, it was suddenly halted. That's when the S&P 500 index had plummeted 7% and marketwide circuit breakers kicked in. Trading resumed about 15 minutes later.

The marketwide halt was the first since the stock market crash of Oct. 27, 1997, when the Dow Jones Industrial Average fell 554 points, or 7.2%.

Under market rules, circuit breakers kick in at three thresholds:

Updated at 4:39 p.m. ET

Stock indexes tumbled so fast Monday that trading on the New York Stock Exchange was halted temporarily for the first time since October 1997. The Dow Jones Industrial Average lost 2,013 points as fears grew over the economic impact of the coronavirus epidemic. The blue chip index fell nearly 7.8%, and the S&P 500 dropped 7.6%.

It was the worst day for the market since 2008, during the financial crisis.

Updated at 10:52 p.m. ET

Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.

Updated at 5:08 p.m. ET

Jack Welch, the larger-than-life chief executive who grew General Electric into an industrial powerhouse, has died. He was 84.

During his reign from 1981 to 2001, the company's market value skyrocketed to $410 billion from $12 billion. For his success in growing GE's value, Fortune magazine dubbed him "manager of the century" in 1999.

Welch aggressively bought and sold divisions, insisting GE rank near the top of any business in which it operated.

Updated at 10:12 a.m. ET

The long slide in the U.S. newspaper industry took another dramatic turn Thursday.

Updated at 10:10 p.m. ET

Who won Iowa?

Iowa's Democrats had hoped that a new smartphone app designed to collect the results of its caucuses would let the party get the count out to the public more quickly.

Updated at 1:18 p.m. ET

In 2018, Saudi Arabia's Crown Prince Mohammed bin Salman sent a WhatsApp message to the world's richest man. That message was behind a high-profile hack of Jeff Bezos' phone, according to a report commissioned by the Amazon CEO and reviewed by United Nations human rights experts.

Updated at 6:07 p.m. ET

Ending an era at the Internet's biggest search company, Google co-founders Sergey Brin and Larry Page are leaving their leadership roles and CEO Sundar Pichai will become chief executive of both Google and its parent company, Alphabet.

Page is stepping down as CEO of Alphabet, while Brin is resigning as its president. They will remain board members of Alphabet, a company that oversees not just Google but also research into artificial intelligence and self-driving cars.

Updated at 6:04 p.m. ET

Twitter CEO Jack Dorsey announced that his social media platform will stop running political ads, citing online ads' "significant risks to politics." Facebook has been criticized for allowing deceptive political ads.

"We've made the decision to stop all political advertising on Twitter globally. We believe political message reach should be earned, not bought," Dorsey tweeted late Wednesday afternoon.

He explained his reasons in a long thread of tweets.

Updated at 4:20 p.m. ET

Twenty-three U.S. senators are calling on the nation's top consumer protection agency to investigate a loan servicer for its role in a troubled student loan forgiveness program. The program is designed to help public service workers like teachers and police officers.

The loan servicer, the Pennsylvania Higher Education Assistance Agency, better known as FedLoan and PHEAA, is one of the entities that handles the Public Service Loan Forgiveness Program.

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