Federal Reserve Chairman Jerome Powell said Thursday that the economic rebound following the coronavirus-induced shutdown “can be robust” despite the sharp downturn. In the meantime, he said the central bank is committed to doing whatever it can to support the flow of cash to businesses and households both through a plethora of financing programs and
James Gorman, chief executive officer of Morgan Stanley Qilai Shen | Bloomberg | Getty Images Morgan Stanley CEO James Gorman fell ill with the coronavirus about three weeks ago and has since recovered and been cleared by physicians, according to a company spokesman. The executive remained in charge of Morgan Stanley the entire time he
As more than 16 million Americans have lost their jobs in the last three weeks, many have scrambled to apply for unemployment insurance to help cover their expenses. And some workers age 62 and up may also consider tapping another source: Social Security retirement benefits. During the financial crisis, more people decided to file for
Pedestrians walk past closed shops along Lexington Avenue amid the coronavirus pandemic on April 7, 2020 in New York City. John Lamparski | Getty Images We are living in unprecedented times as our nation, and the world, grapples with an invisible enemy. The Coronavirus (COVID-19) outbreak has impacted virtually every community and institution. Still, for
Health-care businesses are the source of some of the biggest demand for the small business loan program in the coronavirus relief package from the federal government, a regional bank CEO told CNBC on Wednesday. “The second-highest request for these PPP loans in our case is health-care businesses. So doctors, radiology labs, things like that. That
A worker uses a thermometer to check the temperature of a customer as she enters a Starbucks shop as the country is hit by an outbreak of the new coronavirus, in Beijing, China January 30, 2020. A worker uses a thermometer to check the temperature of a customer as she enters a Starbucks shop as
People gather at the entrance for the New York State Department of Labor offices in Brooklyn on March 20, 2020. The Federal Reserve estimates that 47 million people could lose their jobs before the COVID-19 crisis ends. Andrew Kelly | REUTERS This is a live blog. Check back for updates. 7:57 am: Bank of America
The Federal Reserve is lifting the asset cap it has imposed on Wells Fargo so the bank can participate in the government’s business lending programs. In a move that was expected, the central bank said Wells will have to return proceeds it gets from the Payment Protection Plan and a coming Main Street lending program
Getty Images It’s never ideal to build up debt, but it may be necessary these days. The coronavirus outbreak has disrupted the economy. Businesses have shuttered and workers have been laid off or furloughed from their jobs. On April 2, the Labor Department reported 6.6 million people filed for unemployment the week prior — bringing the total
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 1,446,500 Global deaths: At least 82,992 US cases: More than 399,900 US deaths: At least 12,911 The data above