The S&P 500 and the Nasdaq cratered into a bear market on Thursday as a shock move by President Donald Trump to suspend travel from Europe rattled investors already shaken by fears of a global recession on the back of a coronavirus pandemic.
American Airlines Inc and Delta Air Lines Inc both said Thursday they will cap air fares on flights from Europe to the United States that are impacted by new travel restrictions as Americans flock to European airports trying to return home.
LATAM Airlines Group and Brazil carrier Azul SA said on Thursday they will cut capacity on international flights by up to 30% as demand collapses due to the global coronavirus outbreak.
Shares in Boeing Co dropped more than 16% on Thursday on increased concerns over a fallout from news of sweeping U.S. travel restrictions on Europe meant to curb the spread of coronavirus.
"They know nothing. We know more than they do, and that's not acceptable either," CNBC's Jim Cramer said.
Private equity firm Blackstone Group Inc does not have a sweeping directive in place to encourage companies in its portfolio to draw down credit lines in a bid to ride out the coronavirus pandemic, the company said in a statement.
Even if Italy's draconian measures to stop the spread of coronavirus prove successful, they will leave an economy in tatters, with small and medium-sized businesses the hardest hit.
Even though the IRS is auditing fewer tax returns than it once did, the risk of hearing from the taxman still remains.
In times of extreme market volatility, I would invite retirees to view the meaningful portion of conservative fixed income in their portfolio as their income engine in the short-term while their portfolio's stock exposure is designed to generate income years from now.
Global stocks plunged into a bear market and oil slumped on Thursday after U.S. President Donald Trump banned travel from Europe to stem the spread of coronavirus, threatening more disruption to the world economy.
Oil prices fell more than 5% on Thursday after U.S. President Donald Trump unexpectedly announced restrictions on travel from Europe, in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.
European airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of the continent deepened the sector's misery and piled more pressure on governments to offer emergency support.
United Airlines said on Thursday it had borrowed $2 billion to cope with an unprecedented disruption to the travel industry as the coronavirus pandemic leads to widescale flight cancellations and global travel bans.
A group of investors in GameStop Corp has asked the video game retailer to appoint a shareholder nominee on the company's board.
Economist Mohamed El-Erian said Wall Street talk of a quick down and up won't become a reality. He said the market chart would look like a "U" or an "L," not a "V."