Business > World

'The situation is about to get worse': Stocks slide as surging US unemployment and coronavirus cases stifle stimulus hopes

12 days ago   |   By Business Insider

Stocks fell on Friday as surging unemployment and novel coronavirus cases in the US overpowered hopes for a $2 trillion stimulus bill to mitigate the pandemic's fallout.
Initial jobless claims rocketed to almost 3.3 million last week - more than four times the previous weekly record.
The US passed 82,000 coronavirus cases on Thursday, overtaking China as the world leader in confirmed infections.
"The situation is about to get worse in the coming weeks," one analyst said.
Visit Business Insider's homepage for more stories .
Stocks slid on Friday as sharp increases in unemployment and novel...
Read more ...

 


Search by Tags

   World  


Boris Johnson 'has not needed mechanical ventilation' after a second night...

Boris Johnson 'has not needed mechanical ventilation' after a second night in intensive care

UK Prime Minister Boris Johnson has spent a second night in intensive care and is in a "stable" condition, the UK's Health Minister Edward Argar said on Wednesday. Johnson, who... Read more ...

Borders Didn't Stop The Pandemic. But They Might Block The Trade Of Medical...

Borders Didn't Stop The Pandemic. But They Might Block The Trade Of Medical Goods

More countries are imposing export restrictions on essential medical materials, to try to keep domestically produced goods - like masks, gloves and ventilators - available for... Read more ...

In an email to employees Tesla says it will cut salaries and furlough...

In an email to employees Tesla says it will cut salaries and furlough non-essential employees

Tesla will be temporarily reducing employees' salaries and will furlough non-essential workers. The company made the announcement in an email sent out to employees by the... Read more ...

Defense secretary reportedly told Navy chief to apologize for bashing fired...

Defense secretary reportedly told Navy chief to apologize for bashing fired captain to crew of aircraft carrier

Secretary of Defense Mark Esper directed acting Secretary of the Navy Thomas Modly to apologize for remarks criticizing Capt. Brett Crozier, former commanding officer of the... Read more ...

$5 billion software startup Toast just slashed its workforce by 50% despite...

$5 billion software startup Toast just slashed its workforce by 50% despite a recent $400 million funding round, as coronavirus has wiped out its main source of customers

Toast, a $5 billion Boston-based startup that makes software for restaurants, cut 50% of its workforce through layoffs and furloughs on Tuesday, a blog post from CEO Chris... Read more ...

More Aid Coming For Small Businesses, Senate Majority Leader McConnell Says

More Aid Coming For Small Businesses, Senate Majority Leader McConnell Says

The $350 billion small business program created in the massive coronavirus relief package is popular, and multiple senators say more money is needed to keep it afloat. Read more ...

Apple just revealed more details about the new face shields it's making to...

Apple just revealed more details about the new face shields it's making to protect medical workers amid the COVID-19 crisis

A support page on Apple's website shares more details about the new face shields the company has started designing and producing to help medical workers in the US. The company... Read more ...

Mass. Market Basket worker dies after contracting coronavirus

Mass. Market Basket worker dies after contracting coronavirus

A Market Basket worker in Salem, MA who had been diagnosed with COVID-19 has died, the company said Tuesday. Read more ...

UBS: Nearly $1 trillion in mortgage debt could be delinquent this year as a...

UBS: Nearly $1 trillion in mortgage debt could be delinquent this year as a 'prolonged credit crunch' looms

The late-March spike in unemployment stands to drive more than $1.1 trillion in debt delinquency across credit card, mortgage, and auto loans, UBS strategists said Monday. The... Read more ...

Leaked Staples memo reveals stores get $50 a week for free lunch while...

Leaked Staples memo reveals stores get $50 a week for free lunch while workers petition for locations to shut down

Staples has not announced any major changes to employee benefits amid the coronavirus pandemic. A leaked internal memo showed that instead of hazard pay or additional paid sick... Read more ...