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Dow futures head 250 points higher Sunday evening as U.S. braces for tough coronavirus weekExternal Link

U.S. stock-index futures Sunday evening trade up by more than 1%, even as investors brace for a tough week of rising cases and death tolls related to the new strain of coronavirus that has ravaged the U.S. and caused a near shutdown of the economy. Investors may also watch reports that U.K. Prime Minister Boris Johnson was hospitalized on Sunday as a precautionary measure after the British leader contracted the deadly illness about 10 days ago. Futures for the Dow Industrial Average were up 278 points, or 1.3%, at 21,234, those for the S&P 500 index were up 35.55 points, or 1.5%, at 2,519, while Nasdaq-100 futures advanced 122 points, or 1.6%, at 7,642.25. New cases new cases around the world jumped by more than 100,000 in a single day on Sunday for the first time, and a third of those new cases were from the U.S., where New York has emerged as one of the epicenters of the outbreak that started in December. The disease has infected nearly 1.3 million people world-wide and has killed more than 69,000 people, according to data compiled by Johns Hopkins University. Cases in the U.S. stand at more than 330,000. Cities including New York, Detroit and New Orleans are expected to see a surge in infections in the coming days, according to experts. U.S. Surgeon General Jerome Adams said that the week ahead may be the hardest week for Americans since the Sept. 11 terrorist attacks and other tragedies. "This is going to be our Pearl Harbor moment, our 9/11 moment, only it's not going to be localized," he told Fox News on Sunday. "It's going to be happening all over the country. And I want America to understand that," he said. Meanwhile, St. Louis Federal Reserve President James Bullard said Sunday that he didn't believe the U.S. economy or jobs market was in "free fall" as the coronavirus sweeps the country. "We're asking people to stay home to invest in national health, and we're asking them to use the unemployment insurance program in order to get the transfers they need to be able to pay bills while they're at home, while they're not able to work because health authorities are trying to get the virus under control," Bullard said on CBS' "Face the Nation." On Friday, markets ended sharply lower after the worst jobs report in 11 years.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Sun, 05 Apr 2020 22:29:21 GMT
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Boeing extends Seattle-area production shutdown due to coronavirusExternal Link

Boeing Co. said Sunday it is extending its temporary shutdown of production facilities in the Seattle area "until further notice" due to the coronavirus pandemic. The company halted is airplane manufacturing there last month, saying at the time it was intended to last two weeks. "The health and safety of our employees, their families and our communities is our shared priority," said Stan Deal, Boeing's CEO of commercial airplanes, in a statement Sunday. "We will take this time to continue to listen to our incredible team and assess applicable government direction, the spread of the coronavirus in the community and the reliability of our suppliers to ensure we are ready for a safe and orderly return to operations." Boeing said additional measures to ensure worker safety would also be taken, including signs to encourage physical distancing, more thorough cleanings of work areas and staggered shift times. Boeing shares are down 62% year to date, compared to the 26% decline by the Dow Jones Industrial Average, of which it is a component.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Sun, 05 Apr 2020 21:19:06 GMT
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COVID-19 case tally: 1.22 million cases worldwide, 65,711 deathsExternal Link

The number of cases of COVID-19 around the world rose to 1.22 million on Sunday, while the U.S. case tally passed 300,000 according to aggregated data from Johns Hopkins Whiting School of Engineering's Centers for Systems Science and Engineering. There are now 65,711 fatalaties around the world from the novel coronavirus that has sickened people in 182 countries, the data show. About 252,538 people have recovered. The U.S still has the most number of cases worldwide, at 312,249 and at least 8,503 deaths. Another 15,021 people have recovered. In Europe, Spain has 130,759 cases and 12,418 deaths. Italy has 124,632 cases and 15,362 fatalaties, making it the highest in the world. Germany has the fourth highest tally at 96,108 but just 1,446 deaths. France has 90,853 cases and 7,574 deaths. China, where the virus was first reported late last year, has 82,602 cases and 3,333 deaths. Iran, another hot spot, has 58,226 cases and 3,603 deaths.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Sun, 05 Apr 2020 13:18:16 GMT
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FDIC closes small West Virginia bank, moves deposits to MVB BankExternal Link

A small bank in West Virginia has become the first institution to fail during the coronavirus crisis, though the bank had been experiencing difficulties since 2015 and its 2019 capital levels were too low, the Federal Deposit Insurance Corp. announced Friday. The First State Bank of Barboursville, with $152 million in total assets, was closed Friday by the West Virginia Division of Financial Institutions. The bank's $139.5 million in deposits will be acquired by MVB Bank Inc. of Fairmont, W. Va. The four branches of The First State Bank were set to reopen as branches of MVB Bank on Saturday, the FDIC said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Sat, 04 Apr 2020 14:04:22 GMT
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United Airlines cuts 80% of capacity, expects bigger reduction in MayExternal Link

United Airlines Holdings Inc. shares fell in the extended session Friday after the airline announced huge capacity cuts and expects more to come. United shares fell 6% after hours, following a 2.3% decline to close the regular session at $22.89. In a filing with the Securities and Exchange Commission, United said it has cut about 80% of its capacity in April with even larger cuts expected in May. In the meantime, United said it will evaluate and cancel flights on a rolling 90-day basis until demand recovers. The airline said it is losing more than $100 million a day in revenue and that it expects fourth-quarter revenue to be down at least 30% from the year-ago period. Crain's Chicago Business reported late Friday that United has also filed for a federal grant in order to keep paying employees. United shares are down 74% for the year, while the S&P 500 index is down 23%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 03 Apr 2020 22:31:43 GMT
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