The latest coverage of the banking and financial sectors.
Americans are more upbeat about their personal finances, says a major pollster. “A May 28-June 4 Gallup poll finds 53% of U.S. adults describing their personal finances as either ‘excellent’ or ‘good,’ ” reported Gallup analyst Jeffrey M. Jones.
The Federal Reserve on Wednesday said it was keeping benchmark interest rates at or near zero and reiterated that those rates would stay there until officials are confident the economy has sufficiently weathered the recent coronavirus-related damage.
More than 3.1 million people filed new jobless claims last week, the Labor Department reported Thursday, bringing the total to more than 33 million Americans thrown out of work due to the coronavirus crisis.
The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s
President Trump issued an executive order Sunday night giving the Treasury Secretary Steven T. Mnuchin the authority to defer certain tariff payments due to the coronavirus crisis.
Wall Street rebounded on Monday from a steep selloff last week as investors looked at signs the coronavirus pandemic could soon move beyond its peak.
Federal Reserve Chairman Jerome Powell on Thursday said there could well be significant economic pain in the short term in light of the coronavirus outbreak but that there also could be a “good rebound” on the other side of the crisis.
The Federal Reserve announced several new emergency measures on Monday to ease corporate credit and blunt the financial impact of the coronavirus pandemic.
Senate Intelligence Committee Chairman Richard Burr, R-N.C., sold as much as $1.7 million in stocks just before the market dropped in February amid fears about the coronavirus epidemic.
The Federal Reserve said Tuesday it is establishing an emergency lending facility to support short-term commercial debt markets to help ease the impact of the coronavirus pandemic.
Shares rebounded in Europe and Asia on Tuesday after a brutal sell-off that gave the U.S. stock market its worst loss in over 30 years, with many economies grinding to a standstill in hopes of containing the spread of the coronavirus.
Stocks plunged again on Monday to wipe out nearly all of the three-year-long Trump rally, while U.S. airlines reeling from the coronavirus pandemic asked for $50 billion in federal aid and the White House weighed an economic rescue plan that is likely to top $800 billion.
Stocks rallied on Friday, recovering some of the losses from Wall Street’s worst day since 1987.
The coronavirus pandemic spread alarm from Wall Street to Main Street on Thursday, inflicting another bloodbath in the stock market while consumers showed signs of curtailing spending and cancellations hit American institutions as big as professional sports leagues and Broadway productions.
Trading was halted on Wall Street Thursday for the second time this week as the steep sell-off continued over concerns about the coronavirus outbreak.
Global stocks plunged Thursday after U.S. President Donald Trump imposed a travel ban on most of Europe and offered little in the way of new measures to contain the economic impact of the virus outbreak.
House Democrats on Tuesday told the new CEO of Wells Fargo that the bank has not paid enough penance for its massive fraud scheme, suggesting they would like to break up the company and influence its investment decisions.
The Supreme Court on Tuesday questioned the legality of the Consumer Financial Protection Bureau, specifically whether Sen. Elizabeth Warren’s brainchild, created during the Obama administration, can be led by a single director unaccountable to the president.
The Federal Reserve delivered an emergency half-percentage point rate cut on Tuesday in an effort to protect U.S. economic growth from the impact of the coronavirus outbreak.
Stocks rose sharply on Wall Street Monday, clawing back some of the losses they took in a seven-day rout brought on by worries that the coronavirus outbreak will stunt the global economy.
Federal Reserve Chairman Jerome Powell pledged Friday that the Fed will “use our tools” to support the economy, an effort to ease fears over the viral outbreak and a strong signal of a likely rate cut, perhaps at its next meeting March 17-18.
U.S. stocks tumbled yet again Friday as coronavirus fears persisted, capping the worst week on Wall Street since the financial crisis over a decade ago.
Federal regulators have slapped former Wells Fargo Chief Executive John Stumpf with a $17.5 million fine for his role in the bank’s sales practices scandal. Stumpf also accepted a lifetime ban from the banking industry.
President Trump has nominated two people to serve on the Federal Reserve’s influential Board of Governors.
