Stock market live updates: Fed helps stocks, Boeing craters, Regeneron speeds up drug

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Goldman Sachs chief economist Jan Hatzius has lowered his 2020 forecast for global GDP to 1.25% based in large part on a clearer picture of the economic damage to China cause by the coronavirus pandemic. “This is going to mean the global GDP numbers clearly in recession territory. A lot of people use something like 2.5% (growth) for global GDP as a recession criterion, and we’re going to be well below that,” Hatzius said on “Squawk on the Street.” Hatzius has U.S. growth projected at 0% for the first quarter and -5% for the second quarter, but he said those numbers may be worse. “I think even in the last few days we’ve seen quite a bit more aggressive moves towards lockdowns in the U.S.in many states and cities, so I think the risk to these numbers is still on the downside,” Hatzius said. — Pound

Following the Federal Reserve’s announcement that it will move to help small businesses get short-term funding, stocks got a brief boost. The Dow rose more than 150 points in volatile trading. The Nasdaq and S&P 500 are both up about 2%. – Fitzgerald 

The Federal Reserve said Tuesday it is providing help to companies that are having a hard time getting the short-term funding they need to operate. The bank announced a special credit facility to purchase corporate paper from issuers that have been having a difficult time finding buyers on the open market. Corporate paper involves unsecured short-term lending. The one-day facility will involve three-month paper for eligible companies. The cost will be the three-month overnight index swap rate plus 200 points. – Cox

While the broader market struggled to rebound from Monday’s deep losses, a handful of biotech companies were posting double-digit returns. Germany-based BioNTech surged almost 61% Tuesday after it said it’s teaming up with Pfizer to develop a coronavirus vaccine. Moderna jumped over 12%, while Regeneron climbed more than 10% after the company said it aims to start human clinical trials of a coronavirus drug by early summer. – Li, Francolla

Source: https://www.cnbc.com/2020/03/17/stock-market-today-live.html

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