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U.S. jobless claims rose 70,000 to reach 281,000 for the week ending March 14. Economists surveyed by Dow Jones expected a reading of 220,000. Companies have just started what is expected to be an aggressive round of layoffs due to the slump in demand that the virus is causing. – Stevens
As the coronavirus outbreak continues to send jitters through the market, the dollar index jumped to 102.329, its highest level since Jan. 11, 2017 as investors look to have cash on hand. âFrancolla, Stevens
Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable â it’s already here. “We are officially declaring that the economy has fallen into a recession …Â joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.” The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. For 2020, the firm expects GDP to contract by 0.8%. âStevens
Hilton and Marriott shares are poised for another brutal day, with both stocks falling more than 10% in premarket trading after posting double-digit declines on Wednesday. Hotels and other tourism companies are pushing for more than $100 billion in relief from the federal government due to the hit their business has taken from the pandemic. Pershing Square Capital Management CEO Bill Ackman said on Wednesday that every major hotel stock would go to zero without significant government action, but that he is still buying Hilton shares. âPound