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Some of the hotel and casino stocks, which have taken the hardest hits from the coronavirus, were in the green Thursday. MGM Resorts climbed 12.5%, while Wynn Resorts rose more than 10%. Marriott and Hilton also traded higher Thursday after losing 45% and 38% in March alone. In premarket trading the hotel stocks had been down more than 10%. The travel and tourism industry is seekingÂ $150 billion in relief to help grapple with the pandemic that has ground travel to a halt.Â – Li
Ray Dalio, the founder of Bridgewater Associates, estimated the U.S. corporate losses will amount to $4 trillion due to the coronavirus pandemic. Globally, the outbreak will cost corporations $12 trillion, he added. Dalio said the fiscal stimulus package should be $1.5 trillion to $2 trillion at a minimum, depending on the form of the financial relief such as loan guarantees and credits. “What’s happening has not happened in our lifetime before … What we have is a crisis,” Dalio said in a “Squawk Box” interview.Â “There will also be individuals who have very big losses. … There’s a need for the government to spend more money, a lot more money.” – Li
Stocks are now higher across the board, with the Dow erasing an early 700 point loss. The 30-stock index is now up 178 points, for a gain of 0.9%. The S&P 500 is 1% higher, while the Nasdaq Composite is up nearly 3%. – Stevens
The Nasdaq Composite gained 1.5% as some of the biggest tech stocks rallied. Netflix has jumped 6.8%, while Facebook rose more than 5%.Â Amazon, Apple and Alphabet have also posted gains so far. â Pound