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NYTimes BusinessApr 10, 2020
OPEC Talks to Cut Oil Production Disappoint Traders
Live updates on stock market and business news during the coronavirus outbreak.

Yahoo BusinessApr 10, 2020
Global Cases 1.6 Million; Johnson Out of ICU: Virus Update
(Bloomberg) -- U.S. Vice President Mike Pence and one of the top U.S. health officials said reopening the country's economy hinges on the government seeing major communities at the end of their coronavirus outbreaks and developing treatments for the disease, among other hurdles. U.K. Prime Minister Boris Johnson was taken out of intensive care Thursday evening and moved back to the main hospital ward.The number of confirmed cases has reached nearly 1.6 million globally as of April 10, according to data collected by Johns Hopkins University and Bloomberg News. U.S. cases now stand at 461,437 compared to Spain with 153,222 as the next highest country. New York state reported the fewest hospitalizations since the outbreak began, even as deaths hit another high.Leaders from Germany to New York urged residents to abide by restrictions as a weekend of Easter celebrations loom. The Centers for Disease Control and Prevention extended "No Sail Order" for all cruise ships. Italy and Spain are preparing for several more weeks of lockdowns, while India further tightened measures.China reported 42 additional confirmed coronavirus cases for April 9, including 38 from abroad. South Korea recorded 27 more cases over 24 hours, with Daegu, the epicenter of outbreak in the country in late February, reporting no new cases for the first time.Asian stocks saw mixed trading Friday in a holiday-hit session as investors mulled new measures from the Federal Reserve to cushion the fallout from the coronavirus. The dollar steadied after an o

MarketWatchApr 09, 2020
Market Extra: How the Fed plans to keep credit, a crux of the American economy, flowing to U.S. consumers during the pandemic
The Federal Reserve is beef up a crisis-era lending facility to keep the credit flowing amid the coronavirus crisis, but will it work?

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Fed balance sheet increases to record $6.13 trillion - Yahoo Finance (Google Business News)

Yahoo BusinessApr 09, 2020
Calpers Forfeited a $1 Billion Payday by Scrapping Market Hedge
(Bloomberg) -- Three years ago, America's largest pension fund made an unusual investment. It bought so-called tail-risk protection, a kind of insurance against financial catastrophe. In a market meltdown like the one sparked by the coronavirus, the strategy promised a massive payout -- more than $1 billion.If only the California Public Employees Retirement System had stuck with the plan. Instead, Calpers, as the fund is known, removed one of its two hedges against a bear market just weeks before the viral outbreak sent stocks reeling, according to people familiar with its decision.The timing couldn't have been worse. The fund had incurred hundreds of millions of dollars in premium-like costs for those investments. Then it missed out on a bonanza when disaster finally struck.Softening the blow, Calpers held on to the second hedge long enough to make several hundred million dollars, one of the people said.Ben Meng, chief investment officer of Calpers, said the fund terminated the hedges because they were costly and other risk-management tools are more effective, cheaper and better suited to an asset manager of its size."At times like this, we need to strongly resist ‘resulting bias' -- looking at recent results and then using those results to judge the merits of a decision," Meng said in a statement. "We are a long-term investor. For the size and complexity of our portfolio, we need to think differently."Calpers had been warned about the perils of shifting strategy. At an August 2019 meeting of its

Yahoo BusinessApr 09, 2020
Stock market news live updates: Stocks rally, S&P posts best week in 46 years after Fed rides to the rescue with new stimulus
Stocks cut earlier losses from the overnight session and opened higher Thursday after the Federal Reserve unexpectedly unleashed a new multi-trillion-dollar stimulus plan to support businesses during the coronavirus pandemic.


Yahoo BusinessApr 09, 2020
Jim Chanos Says Tesla Should Trade Like a Carmaker, Not Tech Company
(Bloomberg) -- Short seller Jim Chanos predicted Tesla Inc. will lose money again this year and believes investors will eventually trade the stock more like a carmaker than a tech company."It has to lay people off like a car company, not like a Silicon Valley software company," Chanos, the president of Kynikos Associates, said of Tesla on Bloomberg Television. "It has manufacturing plants like a car company. It's got a lot of debt like a car company. So investors can try, can convince themselves all they want, that this is a software company or this is some leading-edge technology company. Sadly, the numbers belie that."Read more on Chanos being ‘outraged' private equity giants want aidChanos has been publicly short Tesla for several years. When the electric-car maker was in the process of merging with SolarCity Corp. in September 2016, he said the combined company would be a "walking insolvency." As Chief Executive Officer Elon Musk was struggling to ramp up production of the Model 3 sedan in late 2017, Chanos predicted Tesla was "headed for a brick wall."Musk acknowledged almost a year later that Tesla had narrowly avoided insolvency, though the company is now on much firmer footing. It's selling the Model 3 in volumes no other automaker has seen with an electric vehicle, and two quarters of profit sent the shares soaring from late last year through mid February.While the spread of the coronavirus wiped out a fair amount of gains, the stock is still up 37% this year and 125% since Oct. 23, whe

MarketWatch Breaking NewsApr 09, 2020
Stocks will revisit their coronavirus crash lows, Mark Hulbert says. Here's when
Stocks will revisit their coronavirus crash lows, Mark Hulbert says. Here's when

Wall Street Journal US BusinessApr 09, 2020
U.S. Jobless Claims Totaled 6.6 Million Last Week
A record 7.5 million Americans were receiving unemployment benefits at the end of March as the coronavirus pandemic continued to hit the U.S. job market. The Labor Department reported that another 6.6 million submitted claims last week.
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