S&P 500 rises on economic recovery and vaccine hopes, pulls back from highs

U.S. stocks closed higher on Tuesday on optimism about the development of coronavirus vaccines and a revival of business activity, but the S&P 500 failed to hold above the key psychological level of 3,000 points. Stocks pared gains late in the session, after Bloomberg News reported the Trump administration was weighing a range of sanctions […]

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Stocks rally, S&P 500 crosses 3,000 barrier; oil gains

Global equities and oil rose on Tuesday as China’s promise of more stimulus and prospects of a world economic recovery cheered investors, who set aside concerns about tense rhetoric between Washington and Beijing. The euro got a boost from a weaker dollar as rising optimism about the easing of coronavirus pandemic lockdowns supported riskier currencies […]

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Amtrak needs $1.5 billion bailout, prepares to cut up to 20% of workforce

U.S. passenger railroad service Amtrak said on Tuesday it needs a further $1.475 billion bailout and disclosed plans to cut its workforce by up to 20% in the coming budget year. Amtrak said it also plans to reduce its operating costs by approximately $500 million. The company, which has been devastated by the coronavirus pandemic, […]

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World economic prospects darken, rebound delayed

Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled. With many countries starting to ease lockdown restrictions imposed to stop the spread of the virus, […]

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Oil slides on U.S.-China tensions, OPEC+ uncertainty

il futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts. Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed during a telephone call on further […]

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Ford sets May 28 as provisional date for gradual restart of Mexican plant

U.S. automaker Ford has set May 28 as a provisional date for the gradual restart of its plant in Hermosillo, Mexico. In mid-May, Mexican government officials said the auto industry could exit a mandatory coronavirus lockdown before June 1 if safety measures were approved. Ford did not immediately respond to a request for comment.

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H&M sees furloughed HQ staff returning to work in July

Sweden’s H&M (HMb.ST) expects the 2,500 furloughed staff at its headquarters in Stockholm to return to work in July, the world’s second-largest fashion retailer said on Wednesday. “As it currently stands, we will not seek to extend the furlough period for our staff at the headquarters in Sweden to the July-October period,” a H&M spokeswoman […]

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