Fed Announces More Loans as Investor Alarm Persists

March 19, 2020
Business

“The top priority and focus for us has been making sure people can get access to good authoritative information from trusted health sources,” Mr. Zuckerberg said on the call. He added that the goal was to make information from organizations like the Centers for Disease Control and World Health Organization available for its users.

Facebook expects to roll out the feature to the News Feed — which reaches more than two billion people regularly — in the United States and Europe within the next 24 hours, and in other countries and languages in the days ahead.

Catch up: Here’s what else is happening.

JPMorgan Chase told employees on Wednesday it would close a fifth of its retail bank branches, send financial and small business advisers home to work, and operate the remaining 4,000 branches with reduced hours. The bank did not say how long the temporary closures would last. Wells Fargo also said it was also temporarily closing some branches, but a spokesman did not provide details.
Intercontinental Exchange said that the New York Stock Exchange would close its trading floor temporarily on Monday and move to fully electronic trading. The company did not indicate when the floor would open again, but said trading and regulatory oversight would continue without interruption.
ConocoPhillips said on Wednesday that it would cut its 2020 capital spending by $700 million, or about 10 percent. Late Tuesday, Halliburton, which provides drilling and related services to oil producers, said it would furlough 3,500 workers for 60 days.
Delta Air Lines told employees on Wednesday that it would slash 70 percent of its flights until further notice in an effort to save more than $4 billion, according to a memo sent by the company’s chief executive, Ed Bastian. About 10,000 employees have already taken voluntary leave, he said, urging more to consider joining them.
Verizon, ATT and T-Mobile have all shut hundreds of stores, while keeping some open, in attempt to halt the spread of the coronavirus. All companies have cut back on retail hours with limited staffing. ATT and T-Mobile said they would continue to pay their retail workers. Verizon did not comment on its employees.

Reporting and research were contributed by Neal Boudette, Jack Ewing, Ana Swanson, David McCabe, Cecilia Kang, Alan Rappeport, Ben Casselman, Davey Alba, Clifford Krauss, Sapna Maheshwari, Nicholas Fandos, Jim Tankersley, Amie Tsang, Kate Conger, Adam Satariano, Matthew Goldstein, Mike Isaac, Jason Gutierrez, Edmund Lee, Carlos Tejada, Kevin Granville, Daniel Victor and Nelson Schwartz.

Article source: https://www.nytimes.com/2020/03/18/business/stock-market-today.html