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Stocks Climb as Investors Look to Washington: Live Updates Stocks Climb as Investors Look to Washington: Live Updates
(about 1 hour later)
Shares on Wall Street surged on Tuesday, rebounding from their sharpest drop in more than a decade, as investors seemed to take comfort from efforts in Washington to protect the economy from damage caused by the coronavirus outbreak.Shares on Wall Street surged on Tuesday, rebounding from their sharpest drop in more than a decade, as investors seemed to take comfort from efforts in Washington to protect the economy from damage caused by the coronavirus outbreak.
President Trump met with Senate Republicans on Tuesday to pitch them on measures, including a payroll tax cut, to help the economy amid signs of a worsening outbreak in the United States. He is also considering using the Federal Emergency Management Agency as a vehicle for delivering funds to stimulate the economy, a move that would not require approval from Congress. President Trump met with Senate Republicans on Tuesday to pitch them on measures, including a payroll tax cut, to help the economy amid signs of a worsening outbreak in the United States. He is also considering using the Federal Emergency Management Agency as a vehicle for delivering funds to stimulate the economy, a move that would not require approval from Congress.
Though the rebound was at times wobbly, and shares dipped back into negative territory earlier in the day Tuesday, the S&P 500 ended nearly 5 percent higher — recouping more than half of the previous day’s losses — in its biggest one-day gain since December 2018.Though the rebound was at times wobbly, and shares dipped back into negative territory earlier in the day Tuesday, the S&P 500 ended nearly 5 percent higher — recouping more than half of the previous day’s losses — in its biggest one-day gain since December 2018.
“Markets are always enamored with tax cuts, or even the hope thereof. Yesterday’s sell-off was so extreme that it’s not at all surprising to see a bounce,” Steve Sosnick, chief strategist at Interactive Brokers in Greenwich, Conn., said in an email.“Markets are always enamored with tax cuts, or even the hope thereof. Yesterday’s sell-off was so extreme that it’s not at all surprising to see a bounce,” Steve Sosnick, chief strategist at Interactive Brokers in Greenwich, Conn., said in an email.
But analysts stressed that any recovery in the markets will likely be tenuous. The White House has not announced any specific measures yet, and increased testing for the coronavirus is expected to generate rising numbers of new infections in the coming weeks, which could be a new challenge for investors’ nerves.But analysts stressed that any recovery in the markets will likely be tenuous. The White House has not announced any specific measures yet, and increased testing for the coronavirus is expected to generate rising numbers of new infections in the coming weeks, which could be a new challenge for investors’ nerves.
Plus, measures like tax cuts, rebates or expanded insurance benefits and other spending increases, are far from guaranteed.Plus, measures like tax cuts, rebates or expanded insurance benefits and other spending increases, are far from guaranteed.
“Given the nation’s charged politics, especially in the lead-up to the presidential election, these steps could prove difficult if not impossible for lawmakers,” Mark Zandi, the chief economist at Moody’s Analytics, wrote in a note to clients on Tuesday.“Given the nation’s charged politics, especially in the lead-up to the presidential election, these steps could prove difficult if not impossible for lawmakers,” Mark Zandi, the chief economist at Moody’s Analytics, wrote in a note to clients on Tuesday.
In Monday’s global plunge, the S&P 500 fell nearly 8 percent, its sharpest daily decline since December 2008 and a tumble so swift that trading in the United States had to be halted for 15 minutes early in the day. In Asia and Europe, some of the biggest financial exchanges flirted with or crossed into bear market territory — a decline of more than 20 percent from their highs. Through Tuesday, the S&P 500 was down about 15 percent.In Monday’s global plunge, the S&P 500 fell nearly 8 percent, its sharpest daily decline since December 2008 and a tumble so swift that trading in the United States had to be halted for 15 minutes early in the day. In Asia and Europe, some of the biggest financial exchanges flirted with or crossed into bear market territory — a decline of more than 20 percent from their highs. Through Tuesday, the S&P 500 was down about 15 percent.
The price of oil, which had slumped by a quarter on Monday, rose about 8 percent on Tuesday. But oil prices remain down more than 40 percent this year.The price of oil, which had slumped by a quarter on Monday, rose about 8 percent on Tuesday. But oil prices remain down more than 40 percent this year.
President Trump took his pitch for a coronavirus-related economic stimulus package to Capitol Hill on Tuesday, joining Senate Republicans over lunch to discuss cutting payroll taxes, offering targeted relief to tourism and hospitality industries, and other possible steps to lift economic growth. There are competing theories about whether changing travel patterns caused by the coronavirus will help or hurt finances at ride-hailing companies like Uber and Lyft.
After the meeting, a Senate aide said Treasury Secretary Steven Mnuchin and Speaker Nancy Pelosi of California would take the lead on negotiating a bipartisan package. In a staff meeting with Uber employees on Tuesday, Uber’s chief financial officer, Nelson Chai, said the company still hoped to become profitable — excluding certain expenses — by the final quarter of this year, despite uncertainty caused by the virus.
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Mr. Trump emerged with no new details to share on the package, which remained in flux throughout the day on Tuesday, amid internal struggles at the White House and a cool reception among congressional Republicans to the temporary payroll tax cuts that the president has floated. Mr. Trump said the payroll tax cut and other ideas were discussed, adding that “there’s great unity within the Republican Party.” “I am working with our team on some contingency planning. We are not coming off our profitability goal for Q4 based on what we see,” Mr. Chai said in remarks obtained by The New York Times.
He acknowledged there was not yet a consensus on how to proceed but expressed confidence that the economy would endure. Some of the regions most affected by the virus, including Italy and China, are not major markets for Uber. But the company has seen a decrease in rides to and from airports, Mr. Chai said. The company is also expecting to lose commuter rides as more people work from home.
Mr. Trump and his advisers are also considering using the Federal Emergency Management Agency as a vehicle to deliver funds to stimulate the economy, a move that could allow the administration to begin bolstering growth without waiting for Congress. An Uber spokesman declined to comment on the remarks.
Mr. Chai’s message differed from that of Lyft’s chief financial officer, Brian Roberts, who said last week at a financial conference that the company was experiencing its strongest week to date.
“We believe people would be more likely to use ride share than a crowded bus or subway. On the negative side, less travel could lead to fewer high-value airport rides and there could just be less business activity overall,” JP Morgan analyst Doug Anmuth wrote in an investor note last week after Mr. Roberts’s comments.
A Lyft spokesman did not immediately respond to a request for comment.
The annual New York International Auto Show, scheduled to open in early April at the Jacob K. Javits Convention Center, has been rescheduled for August out of concerns about the coronavirus, its organizers said on Tuesday.The annual New York International Auto Show, scheduled to open in early April at the Jacob K. Javits Convention Center, has been rescheduled for August out of concerns about the coronavirus, its organizers said on Tuesday.
The show, which draws hundreds of thousands of people each year, is owned and operated by the Greater New York Automobile Dealers Association, led by Mark Schienberg. It was set to open for media days on April 8 and run through April 19. The new dates are to be Aug. 26 to Sept. 6.The show, which draws hundreds of thousands of people each year, is owned and operated by the Greater New York Automobile Dealers Association, led by Mark Schienberg. It was set to open for media days on April 8 and run through April 19. The new dates are to be Aug. 26 to Sept. 6.
“For 120 years, ‘the show must go on’ has been heavily embedded in our DNA,” Mr. Schienberg, the association president, said in a statement announcing the move. He added, “While the decision to move the show dates didn’t come easy, our top priority remains with the health and well-being” of those involved.“For 120 years, ‘the show must go on’ has been heavily embedded in our DNA,” Mr. Schienberg, the association president, said in a statement announcing the move. He added, “While the decision to move the show dates didn’t come easy, our top priority remains with the health and well-being” of those involved.
The decision was made after Gov. Andrew M. Cuomo over the weekend declared a state of emergency in New York.The decision was made after Gov. Andrew M. Cuomo over the weekend declared a state of emergency in New York.
This month, the organizers of the Geneva International Auto Show in Switzerland canceled their annual event, also because of the coronavirus concerns. The Beijing Auto Show, planned for late April, has also been postponed indefinitely.This month, the organizers of the Geneva International Auto Show in Switzerland canceled their annual event, also because of the coronavirus concerns. The Beijing Auto Show, planned for late April, has also been postponed indefinitely.
The 2020 Detroit show, which is set for June and will focus largely on outdoor events and exhibits, has made no changes to its schedule.The 2020 Detroit show, which is set for June and will focus largely on outdoor events and exhibits, has made no changes to its schedule.
The root of Monday’s financial market meltdown was the start of an oil-price war between Saudi Arabia and Russia over the weekend, when the Saudis slashed their prices after Russia refused to join the Organization of the Petroleum Exporting Countries in production cuts.The root of Monday’s financial market meltdown was the start of an oil-price war between Saudi Arabia and Russia over the weekend, when the Saudis slashed their prices after Russia refused to join the Organization of the Petroleum Exporting Countries in production cuts.
On Tuesday, Saudi Aramco, the national oil company, said that it would produce 12.3 million barrels a day of crude oil in April, a significant jump from its average of 9.7 million barrels a day.On Tuesday, Saudi Aramco, the national oil company, said that it would produce 12.3 million barrels a day of crude oil in April, a significant jump from its average of 9.7 million barrels a day.
Although it is not clear how much of this oil would come from storage, the company is likely to sharply increase production. Saudi officials have said that they need to sell more oil to compensate for lower prices, and Aramco is offering deep discounts on its oil to win over buyers.Although it is not clear how much of this oil would come from storage, the company is likely to sharply increase production. Saudi officials have said that they need to sell more oil to compensate for lower prices, and Aramco is offering deep discounts on its oil to win over buyers.
The sudden upheaval in the oil markets may take months to assess, but the impact on the U.S. economy is bound to be considerable, especially in Texas and other states where oil drives much of the job market.The sudden upheaval in the oil markets may take months to assess, but the impact on the U.S. economy is bound to be considerable, especially in Texas and other states where oil drives much of the job market.
On Tuesday, Occidental Petroleum said it would slash its quarterly dividend and capital spending plan in response to the drop in oil prices.On Tuesday, Occidental Petroleum said it would slash its quarterly dividend and capital spending plan in response to the drop in oil prices.
Several airlines on Tuesday announced the temporary suspension of all flights to and from Italy, a day after the country announced a nationwide lockdown to combat the coronavirus outbreak.Several airlines on Tuesday announced the temporary suspension of all flights to and from Italy, a day after the country announced a nationwide lockdown to combat the coronavirus outbreak.
Spanish authorities barred all airlines from Spain, including Iberia and Vueling, from operating either inbound or outbound Italian flights, while British Airways announced the immediate suspension of flights until April 4 and Ryanair said that it would suspend all of its domestic flights in Italy and international flights to Italy.Spanish authorities barred all airlines from Spain, including Iberia and Vueling, from operating either inbound or outbound Italian flights, while British Airways announced the immediate suspension of flights until April 4 and Ryanair said that it would suspend all of its domestic flights in Italy and international flights to Italy.
Alitalia, Italy’s flagship carrier, said it would continue services but gave the passengers the option to rebook or reroute their flight free of charge.Alitalia, Italy’s flagship carrier, said it would continue services but gave the passengers the option to rebook or reroute their flight free of charge.
Airlines in the United States also said on Tuesday that they were further slashing service and costs in response to the substantial decline in bookings caused by fear over the coronavirus.Airlines in the United States also said on Tuesday that they were further slashing service and costs in response to the substantial decline in bookings caused by fear over the coronavirus.
Speaking at an investor conference on Tuesday, Ed Bastian, chief executive of Delta Air Lines, announced that the airline would cut domestic service by about 15 percent.Speaking at an investor conference on Tuesday, Ed Bastian, chief executive of Delta Air Lines, announced that the airline would cut domestic service by about 15 percent.
On Tuesday, Google recommended that tens of thousands of its North American employees work from home. Previously, it had only extended that policy to workers in the Seattle area.On Tuesday, Google recommended that tens of thousands of its North American employees work from home. Previously, it had only extended that policy to workers in the Seattle area.
President Trump plans to meet with senior executives from the country’s biggest banks  — including Goldman Sachs, Bank of America, Wells Fargo, Citigroup and JPMorgan Chase — along with community bankers, at the White House on Wednesday.President Trump plans to meet with senior executives from the country’s biggest banks  — including Goldman Sachs, Bank of America, Wells Fargo, Citigroup and JPMorgan Chase — along with community bankers, at the White House on Wednesday.
An employee of BlackRock, the giant asset manager, has been infected by the coronavirus, and informed the company on Monday night. The employee, who works in BlackRock’s Midtown Manhattan offices, has been in self-quarantine and working from home since Wednesday, the company said.
The World Trade Organization on Tuesday suspended further meetings until March 20, after the confirmation that one of its staff members had contracted the virus.The World Trade Organization on Tuesday suspended further meetings until March 20, after the confirmation that one of its staff members had contracted the virus.
The Washington Post’s publisher, Fred Ryan, said in a staff-wide memo Tuesday that the newspaper would be “encouraging (but not mandating)” working from home for the rest of the month. The Post has already canceled nonessential business travel through March.The Washington Post’s publisher, Fred Ryan, said in a staff-wide memo Tuesday that the newspaper would be “encouraging (but not mandating)” working from home for the rest of the month. The Post has already canceled nonessential business travel through March.
The Los Angeles Times executive editor Norman Pearlstine said in a staff-wide memo Tuesday that all work-related flying was suspended except “in cases where it is absolutely required for the job.” Employees who do fly will be subject to 14-day work-from-home quarantines, he said. For others, working from home remains optional.The Los Angeles Times executive editor Norman Pearlstine said in a staff-wide memo Tuesday that all work-related flying was suspended except “in cases where it is absolutely required for the job.” Employees who do fly will be subject to 14-day work-from-home quarantines, he said. For others, working from home remains optional.
Reporting and research were contributed by Jeanne Smialek, Alexandra Stevenson, Sheryl Gay Stolberg, Alan Rappeport, Jack Ewing, Stanley Reed, Michael Corkery, Kevin Granville, Tiffany Hsu, Kate Kelly, Matthew Goldstein, Brooks Barnes, Stephen Williams, Iliana Magra and Niraj Chokshi. Reporting and research were contributed by Kate Conger, Jeanne Smialek, Alexandra Stevenson, Sheryl Gay Stolberg, Alan Rappeport, Jack Ewing, Stanley Reed, Michael Corkery, Kevin Granville, Tiffany Hsu, Kate Kelly, Matthew Goldstein, Brooks Barnes, Stephen Williams, Iliana Magra and Niraj Chokshi.