Stocks Skyrocket as President Presents ‘All of America’ Program to Fight Coronavirus

By Breitbart. President Donald Trump unleashed a huge rally in stocks on Friday as he promised to “unleash every authority, tool, and resource” to combat the coronavirus pandemic.

The major stock indexes each recorded their best day since October 2008, when stocks rallied in response to the federal government’s plan to fight the financial crisis. The rally reversed much of the losses of the previous day, the worst single day for U.S. stocks since 1987.

The Dow Jones Industrial Average gained 1985 points to hit 23185, a rise of 9.36 percent. The S&P 500 ascended 9.29 percent. The Nasdaq Composite jumped 9.34 percent. The Russell 2000 index of smaller companies rose 7.6 percent.

The rally picked up steam as the White House event went on and several corporate leaders announced how their companies would contribute to the fight against the pandemic. Oil prices spiked higher as the president announced the U.S. would be purchasing oil for its strategic reserves. (Read more from “Stocks Skyrocket as President Presents ‘All of America’ Program to Fight Coronavirus” HERE)

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As Coronavirus Spreads, Businesses Announce Nearly 900 Layoffs and the Total Could Rise Sharply

By USA Today. The coronavirus is already forcing companies to lay off workers and the job losses are likely to mount rapidly as the global health crisis drags on.

U.S. companies have announced 893 job cuts as a result of the outbreak, according to outplacement firm Challenger, Gray and Christmas. The losses include 145 drivers at the Port of Los Angeles amid stalled shipments from China, 360 by Oyo Hotels and 250 by Christie Lites, a stage lighting company.

Canceled events led to 300 layoffs, including 175 related to the South by Southwest technology and media conference in Austin, Texas, Challenger says.

Basic Fun, a toymaker based in Boca Raton, Florida, eliminated 18 jobs. Company CEO Jay Foreman told CNBC the firm has been hit with both supply disruptions from China and reduced demand. (Read more from “As Coronavirus Spreads, Businesses Announce Nearly 900 Layoffs and the Total Could Rise Sharply” HERE)

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