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US weekly jobless claims double to 6.6 million

Jobless claims double to 6.6m

Amid the COVID-19 coronavirus crisis, weekly unemployment claims just once again reached a shocking new high.

The Labor Department announced Thursday that more than 6.6 million Americans filed initial jobless claims last week. This massive number easily surpasses the 3.3 million initial jobless claims announced last Thursday, which at the time was the largest number ever recorded, soaring past the previous record of 695,000 in October 1982. A week later, that startling figure has been roughly doubled. The data first started to be tracked in 1967.

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Trump signs $2T coronavirus relief package

Trump signs $2T coronavirus bill

President Trump on Friday signed a bipartisan $2 trillion economic relief package aimed at helping American workers and businesses impacted by the coronavirus pandemic.

The bill includes $1,200 one-time payments to many Americans; sets up a $500 billion corporate liquidity fund to help struggling industries like airlines; allocated $377 billion for aid to small businesses; and boosts the maximum unemployment benefit by $600 per week for four months, among other provisions.

Trump signed the legislation hours after it passed the House, thanking Republicans and Democrats “for coming together, setting aside their differences and putting America first” with the legislation.

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U.S. markets sharply turn after three straight days of gains

US stocks signal steep decline

U.S. markets plunged deep in the red Friday morning, interrupting a stellar three-day run and offering a stinging reminder that the government’s $2.2 trillion rescue package won’t blunt investor anxiety just yet.

Stocks soared this week as the landmark stimulus package came into sharper view. The Senate passed the sprawling bill late Wednesday. The House is now aiming to expedite its own vote on Friday, even while one GOP lawmaker could cause a delay.

But as lawmakers scramble to get the legislation to President Trump, the pandemic’s toll continues to multiply. The United States now has the most confirmed cases in the world and has surpassed 1,000 deaths. A record 3.3 million Americans applied for unemployment benefits last week, according to the Labor Department, and economists say more than 40 million Americans could lose their jobs by mid-April.

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Jobless claims soar past 3 million to record high

jobless claims top 3.3 million

Americans displaced by the coronavirus crisis filed unemployment claims in record numbers last week, with the Labor Department reporting Thursday a surge to 3.28 million.

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week, which reflected the period before the worst of the coronavirus hit, was 282,000, which was higher than expected at the time.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

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Dow tumbles again, nearly wiping out gains of Trump’s presidency

Stocks wipe out all gains in Trump eraThe Dow Jones Industrial Average fell 6 percent on Wednesday under the 20,000 level, nearly erasing the iconic index's previous gains since President Donald Trump's inauguration and jeopardizing a key talking point for his reelection campaign.

Earlier in the day, the S&P 500 dropped so steeply that it triggered a market-wide suspension of trading for 15 minutes.

The plunge underscores the risk Trump took in tying his presidential reputation to stock prices, which can fall as easily as they rise, and in any case are only one indicator of the health of the economy.

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Stocks Go Into Shock. Dow Plunges Nearly 3,000 Points

DOW falls nearly 3000 points

U.S. stock indexes fell sharply Monday, a day after the Federal Reserve aggressively cut interest rates to near zero in a bid to stop the economy from crashing. The Dow Jones Industrial Average dropped 2,997.20 points, or about 13%, as coronavirus measures rapidly expanded. The S&P 500 index lost nearly 12%.

The Dow, which closed at 20,188.52, has lost 31.7% since its record high Feb. 12 as the market plunges deeper into bear territory after an 11-year winning streak.

The Dow's breathtaking drop Monday was the biggest since the Black Market crash of October 1987, when the blue chip index lost 22%.

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Fed Slashes Rates to Near-Zero and Unveils Sweeping Program to Aid Economy

Federal reseve slashes interest rates to zeroWith the fast-spreading coronavirus posing a dire threat to economic growth, the Federal Reserve on Sunday night took the dramatic step of slashing interest rates to near-zero and unveiled a sweeping set of programs in an effort backstop the United States economy.

In addition to cutting its benchmark interest rate by a full percentage point, returning it to a range of 0 to 0.25 percent, the Fed said it would snap up huge amounts of government and mortgage-backed debt. The central bank said it planned to increase its holdings of Treasury securities by at least $500 billion and its holdings of government mortgage-backed securities by at least $200 billion “over coming months.”

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