Chinese Association of Idaho State University (CAISU)
China's economy shrinks after years of growth
The coronavirus pandemic has quickly evolved from a health care crisis to a financial one, shuttering businesses, upending industries and sending financial markets reeling.To get more economy news today, you can visit shine news official website.
Here's the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here. U.S. financial markets rallied Friday on hopes the U.S. economy could reopen for business soon.
The Dow Jones Industrial Average was up approximately 700 points, or 3%, when markets closed Friday. The S&P 500 was also up 2.7% and the Nasdaq rose 1.4%.
On Thursday, Trump touted plans to reopen the American economy in phases. The president said some states could enter phase one of reopening "literally tomorrow."
Medical authorities have warned, however, that more widespread testing and contact tracing would be necessary in order for the nation to safely reopen.
The best performers Friday were Boeing, which spiked more than 13%, and JPMorgan Chase, which gained nearly 9%. Energy giants Exxon Mobil and Chevron also saw gains of approximately 9% and 8%, respectively.
The worst performers were United Health Group (which shed nearly 3%) and Apple (which lost a little over 1%).
For the week, the Dow gained 2.2%. The S&P 500 was up 3% and the Nasdaq rose 1.4%. Walmart announced Friday that it has fulfilled its commitment to hire 150,000 new employees amid the pandemic and pledged to hire an additional 50,000 employees.
The retail giant said it has received over 1 million applications and hired an average of 5,000 people per day even as unemployment rates soar across the country.
The new jobs will be at stores, clubs and fulfillment/distribution centers.
"To hire these 150,000 new associates, we've worked with more than 70 companies that have furloughed workers," the company said in a statement. "We're seeing these associates come to us from restaurant and hospitality industries and other retailers."
"While many of these associates want temporary employment that serves as a bridge during this time, we also expect others to convert to permanent roles," the statement added. The 2020 San Diego Comic-Con has officially been canceled due to the COVID-19 pandemic, marking the first time the event has been scrapped in its 50-year history.
The event, which was set to take place from July 23 to 26, will instead return to the San Diego Convention Center from July 22 -25, 2021.
"Extraordinary times require extraordinary measures and while we are saddened to take this action, we know it is the right decision," David Glanzer, a spokesperson for the organization, said in a statement. "We eagerly look forward to the time when we can all meet again and share in the community we all love and enjoy."
Anyone who purchased badges for SDCC this year will have the option to request a refund or transfer their badges to next year's Comic-Con. All badge holders will receive an email within the next week with instructions on how to request a refund.