Stock indexes bounced around in early trading Tuesday as investors try to regroup from a punishing day of losses.
Markets remain highly volatile a day after their worst loss in three decades as traders remain uncertain about how badly the coronavirus will hit the economy.
The Dow Jones Industrial Average jumped more than 600 points in early trading, fell 200, then was nearly unchanged after the first half-hour of trading. lt lost nearly 3,000 points a day earlier after President Donald Trump said a recession may be on the way.
The Trump administration is proposing a roughly $850 billion stimulus plan to help the economy, including relief for small businesses and the airline industry, as well as a tax cut for wage-earners, sources told The Associated Press.
The travel industry has been among the industries hardest hit by the outbreak, as planes sit grounded and hotels and casinos shut their doors. Some economists say the global recession has already begun.
The S&P 500 jumped as much as 3.2% in the first minutes of trading, but the gains quickly vanished and the index was up just 0.1% at mid-morning.
Canada’s main stock index edged lower in early trading today after plunging more than 1,300 points on Monday.
The S&P/TSX composite index was down 6.50 points at 12,353.90.
In New York, the Dow Jones industrial average was up 12.53 points at 20,201.05. The S&P 500 index was up 18.13 points at 2,404.26, while the Nasdaq composite was up 57.12 points at 6,961.71.
The Canadian dollar traded for 70.77 cents US compared with an average of 71.61 cents US on Monday.
Trading is unsettled around the world. European stocks swung from gains to losses. South Korean stocks fell to their fifth straight loss of 2.5%, but Japanese stocks shook off an early loss to edge higher.
Stocks have had a few rebounds since the market began selling off in mid-February on worries that COVID-19 will slam the economy and corporate profits. But all have ended up short-lived. The S&P 500 has had four days in the last few weeks where it surged more than 4%, a remarkably large amount in normal times, and has slumped more than 2.8% the following day each time.
The S&P 500 is nearly 30% below its record set last month and is back to where it was in late 2018, erasing most of the best year for stocks in decades.
The big question for investors is when the new coronavirus will slow its spread, and when the economy can begin to recover from shutdowns affecting a growing list of industries by the day, from airlines to restaurants.
The virus has spread so quickly that its effects haven’t shown up in much U.S. economic data yet. A report on Monday about manufacturing in New York State was the first piece of evidence that manufacturing is contracting due to the outbreak. On Tuesday, a report showed that retail sales weakened in February, when economists had been expecting a gain.
“The global recession is here and now,” S&P Global economists wrote in a report Tuesday.
Amazon removes racist messages after they appear on some product listings on its U.K. website – The Globe and Mail
Amazon.com Inc said it was removing certain images after messages using extremely strong racist abuse appeared on some listings on its U.K. website when users searched for Apple’s AirPods and other similar products.
The message sparked outrage on Twitter, with the topic “AirPods” trending in the United Kingdom.
“We are removing the images in question and have taken action on the bad actor,” an Amazon spokeswoman told Reuters on Sunday. She did not elaborate more on the “bad actor.”
Screenshots and video grabs of the messages were trending on Twitter, with users sharing the images.
The listings with the abusive messages were no longer visible on the Amazon U.K. website and it was not clear how long they were there for.
In April, several of Amazon’s foreign websites, including the U.K. domain, were added to the U.S. trade regulator’s “notorious markets” report on marketplaces known for counterfeiting and piracy concerns.
Amazon strongly disagreed with the report at that time, describing it as a “purely political act.”
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Alberta records 18 new COVID-19 cases and no new deaths – CBC.ca
Alberta recorded 18 new COVID-19 cases and no additional deaths from the illness on Sunday.
The number of active cases in the province continued to drop, sitting at 584 as of Sunday. Hospitalization rates also remained low with 52 people in hospital and six in intensive care.
In total, 6,283 people have recovered from the illness in Alberta. The total number of deaths was 143.
Most active COVID-19 cases continue to be found in the Calgary zone. Here’s a regional breakdown of cases:
- Calgary zone: 440 active cases and 4,330 recovered;
- South zone: 42 active cases and 1,184 recovered;
- Edmonton zone: 69 active cases and 464 recovered;
- North zone: 28 active cases and 202 recovered;
- Central zone: two active cases and 95 recovered;
- Three active cases and eight recovered cases in zones to be confirmed.
To date, 658 cases have an unknown exposure.
So far, 235,415 Albertans have been tested and labs have performed 260,365 tests, with 3,138 tests completed in the last 24 hours. Testing has been made available to any person without symptoms who wants to be tested.
Starting in early June, Albertans will also be able to get four free non-medical masks per person at all A&W, McDonald’s and Tim Hortons drive-thru locations in the province, while supplies last. They can ask for masks without having to purchase anything.
As May comes to a close, Alberta has 584 active cases of COVID-19 and 143 people have died – CTV News
Alberta reported 18 new cases of COVID-19 on Sunday, bringing the total number of active cases to 584.
No additional deaths were reported.
There are currently 52 people in hospital; six of them are in intensive care.
The case breakdown across the province is as follows:
- Calgary zone: 440 active cases and 4,330 recovered
- South zone: 42 active cases and 1,184 recovered
- Edmonton zone: 69 active cases and 464 recovered
- North zone: 28 active cases and 202 recovered
- Central zone: two active cases and 95 recovered
- Three active cases and eight recovered cases in zones to be confirmed
There are currently 61 active cases in continuing care facilities in the province, and 659 people have recovered. A total of 109 residents have died.
In total, there have been 143 deaths in Alberta.
In the last 24 hours, there have been 3,138 tests completed.
As of May 31, 6,283 Albertans have recovered from COVID-19.
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