ECONOMIC NEWS

Alphabet — Google’s parent company saw its stock rise 7% in extended trading after the company reported first-quarter financial results. Alphabet said it had revenue growth of 13% in the first quarter. It reported earnings of $9.87 per share on revenue of $41.16...

New orders for key U.S.-made capital goods unexpectedly rose in March.The gains are not likely to be sustainable amid the novel coronavirus outbreak, however.U.S. durable goods orders sank 14.4% in the month, compared with expectations for an 11.9% drop. New orders...

IBM — The technology company’s stock fell 3% in extended trading after IBM reported first-quarter financial results. The company reported revenue of $17.57 billion while analysts polled by Refinitiv expected $17.62 billion. IBM also said it had earnings of $1.84 per...

“Everybody’s just frozen. And the phone is not ringing off the hook,” Charlie Munger, Berkshire Hathaway’s vice chairman and Warren Buffett’s longtime business partner, told The Wall Street Journal.“Take the airlines. They don’t know what the hell’s doing,” Munger...

New York Governor Andrew Cuomo has hired high-powered consultants to develop a science-based plan for the safe economic reopening of the region, state government sources told Reuters.The governor seeks a plan that can thwart expected pressure from President Donald...

The Federal Reserve has taken unprecedented actions to save the economy during the coronavirus crisis.There have been rate cuts and a slew of credit and lending programs that could inject more than $6 trillion into the economy.Congress has passed $2 trillion in rescue...

Small businesses have applied for more than half of the $350 billion allotted for the Paycheck Protection Program, and all the funds may be spoken for this week.But the amount actually disbursed to businesses is lagging well behind. Small businesses have applied for...

The Federal Reserve took another page out of its 2008 crisis-era playbook late Wednesday evening, invoking its emergency authority to create a backstop for prime money market mutual funds.The new Money Market Mutual Liquidity Fund will provide loans to financial...

Goldman Sachs said it sees three rate cuts from the Federal Reserve from March through June to combat the negative economic impact from the coronavirus.Bank of America now sees a 50 basis point cut at the Fed’s March meeting.“The committee will probably be reluctant...

Markets are putting pressure on the Federal Reserve to cut rates and have priced in at least three reductions this year.For their part, central bank officials consistently have said it’s too early to gauge the global economic impact from the coronavirus.Some market...

Canada Goose (GOOS) – The outerwear maker reported better-than-expected profit and revenue for its fiscal third quarter, but also said the coronavirus outbreak is having a “material negative impact” during the current quarter. The company did add that no supply chain...

Mary Daly said she did not think the coronavirus outbreak would do anything “material” to the U.S. economyThe Fed cut its benchmark interest rate three times last year. The next meeting of the Federal Open Market Committee is March 17 and 18. San Francisco Fed...