The deepest recession “of our lifetimes” could be on the horizon, according to the World Trade Organization; coronavirus has delivered “unprecedented shocks to economies and labor markets.”
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Apocalyptic, a natural catastrophe, a generation-defining moment are just some of the words or terms that describe the economy and the labor market right now. The news could get a lot worse in the coming months.
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Pandemic lifelines have arrived from Congress. The crushing financial impact from coronavirus prompted the government to provide $2 trillion dollars in the third phase of its response to the escalating crisis.
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It’s official: the coronavirus health pandemic has become a financial pandemic. Already, tens of thousands of workers are being laid off, especially in the airline, hotel and hospitality sectors.
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The Federal Reserve announced emergency actions to guard against the coming economic impact of Coronavirus.
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The Fed made a rare, but not unprecedented intra-meeting rate cut of 0.50 percent (to a range of 1 - 1.25 percent) on March 3. In a unanimous decision, officials said despite an economy that remains strong “the coronavirus poses evolving risks to economic activity.”
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At the conclusion of the worst week for stocks since the heart of the financial crisis, you may be forgiven for feeling a serious case of whiplash. After all, it was just a week and a half ago when the S&P 500 index reached a new all-time high. Now the S&P, the Dow, the NASDAQ and the Russell 2000 index of small stocks have all fallen more than 10 percent from their previous highs.
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Two back-to-back, brutal days of stock selling, which wiped out more than $1.7 trillion in value from the S&P 500, has prompted me to dust off a post that I always have handy: an investor protection plan.
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Warren Buffett released the annual Berkshire Hathaway shareholder letter with the usual fanfare, though this year the news was likely to be tough. After all, the Oracle of Omaha’s Berkshire Hathaway delivered an 11 percent return to its investors, versus the 31.5 percent increase in the S&P 500.
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