Dow Surges 557 Points

Stocks mostly fall on COVID-19 concerns

The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.

Stock rally takes a pause as new COVID-19 cases spike

The Dow and S&P 500 snapped three-day winning streaks as a surge in new coronavirus cases in several states gave investors a reason to pause. Conway G. Gittens has the wrap.

U.S. retail sales rise 18%

U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession was over or drawing to an end. Fred Katayama reports.

U.S. banks set aside billions for potential loan losses

JPMorgan Chase, Citigroup and Wells Fargo collectively set aside nearly $26 billion for potential loan losses. As Fred Katayama reports, quarterly profit at JPMorgan and Citi tumbled while Wells Fargo swung to a loss.

Wells Fargo Directs Employees To Delete TikTok

America’s fourth-largest bank, Wells Fargo, is barring the app TikTok on company devices and instructing any employees who have it currently installed to remove it immediately, citing privacy concerns. “We have identified a small number of Wells Fargo employees with corporate-owned devices who had installed the TikTok application on their device,” Wells Fargo said in a statement to multiple outlets.

Stocks gain despite profit plummet for banks

Wall Street rallied on Tuesday despite a plunge in profits at three major U.S. banks and billions of dollars set aside to cover potential loan losses. Conway G. Gittens has the action.

Gilead sparks Wall Street rally

U.S. stocks rose Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States. Fred Katayama reports.

Tech shares drive Wall Street higher

U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.

Wall Street crushed by rising COVID-19 cases

Stocks had their worst day in nearly two weeks as a spike in COVID-19 cases fueled fears the nascent economic recovery was already in trouble. Conway G. Gittens has the market action.

Beyond Meat Drops 10 Percent After Test With McDonald's Ends

CBC reported that McDonald’s ended its Canadian trial of Beyond Meat in April with no plans to continue. According to Business Insider, the plant-based burger dropped as much as 10% because of the news. While Beyond Meat said in an email they were “pleased with the test,” a JPMorgan analyst said usually if a test goes well, it doesn’t end. Beyond Meat CEO Ethan Brown said the plan with McDonald’s hasn’t changed. Despite the recent drop, Beyond Meat is up more than 90% year-to-date.

Virus could cost Mexico a million jobs: president

Mexican President Andres Manuel Lopez Obrador said on Sunday that the novel coronavirus could cost as many as a million jobs in the country as many industries considered not essential remain shut. Libby Hogan reports.