What's News: Business & Finance
March 10 2020 - 11:50PM
Dow Jones News
U.S. stocks soared in frenetic trading, wiping out much of the
losses they suffered a day earlier in the biggest selloff since the
financial crisis. The Dow and S&P 500 both rose 4.9% and the
Nasdaq gained 5%.
Liquidity in financial markets has dried up, adding to
investors' difficulties.
Saudi Arabia and Russia escalated their oil-market war, with
Riyadh set to raise output to record levels and Moscow saying it
was ready to pump more crude.
Occidental Petroleum is slashing spending and dividends as it
responds to a crash in oil prices.
Twitter's Dorsey, having kept his job, now faces unprecedented
pressure to deliver on a promise to increase usage and sales.
Regeneron and Sanofi are racing to launch clinical trials
exploring whether their arthritis drug could treat symptoms of
coronavirus infections.
Foresight Energy filed for bankruptcy protection, citing
additional pressures in the coal market.
DXC struck a deal to sell its business focused on Medicaid
services to Veritas Capital for $5 billion.
Wells Fargo's new CEO told Congress that the troubled bank is
charting a path to move past its yearslong sales-practices
scandal.
(END) Dow Jones Newswires
March 10, 2020 23:35 ET (03:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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