What's News: Business & Finance -- WSJ
April 07 2020 - 3:02AM
Dow Jones News
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (April 7, 2020).
Key parts of the U.S. debt markets are functioning again, a sign
the Federal Reserve's extraordinary steps are easing a
credit-market crunch.
U.S. stocks rallied, with the Dow industrials surging 1627.46
points, or 7.7%, and the Nasdaq and S&P 500 posting gains of
7.3% and 7%, respectively.
Trump said the government would buy nearly 167 million masks
from 3M over the next three months, resolving a dispute with the
firm.
A growing scarcity of oil-storage space is driving some of the
biggest crude producers to negotiate a truce in the Saudi-Russian
fight over market share.
Auto insurers Allstate and American Family are sending refunds
to policyholders, citing a sharp drop in accident claims as people
hunker down at home.
The committee that helped broker a $13.5 billion settlement for
California wildfire victims in PG&E's bankruptcy case said it
no longer supports the current deal.
JPMorgan's Dimon said the bank can handle what he expects to be
a "bad recession" brought on by the coronavirus crisis.
Samsung Electronics delivered a forecast for first-quarter
operating profit that exceeded analysts' expectations.
Airbnb said it is raising $1 billion in funding from Silver Lake
and Sixth Street Partners, as the firm sees a global hit to its
business.
(END) Dow Jones Newswires
April 07, 2020 02:47 ET (06:47 GMT)
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