Dow dives almost 1,000 points after New York, California declares coronavirus emergency

U.S. stocks tumbled as volatility sparked by the spread of the coronavirus woes continued to grip financial markets. Treasury yields sank to record lows and haven assets surged.

The S&P 500 fell more than three per cent, erasing the majority of Wednesday’s steep gains, as wild swings piled up. The benchmark has had the most volatile week since S&P Global Ratings cut the U.S. debt rating in 2011. Banks and tech shares led losses.

Investor confidence has been shaken as cases of the virus continue to multiply across the world’s largest economy despite efforts by authorities to contain the outbreak. The 10-year yield sank to as low as 0.90 per cent, while the dollar plunged against the yen. Gold climbed and oil slid.

“It’s definitely volatile. Once things get to this point, it normally takes a few weeks for things to settle down,” Michael Shaoul, chief executive officer at Marketfield

Read More

Golfer Piercy loses sponsors over homophobic Buttigieg meme

Golfer Piercy loses sponsors over homophobic Buttigieg meme – reports

(Reuters) – Former U.S. Open runner-up Scott Piercy has lost major sponsors after he posted a homophobic meme on social media about openly-gay former U.S. presidential candidate Pete Buttigieg, several media reported.

The Titleist and FootJoy brands, both owned by U.S. golf equipment and clothing retailer Acushnet Holdings Co, and Swedish fashion retailer J. Lindeberg, have reportedly dropped Piercy though he deleted the meme and apologised.

Piercy could not be immediately reached through his agency for comment by Reuters, and he declined to comment when approached by at the Arnold Palmer Invitational in Florida.

Piercy apologies on Instagram and vowed to “do better” but that apparently was not enough to assuage Acushnet and J. Lindeberg.

“The claims from Scott Piercy were unacceptable and far from our views and beliefs. We have since terminated our contract with Mr. Piercy,” J.

Read More

JPMorgan CEO Jamie Dimon recovering from emergency heart surgery

JPMorgan Chase & Co. said Chief Executive Officer Jamie Dimon underwent emergency heart surgery and that it’s placing co-Presidents Daniel Pinto and Gordon Smith in charge during his recuperation.

Dimon “experienced an acute aortic dissection” early Thursday, the bank said. “It was caught early and the surgery was successful. He is awake, alert and recovering well.”

Dimon, 63, is the longest-serving head of a major U.S. bank, overseeing a juggernaut of both Wall Street and consumer lending that’s been setting profit records for the nation’s financial industry in recent years. He also serves as chairman and has frequently joked over much of a decade that he plans to keep running the company for five more years.

“We have exceptional leaders across our businesses and functions—led by our outstanding CEO and co-presidents,” the board’s lead director, Lee Raymond, said in a statement. “Our company will move forward together with confidence as … Read More