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Oil prices rallied on Friday, capping off their first weekly gain in six. Goldman Sachs and the Energy Information Administration (EIA) have cut their forecast for 2020 crude prices. Coronavirus and the sharp downturn in Chinese consumption are largely to blame. Oil prices were back in rally mode on Friday, gaining modestly on
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The Dow Jones Industrial Average (DJIA) lacked conviction during the week’s final trading session. U.S. consumer spending slowed significantly in January as the coronavirus epidemic began to filter into consumer behavior. Health officials warned Americans to brace for a U.S. outbreak, meaning coronavirus could weigh on the economy for months to come. The
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The coronavirus outbreak is having a sizable impact on the Chinese economy. Car sales have slumped and will probably stay subdued for the entire year. Chinese electric car-maker—Nio—was already cash strapped, and the coronavirus outbreak will likely push it into bankruptcy. The growing number of coronavirus cases has crippled the Chinese economy. All
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Wuhan reportedly has cured patients with coronavirus by injecting plasma from recovered individuals. The breakthrough could help minimize the outbreak in key areas like Hubei. President Xi Jinping said China is seeing progress in combating the outbreak. Wuhan is said to have treated individuals in critical condition affected by coronavirus by injecting blood
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Tesla stock dipped overnight after an annual SEC filing raised concerns about the impact of China’s coronavirus epidemic. This comes shortly after the announcement of a $2 billion stock offering early in the day to raise capital. TSLA bulls are now dealing with the possibility that Elon Musk’s aggressive growth strategy has
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Alibaba’s CEO called the coronavirus a “black swan event” Thursday. His analysis has disastrous implications for the stock market. While he spoke, new coronavirus cases spiked at a frightening pace. The stock market seems to be shrugging off coronavirus fears since it became a pandemic last month. Amid startling news of drastic measures taken
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The Dow Jones struggled on Thursday as the Trump administration changed its tune on China’s handling of the coronavirus epidemic. Top economic official Larry Kudlow stated the U.S. is “disappointed” with how events were playing out. Despite an inevitable economic shock, some Dow bulls believe the spike in infections could be good
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Gold peaked at $1,518.70/oz. Thursday and is on track for its highest settlement in ten days. Alarmed by the recent spike in coronavirus infections, investors piled into bullion and other haven assets to mitigate risk. U.S. consumer-price growth was muted in January but above trend compared with a year ago. The price of
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Dow Jones Industrial Average (DJIA) futures plunged 260 points on Thursday morning. Health experts told the Senate to brace for “hundreds of thousands” of US coronavirus cases. China reported a parabolic rise in deaths and cases after changing its diagnostic methodology. After a record-breaking day on the stock market on Wednesday, Dow Jones
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Official number of coronavirus cases in China is likely to spike in the coming days. A new category of diagnosis is now implemented by the government of China. Analysts believe real numbers are much higher than reported figures. China’s surprise announcement of 15,000 new confirmed cases of coronavirus on February 12 is only
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