Latest Bank of America Corporation News
California has surge of virus cases that threatens hospitals
LOS ANGELES (AP) — The surge of coronavirus cases in California that health officials have warned was coming has arrived and will worsen, Gov. Gavin Newsom said Friday, while the mayor of Los Angeles warned that by early next week his city could see the kind of crush that has crippled New York. “We...
California governor: 5 big banks suspend mortgage payments
SACRAMENTO, Calif. (AP) — Five of the nation's largest banks have agreed to temporarily suspend residential mortgage payments for people affected by the coronavirus, California Gov. Gavin Newsom said Wednesday. The announcement came as Newsom provided yet another grim statistic about the economic...
With billions at stake, banks try to save stunned borrowers
NEW YORK (AP) — Tarred as villains during the 2008 financial meltdown, banks of all sizes are trying to help out Americans reeling from the economic crisis caused by the coronavirus outbreak. Banks are scrambling to put into place loan forgiveness and relief programs, working to keep their customers from...
AP Explains: What did the Federal Reserve do Sunday and why?
WASHINGTON (AP) — A day after the Federal Reserve unleashed a massive amount of stimulus to blunt the economic damage from the coronavirus, on Monday the stock market plunged by the most since the Black Monday crash of 1987. But Treasury bond yields fell as their prices rose, a sign that at least some of...
The Latest: Stock market outdoes itself, but not in good way
The Latest on financial markets (all times local): 4:30 p.m. Biggest drop ever. Worst day since. The stock has heard a lot of that over the past few weeks. The market outdid itself again Monday, though not in a good way. The Dow Jones Industrial Average dropped 2,997 points. That's the index's biggest point drop...
Virus seizes markets and it's no longer business as usual
Global markets and businesses big and small opened the week to a landscape seemingly altered by the coronavirus pandemic. A host of retail chains have shut their doors or diminished hours of business. Banks are taking steps to keep cash on hand, lots of it. Markets in Asia, Europe and the U.S. are plunging....
Fed takes emergency steps to slash rates and ease bank rules
WASHINGTON (AP) — The Federal Reserve took massive emergency action Sunday to try to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds. The Fed’s surprise announcement signaled its...
Fed may take boldest steps in a decade to ease virus impact
WASHINGTON (AP) — The Federal Reserve is all but sure to take its most drastic steps Wednesday since the depths of the 2008 financial crisis to try to counter the coronavirus' growing damage to the U.S. economy and the financial markets. With the virus' spread causing a broad shutdown of economic activity...
As central banks intervene to calm markets, few see solution
WASHINGTON (AP) — The Federal Reserve and the European Central Bank moved Thursday to try to calm financial markets and restore some degree of confidence. It didn't quite work. The central banks are facing a crisis only partly responsive to the medicine they can provide. The Fed sought to ensure that the...
Wall Street circuit breakers trip; markets, crude plunge
NEW YORK (AP) — U.S. companies buffeted by supply chain chaos and a growing awareness of the scope of a viral outbreak are facing new threats to begin the week. The price of U.S. crude fell as much as 34% to $27.34 a barrel, the lowest price since early 2016, as an oil war between Saudi Arabia and Russia...
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