Latest Bank of America Corporation News

The USNS Mercy enters the Port of Los Angeles, Friday, March 27, 2020, in Los Angeles. The The 1,000-bed Navy hospital ship is expected to help take the load off Los Angeles area hospitals as they treat coronavirus patients. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Mark J. Terrill)

California has surge of virus cases that threatens hospitals

Mar. 27, 2020 11:33 PM EDT

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...

Unidentified Los Angeles residents are admistered with a test for COVID-19 while in their vehicles inside the Crenshaw Christian Center in South Los Angeles Wednesday, March 25, 2020. With California virus cases surging, Gov. Gavin Newsom said his stay-at-home order for 40 million Californians may stay in place into May.  (AP Photo/Damian Dovarganes)

California governor: 5 big banks suspend mortgage payments

Mar. 25, 2020 9:02 PM EDT

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...

FILE - In this Monday, March 16, 2020, file photo, pedestrian traffic is light along Wall Street in Lower Manhattan in New York. The banking system is not as risk of failing as banks have plenty of capital on hand to handle this crisis due to the new coronavirus, economists say. (AP Photo/Craig Ruttle, File)

With billions at stake, banks try to save stunned borrowers

Mar. 24, 2020 2:44 PM EDT

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...

Federal Reserve Chair Jerome Powell pauses during a news conference, Tuesday, March 3, 2020, while discussing an announcement from the Federal Open Market Committee, in Washington. In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell noted that the coronavirus

AP Explains: What did the Federal Reserve do Sunday and why?

Mar. 16, 2020 6:49 PM EDT

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...

A view a street in downtown Milan, Italy, Sunday, March 15, 2020, as most people remained home following the indications of doctors and the government in order to slow down the spread of the new coronavirus. For most people, the new coronavirus causes only mild or moderate symptoms. For some, it can cause more severe illness, especially in older adults and people with existing health problems. (Claudio Furlan/LaPresse via AP)

The Latest: Stock market outdoes itself, but not in good way

Mar. 16, 2020 6:07 PM EDT

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

Mar. 16, 2020 2:33 PM EDT

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

Mar. 15, 2020 9:17 PM EDT

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...

Federal Reserve Chair Jerome Powell pauses during a news conference, Tuesday, March 3, 2020, while discussing an announcement from the Federal Open Market Committee, in Washington. In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell noted that the coronavirus

Fed may take boldest steps in a decade to ease virus impact

Mar. 15, 2020 4:31 PM EDT

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...

Traders Edward Curran, left, and Jonathan Mueller work on the floor of the New York Stock Exchange, Thursday, March 12, 2020. The deepening coronavirus crisis is sending stocks into another alarming slide on Wall Street, triggering a brief, automatic shutdown in trading for the second time this week. (AP Photo/Richard Drew)

As central banks intervene to calm markets, few see solution

Mar. 12, 2020 6:08 PM EDT

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...

Empty chairs and tables are lined up outside a restaurant in St. Mark's Square in Venice, Italy, Monday, March 9, 2020. Italy took a page from China’s playbook Sunday, attempting to lock down 16 million people — more than a quarter of its population — for nearly a month to halt the relentless march of the new coronavirus across Europe. Italian Premier Giuseppe Conte signed a quarantine decree early Sunday for the country’s prosperous north. Areas under lockdown include Milan, Italy’s financial hub and the main city in Lombardy, and Venice, the main city in the neighboring Veneto region. (Anteo Marinoni/LaPresse via AP)

Wall Street circuit breakers trip; markets, crude plunge

Mar. 9, 2020 9:42 PM EDT

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...