Stocks rally, S&P 500 crosses 3,000 barrier; oil gains
Global equities and oil rose on Tuesday as China’s promise of more stimulus and prospects of a world economic recovery cheered investors, who set aside concerns about tense rhetoric between Washington and Beijing.
U.S. consumer confidence stabilizes as economy reopens
U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to dig out of the hole amid record unemployment….
Global airlines body raises alarm over bailout debts
Heavy debts inherited from government bailouts and other fund-raising moves will delay the airline industry’s recovery from the coronavirus crisis, a trade body said on Tuesday.
Factbox: Airlines crumble around the globe amid coronavirus pandemic
The coronavirus crisis, which has virtually grounded global air traffic since March, has pushed several struggling airlines over the edge.
LATAM becomes largest airline yet driven to bankruptcy by coronavirus
LATAM Airlines Group , the continent’s largest carrier, filed for U.S. bankruptcy protection on Tuesday, becoming the world’s largest carrier so far to seek an emergency reorganization due to the coronavirus pandemic.
Hertz awards over $16 million in retention bonus to key executives
U.S. car rental company Hertz Global Holdings said on Tuesday it has paid about $16.2 million in retention bonuses to a range of key executives at the director level and above, days after the company filed for bankruptcy protection.
Swiss trial begins of banker alleged to have ignored 1MDB warnings
A banker went on trial in Switzerland on Tuesday charged with failing to sound the alarm over millions of dollars linked to scandal-tainted Malaysian sovereign wealth fund 1MDB.
Supercar group McLaren to cut 1,200 jobs across group amid pandemic
British supercar manufacturer McLaren Group, which includes the Formula One team, said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the fallout from the COVID-19 pandemic.
Instant View: S&P rises above 3,000 level for first time since March
U.S. stocks rose above the 3,000 level for the first time since March 5 on Tuesday, continuing a rally that has pushed the benchmark index up nearly 35% from its March 23 closing low on hopes for a potential coronavirus vaccine and the reopening of bus…
S&P 500 breaches 3,000 mark for first time since early March
U.S. stocks surged at the open and S&P 500 breached a major technical barrier on Tuesday as business restarts and optimism about a potential coronavirus vaccine helped investors overlook Sino-U.S. tensions.
