S&P 500 Rebounds to Close in Positive Territory for the Year

Shares of airlines, retailers, cruise liners and other companies tied to the reopening of the economy led the market higher on the heels of Friday's upbeat jobs report. The technology-laden Nasdaq Composite index hit its first record close since February. 


 
Fed Makes Terms More Favorable for Main Street Lending Program

The central bank reduces minimum and raises maximum loan limits in an effort to reach more small and midsize businesses. 


 
Recession in U.S. Began in February, Official Arbiter Says

The U.S. officially entered a recession in February, marking the end of the 128-month expansion that was the longest in records reaching back to 1854. 


 
Hong Kong Dollar's Surge Spurs HKMA Intervention

The Hong Kong Monetary Authority intervened to defend the local currency's peg to the U.S. dollar, selling the Hong Kong dollar after it hit the strong end of the trading band against the greenback. 


 
Australian Business Conditions, Confidence Improved in May

Australian business conditions and confidence improved in May from April, but still remained deeply negative, reflecting conditions encountered when the country last slid into recession in 1991. 


 
World Bank Sees 5.2% Decline in Global Economy in 2020 From Coronavirus

The global economy is expected to shrink by about 5.2% in 2020 as a result of the coronavirus pandemic, making it one of the four most severe downturns in 150 years, the World Bank said Monday. 


 
Oil Falters as Libyan, U.S. Production Threatens to Mute OPEC Cuts

Crude prices wobbled after a deal by OPEC and its allies to extend production cuts was offset by the prospect of increased output from Libya and U.S. shale producers. 


 
Federal Budget Deficit Nears $2 Trillion

The U.S. budget gap more than doubled in May, pushing the deficit for the fiscal year to near $2 trillion, as federal revenue plunged and spending soared amid the pandemic. 


 
Consumers 'More Optimistic' About Economy's Future in May, New York Fed Says

Americans are growing more upbeat about what lies ahead for the economy, even as they brace for what they see as a rise in inflationary pressure, a new report from the Federal Reserve Bank of New York said Monday. 


 
Relief Spreads to Risky European Bank Bonds

European bank bonds have rallied over the past few weeks, escaping crisis territory thanks to the easing of coronavirus lockdowns and the proposed launch of a European Union-wide recovery fund.