Oil prices fell on Wednesday after U.S. crude inventories rose last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic.
The key S&P 500 index was down more than 4% on Wednesday after a dire warning on the U.S. death toll from the coronavirus and heightened nerves over the upcoming earnings reporting season sent investors running from even the most defensive equities.
Amazon.com Inc said on Wednesday a handful of workers staged a demonstration at one of its warehouses near Detroit, another U.S. protest this week over staff concerns about contracting the novel coronavirus on the job.
U.S. President Donald Trump has invited oil executives to the White House to discuss potential aid for the industry as the coronavirus pandemic spurs a historic slump in energy prices, a source familiar with the matter said on Wednesday.
Russian President Vladimir Putin called on Wednesday for global oil producers and consumers to address "challenging" oil markets while U.S. President Donald Trump complained that oil cheaper "than water" was hurting the industry.
Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite into record U.S. output.
Boston Federal Reserve Bank President Eric Rosengren said social distancing efforts meant to contain the coronavirus outbreak have "stilled" the economy and could lead the unemployment rate to "rise dramatically."
The dollar advanced on Wednesday, with markets staring at what looked likely to be one of the worst economic contractions in decades as the world confronts the coronavirus pandemic.
Insurers are increasingly worried about shareholders, employees or customers bringing coronavirus-related claims against company executives and are considering excluding the virus from policies which protect the bosses, industry sources say.
T-Mobile US Inc said on Wednesday it officially completed the $23 billion merger with Sprint Corp, solidifying its position as the No.3 wireless providers in the United States.
