Closing Bell: Stocks Tumble as Coronavirus Halts Job Growth
Stocks dropped on news of 701,000 unemployed Americans in March, plus more in Friday’s Closing Bell on Money & Markets.
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US Sheds 700K Jobs, Ending Growth Streak and Fueling Recession Fears
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Under the Coronavirus Aid, Relief, and Economic Security, or CARES Act, self-employed and gig workers who previously could not file for unemployment now can.
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The federal budget deficit is likely to increase to $2.4 trillion for fiscal year 2020, or 11.2% of gross domestic product, which would be the largest deficit as a share of the economy since World War II when it reached 25%-30% of GDP, Wells Fargo said.