The daily business briefing: February 25, 2020
Stocks plunge on coronavirus fears, a jury finds Harvey Weinstein guilty of sexual assault, and more
- 1. Stocks plunge as coronavirus cases surge outside China
- 2. Jury finds Harvey Weinstein guilty of rape, sexual assault
- 3. Moderna shares surge after shipment of first coronavirus vaccine for trials
- 4. Oil prices dive as coronavirus spread threatens demand
- 5. Intuit agrees to buy Credit Karma in $7.1 billion deal
1. Stocks plunge as coronavirus cases surge outside China
U.S. stocks plummeted on Monday as coronavirus cases surged outside of China, fueling concerns of a pandemic that could cause enduring damage to the global economy. The Dow Jones Industrial Average closed down by 1,032 points, or 3.6 percent, the index's sharpest drop in two years. The S&P 500 fell by 3.4 percent, and the Nasdaq lost 3.7 percent. Supply chains around the world have been disrupted due to factory closures and transportation bans in China. "The second-largest economy in the world is completely shut down. People aren't totally pricing that in," said Larry Benedict, CEO of The Opportunistic Trader. "It seems like there's much more to come." Airlines were hit particularly hard, as was Apple, which has iPhone suppliers in China. U.S. stock futures inched up early Tuesday.
2. Jury finds Harvey Weinstein guilty of rape, sexual assault
A jury on Monday found film producer Harvey Weinstein guilty on charges of third-degree rape and sexual assault, but acquitted him of the higher-level crimes of first-degree rape and predatory sexual assault. Six women, including The Sopranos actress Annabella Sciorra, testified that Weinstein sexually assaulted them. The charges in the trial related to allegations by two of the women. Former TV production assistant Miriam Haley said Weinstein forced oral sex on her in 2006, and former aspiring actress Jessica Mann said he raped her in a Manhattan hotel in 2013. The trial marked a high-profile test in the #MeToo era's efforts to hold powerful men accountable for sexual harassment and assault in the workplace.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Moderna shares surge after shipment of first coronavirus vaccine for trials
Shares of drugmaker Moderna jumped by 18 percent in after-hours trading Monday after The Wall Street Journal reported that the company had sent the first potential coronavirus vaccine for clinical trials. Massachusetts-based Moderna shipped a batch of vials of the vaccine to the National Institute of Allergy and Infectious Diseases in Maryland. Initial clinical trials — the first human tests on a drug aiming to curb an outbreak that started in China — are expected to start by late April, with results possible by July or August, the Journal reported. Nearly 80,000 coronavirus infections have been confirmed worldwide, with more than 2,600 deaths. Several countries outside China, including South Korea, Italy, and Iran, have reported a surge in new cases, fueling fears of a pandemic.
The Wall Street Journal Yahoo Finance
4. Oil prices dive as coronavirus spread threatens demand
Oil prices dropped by nearly 4 percent on Monday as the explosive spread of the coronavirus in countries outside China boosted expectations of an economic slowdown that could sharply reduce demand for crude. As stocks plunged worldwide, the price of benchmark Brent crude dropped by 3.8 percent to $56.30 a barrel. The U.S. benchmark West Texas Intermediate fell by 3.7 percent to $51.43 a barrel. "The reports of the coronavirus spreading is raising more fears of demand destruction," said Phil Flynn, an analyst at Price Futures Group in Chicago. "When we saw the big move down in the stock market, oil traders were selling first and asking questions later."
5. Intuit agrees to buy Credit Karma in $7.1 billion deal
Intuit agreed Monday to buy consumer finance company Credit Karma in a $7.1 billion cash and stock deal. The purchase gives Intuit, maker of personal finance software including TurboTax and QuickBooks, a way to broaden its offerings of personal finance tools with start-up Credit Karma's free access to credit scores and other information, such as comparisons of credit cards and loans. "This is very core to what we've declared around helping our customers make ends meet and make smart money decisions," Intuit CEO Sasan Goodarzi said in a conference call with analysts. Credit Karma founder and CEO Ken Lin will continue to run the company after the deal closes, which the companies expect to happen in the second half of the year.
The New York Times The Associated Press
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
5 hilarious cartoons about the start of football season
Cartoons Artists take on holy vows, taking chances, and more
By The Week US Published
-
5 thought-provoking cartoons about thoughts and prayers
Cartoons Artists take on reasonable rhetoric, acceptable actions, and more
By The Week US Published
-
A weekend in Polzeath: an outdoor adventure in Cornwall
The Week Recommends This Cornish seaside village offers plenty of fun for surfers and families alike
By Hollie Clemence, The Week UK Published
-
Barcelona's Airbnb ban: a sign of things to come?
Talking Point Crackdown on short-term lets to combat unaffordable housing echoes similar moves elsewhere, but anti-tourism protests could prove self-defeating
By Harriet Marsden, The Week UK Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published