Avie Schneider
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The number of people forced out of work during the coronavirus lockdown keeps soaring. Last week, 4.4 million people filed for jobless benefits, boosting the total since last month to 26 million.
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The Dow tumbled nearly 13% after the Federal Reserve aggressively cut interest rates to near zero and as the nation imposed more restrictions in an effort to curb the spread of the coronavirus.
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The Dow Jones Industrial Average fell nearly 10% — its biggest one-day drop since 1987 — as the coronavirus pandemic continued to rattle markets. Trading was temporarily halted earlier in the day.
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Major stock indexes were down around 20% from their peaks in February, signaling an end to the 11-year bull market as investors fear the worst about the coronavirus pandemic.
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Stock indexes tumbled so fast Monday that marketwide trading was halted temporarily for the first time since October 1997. The Dow Jones Industrial Average fell 2,013 points, or nearly 8%.
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Welch, dubbed "manager of the century" in 1999 by Fortune magazine, grew GE into an industrial powerhouse. During his reign, the company's market value skyrocketed to $410 billion from $12 billion.
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Ending an era at the Internet's biggest search company, Google co-founders Sergey Brin and Larry Page end their leadership roles. Sundar Pichai will become CEO of Google and its parent, Alphabet.
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CEO Jack Dorsey announced that Twitter will stop running political ads, citing online ads' "significant risks to politics." Facebook has been criticized for allowing deceptive political ads.
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Attorneys general from eight states and the District of Columbia have launched a probe into Facebook and its market dominance. The Justice Department has also launched an antitrust review of Big Tech.
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Under a settlement with the Federal Trade Commission, the company will pay $5 billion and its co-founder could be subject to penalties if Facebook doesn't comply with the agreement.