Kameleon007/iStock(NEW YORK) — The coronavirus pandemic has quickly evolved from a health care crisis to a financial one, shuttering businesses, upending industries and sending financial markets reeling.
Here’s the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here.
Here’s how the day is unfolding. Please refresh for updates.
Markets dip slightly at opening Monday
The Dow Jones Industrial Average slid nearly 190 points or 0.8% as markets opened Monday. The S&P 500 similarly fell 0.8%. The Nasdaq opened relatively flat.
The dip Monday comes as plans to reopen the nation and the economy are unclear.
U.S. energy giants Chevron Corp and Exxon Mobil, however, saw some early gains after news of the historic OPEC deal on Sunday.
Russia and OPEC reach ‘historic’ deal to cut oil production
On Sunday night, leaders from Russia, Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) announced a production cut of nearly 10 million barrels a day in hopes it would end an ongoing oil price war as oil consumption has plummeted worldwide amid the coronavirus pandemic.
U.S. Energy Secretary Dan Brouillette in a tweet called it a “historic deal” that will end “a price war that has caused unprecedented uncertainty in global oil markets.”
“While the demand disruption caused by #COVID19 and the price war have greatly harmed the industry, I am confident it will soon bounce back stronger than ever before,” Brouillette added.
President Donald Trump tweeted that the deal “will save hundreds of thousands of energy jobs in the United States.”
The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!
— Donald J. Trump (@realDonaldTrump) April 12, 2020
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