US stocks down … Airline stocks take a hit … J. Crew files for bankruptcy protection
NEW YORK (AP) – Wall Street this morning is giving back a bit more of the gargantuan gains made during its best month in decades. At 10:27 Eastern Time, the S&P 500 was down 15 points, to 2,815. The Dow Jones Industrial Average was down 231 points, to 23,492, and the Nasdaq was up 29 points, to 8,634. The yield on the 10-year Treasury note fell to 0.62% from 0.64% late Friday. Yields tend to fall when investors are downgrading their expectations for the economy and inflation.
NEW YORK (AP) – Airline stocks have had some the market’s sharpest losses today after Berkshire Hathaway’s Warren Buffett said he’d dumped all his shares in the four biggest U.S. carriers. Berkshire Hathaway disclosed that it sold all its stakes in American Airlines Group, Delta Air Lines, Southwest Airlines and United Airlines. Buffett is one of the stock market’s most famous bargain hunters, and investors around the world parse every clue he gives about investing.
COPENHAGEN, Denmark (AP) – A majority of shareholders in low-cost carrier Norwegian Air Shuttle has approved a plan to rescue the company by swapping their equity for debt, in a move required to get state loan guarantees. The chairman says it’s led to “the birth of a new Norwegian.” More than 96% of shareholders approved the swap, which effectively wipes out their shares but can ensure the company’s survival. The Oslo-based airline has offered cheap flights from Europe to the United States and has been hit hard by the virus outbreak.
NEW YORK (AP) – The owner of J. Crew is filing for bankruptcy protection, the first major retailer to do so since the pandemic forced the closing of most stores in the United States. More retail bankruptcies are expected in coming weeks with the doors of thousands of stores still locked. March sales at stores and restaurants had their most severe plunge on records dating back to 1992. áClothing sales fell more than 50% that month and it has grown worse. J. Crew says it anticipates stores will reopen when it’s safe to do so.
DUBAI, United Arab Emirates (AP) – Dubai’s Expo 2020 world’s fair will be postponed until Oct. 1, 2021. Members of Bureau International des Expositions say a required two-thirds of the countries in the organization have voted to approve the delay. Today’s announcement comes just hours after police in Kuwait dispersed what they described as a riot by stranded Egyptians unable to return home amid the pandemic. It’s the first reported sign of unrest from the region’s vast population of foreign workers who have lost their jobs over the crisis.