Investment bank Morgan Stanley predicts 3.4 million people filed for unemployment benefits in the week ending on March 21, five times more than the previous jobless claims record in a one-week period.
Overnight, futures on U.S. financial markets rose in premarket trading, briefly hitting their"limit-up" thresholds.on news that the stimulus package, as presented, was being held up by Democratic lawmakers. The Dow closed down by more than 3%, and the S&P 500 and Nasdaq saw similar losses.Airline industry may lose $250 billion
The COVID-19 outbreak is expected to cost the global airline industry more than $250 billion as government-imposed travel restrictions and a steep decline in demand has delivered a massive blow to the airline sector. The International Air Transport Association released its forecast Tuesday. The $250 billion loss in revenue is more than double the group's"The airline industry faces its gravest crisis. Within a matter of a few weeks, our previous worst case scenario is looking better than our latest estimates," the IATA's CEO Alexandre de Juniac said in a statement Tuesday, calling for"immediate government relief measures.
The airline industry has been one of the hardest-hit by the COVID-19 crisis. A separate industry group previously predicted that all major U.S.
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