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What's News: Business & Finance — WSJ

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (March 26, 2020).

The Senate approved a $2 trillion economic stimulus package, moving the rescue bill to the House as Congress seeks to give American families and businesses a financial shield against the impact of the coronavirus pandemic.

U.S. stocks gained after legislative leaders and the Trump administration reached their stimulus deal. The Dow and S&P 500 rose 2.4% and 1.2%, respectively.

The coronavirus has prompted even the largest U.S. companies to cut their spending and bolster their balance sheets.

Occidental ceded to Icahn's demands, announcing deep spending cuts in a bid to survive the steepest crude-price plunge in decades.

The deepening coronavirus crisis is upending Russia's plan to ramp up oil production in its price war with Saudi Arabia.

SoftBank dropped Moody's after the ratings firm criticized the tech giant's share-and-debt buyback plan and downgraded its ratings.

Pershing Square's Ackman scored big on a bearish bet that enabled him to sidestep steep market losses.

Most Huawei employees are back at work but the pandemic is likely to hurt the firm's results, its CEO said.

 

(END) Dow Jones Newswires

March 26, 2020 02:47 ET (06:47 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.