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US stocks ended in the green on Tuesday, recouping all of Monday’s losses as investors grew optimistic about the government’s response to the coronavirus crisis.
In other words, rather than flattening the curve, the government would be making it worse.
"High positive testing rates and mixed lock down measures raise [the] risk that our base case forecast may be optimistic," Morgan Stanley analysts wrote.
Wall Street bonuses and profits increased in 2019, but the industry is bracing for a dim 2020 due to the outbreak of the coronavirus.
“The serious damage that COVID-19 is inflicting on financial markets and the global economy will sharply reduce industry profits this year,” said New York State Comptroller Thomas P. DiNapoli in a press release.
DiNapoli said the securities industry accounts for one-fifth of private sector wages in New York City with an estimated 1 in 10 jobs in the city either directly or indirectly associated with the sector.
The securities industry is a major source of revenue and brought in $13.2B in state tax collections in 2019, DiNapoli said.
Wall Street's fear gauge is moving -- both up and down -- like never before.
"The VIX has come crashing back down to earth -- or at least the stratosphere," Bespoke Investment Group wrote in a note to clients Tuesday.
That doesn't necessarily mean the worst is over for stocks, though.
Another day, another superlative.
With less than an hour left in the trading day, the index is up 9.8%, more than 1,800 points.
The closures will only take place in the bank's core markets: New York, Washington, Miami, Chicago, San Francisco and Los Angeles. Those total nearly 700 branches.
The branches affected have had a drop-off in foot traffic, a Citi spokesperson told CNN Business in an email.
The staff from closed locations will be redeployed to nearby Citi branches. The bank is also reducing hours for branches that remain open. Opening hours Monday through Friday will be 10 am to 4 pm, and 10 am to 1 pm on Saturdays where applicable.
SoftBank will donate 1.4 million N95 respirator masks to support health workers in New York battling the coronavirus outbreak, the Japanese conglomerate announced Tuesday.
But the few that are in red are companies which have been benefiting from the fact that many people are stuck at home and that drug companies are racing to come up with a treatment for COVID-19.