Avie Schneider
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Dr. Scott Kobner is the chief emergency room resident at the Los Angeles County-USC Medical Center. His black-and-white photos show the suffering, anxiety and chaos unfolding in overrun COVID units.
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New claims for unemployment benefits rise to 1.4 million, a sign that the labor market is deteriorating as businesses close their doors again after the pandemic intensifies.
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The dramatic collapse of the U.S. economy is pummeling America's largest banks. Wells Fargo has posted its first quarterly loss since 2008 and JPMorgan Chase has set aside billions to cover bad loans.
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The number of people forced out of work during the coronavirus lockdown keeps soaring. Last week, 4.4 million people filed for jobless benefits, boosting the total since last month to 26 million.
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The Dow tumbled nearly 13% after the Federal Reserve aggressively cut interest rates to near zero and as the nation imposed more restrictions in an effort to curb the spread of the coronavirus.
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The Dow Jones Industrial Average fell nearly 10% — its biggest one-day drop since 1987 — as the coronavirus pandemic continued to rattle markets. Trading was temporarily halted earlier in the day.
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Major stock indexes were down around 20% from their peaks in February, signaling an end to the 11-year bull market as investors fear the worst about the coronavirus pandemic.
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Stock indexes tumbled so fast Monday that marketwide trading was halted temporarily for the first time since October 1997. The Dow Jones Industrial Average fell 2,013 points, or nearly 8%.
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Welch, dubbed "manager of the century" in 1999 by Fortune magazine, grew GE into an industrial powerhouse. During his reign, the company's market value skyrocketed to $410 billion from $12 billion.
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Ending an era at the Internet's biggest search company, Google co-founders Sergey Brin and Larry Page end their leadership roles. Sundar Pichai will become CEO of Google and its parent, Alphabet.