US stocks resume their roller coaster ride: March 19, 2020
By CNN Business
Updated 6:48 a.m. ET, March 20, 2020
11:37 a.m. ET, March 19, 2020
Bank of England cuts interest rates again
From CNN Business' Anneken Tappe
Central banks around the world continue to intervene with everything in their toolbox to get their economies ready to weather the coronavirus storm.
The Bank of England slashed interest rates to 0.1% in an emergency meeting today and increased its bond buying program.
This is the BOE's second rate cut this month as the economic fallout from the coronavirus pandemic is becoming more palpable around the world.
The bank will purchase £200 billion more British government and corporate bonds, bringing its total holdings to £645 billion.
11:25 a.m. ET, March 19, 2020
Domino's wants to hire 10,000 employees
From CNN Business' Jordan Valinsky
Domino's Pizza is looking to hire up to 10,000 workers as people shift their eating habits to takeout or delivery amid restrictions surrounding the growing coronavirus pandemic.
The pizza chain is looking to hire for several positions in its stores and factories, including chefs, customer service representatives and managers.
"Our corporate and franchise stores want to make sure they're not only feeding people, but also providing opportunity to those looking for work at this time, especially those in the heavily impacted restaurant industry," CEO Richard Allison said in a press release.
Domino's (DPZ) stock is one of the few bright spots in the volatile stock market. Shares are up 10% Thursday and have climbed more than 7% this year.
11:39 a.m. ET, March 19, 2020
What is happening in other asset classes?
From CNN Business' Anneken Tappe
Stocks are giving investors whiplash today. They've swung from up, to down, to mixed in just over an hour of trading so far. Most recently the Dow and S&P 500 had turned red again, albeit just modestly so, while the Nasdaq Composite remains sharply higher.
But what's going on in other asset classes?
US Treasury yields are slightly lower today, but the 10-year bond yield remains above 1%.
Just last week, the yield fell to its lowest level ever at 0.3%. The subsequent yield rally over just a few days can be attributed to investors selling their safe-haven Treasuries for cash. Bond prices and yields move in opposite direction to each other.
In the foreign exchange market the dollar continues to be king as investors and businesses are trying to shore up their dollar reserves. The ICE US Dollar Index is up 0.6% today, and has rallied nearly 4% in the month so far.
Ford to offer six months of payment relief for new car buyers
From CNN Business' Chris Isidore
Ford announced it is offering customers no payments for six months on new car purchases in the face of the coronavirus crisis.
Ford said that under its "Built to Lend a Hand” program it will make three months of car payments for eligible new car buyers and that buyers can defer up to three additional months of payments when financing through Ford Credit.
Ford also announced it is suspending payments of its dividend, and that it will draw down $15.4 billion in cash it had available on two separate lines of credits to give it sufficient cash on hand heading into an economic downturn.
Early indications are that US automakers have ground to a halt in the face of crisis, although firm numbers have yet to be reported. Ford, General Motors and Fiat Chrysler all are shutting production at North American auto plants through the rest of the month to protect workers and because of supply chain issues. But the lack of sales means the shutdown likely won't cause a vehicle shortage at dealerships.