Here’s what you need to know:
- Global stocks stabilize after several days of turbulence.
- Wall Street is lifted by retail sales and prospects for a Covid-19 treatment.
- An Illinois businessman who applied for small-business relief is charged with fraud.
- Table for two in the street? As restaurants reopen, seating moves outdoors.
- Catch up: Here’s what else is happening.
Global stocks stabilize after several days of turbulence.
Global stock markets rose modestly on Wednesday, after several days of turbulence fueled by a cascade of news about the coronavirus and its impact on the global economy.
European stocks opened less than 1 percent lower, after a mostly positive trading day in the Asia-Pacific region. Japanese stocks were the exception, falling 0.6 percent after the release of data showing a sharp drop in exports in May.
Prices for U.S. Treasury bonds dropped, signaling improving investor sentiment. Oil prices also rose slightly in futures markets.
Futures that track American stock indexes were predicting a muted rise when Wall Street opens later in the day.
could reduce deaths significantly for hospitalized Covid-19 patients. That optimism helped lift share prices for companies in industries especially exposed to the virus. Airlines, cruise lines and casino companies rose.
a criminal complaint filed against him in the United States District Court for the Northern District of Illinois. But it raised alarms at the bank — not named in the complaint — because tax records from the Internal Revenue Service showed a far more modest payroll, with N2N’s employee wages dropping to $0 at the end of last year. The bank declined to make the loan.
When federal law enforcement agents interviewed Mr. Shah last month, he acknowledged that there were “errors” in his documentation, the complaint said. He is charged with bank fraud and making false statements to a financial institution. Mr. Shah did not immediately respond to request for comment.
Lawmakers and government officials have said they will seek out and prosecute those trying to bilk the loan program, a rushed and often chaotic effort to distribute $660 billion to needy small companies devastated by coronavirus shutdowns. Last month, two New England men were arrested and charged with using false documents to seek loans totaling more than half a million dollars.
Table for two in the street? As restaurants reopen, seating moves outdoors.