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P2JW094000-6-A00100-17FFFF5178F ****** FRIDAY,APRIL 3, 2020 ~VOL. CCLXXV NO.78 WSJ.com HHHH $4.00 DJIA 21413.44 À 469.93 2.2% NASDAQ 7487.31 À 1.7% STOXX 600 312.08 À 0.4% 10-YR. TREAS. À 2/32 , yield 0.624% OIL $25.32 À $5.01 GOLD $1,625.70 À $47.50 EURO $1.0857 YEN 107.89 What’s U.S. Jobless Claims Hit 6.6Million News 6% Over the lasttwo weeks, newapplications for Weekly applications AK 4 unemploymentbenefitsindicatethat6%ofU.S. strain benefit systems Business&Finance 2 workershavelosttheir jobs. as coronavirus cases 0 ME top a million globally record 6.6 million A Americans applied for March weekly newjoblessclaims BY SARAH CHANEY unemployment benefitslast as shareoflabor force, by state In NewYork, AND ERIC MORATH VT NH week as the coronavirus Michigan sawclaims 4.7% filedthe struck the U.S. economy jump from 2.6% to lasttwo Arecord6.6 million Ameri- and sent arecently booming 6.3% of workers. weeks. cans applied forunemploy- labor market intofreefall. A1 ment benefitslast week as the WA ID MT ND MN MI NY MA newcoronavirus struck the U.S. oil prices jumped RI U.S. economyand sent are- 25% in their biggest one- cently booming labor market day rally on record, lifted intofreefall, as confirmed by investors’ hopes that cases topped a million world- initial steps to end a global OR UT WY SD IA WI IN OH PA NJ CT wide on Thursday. pricewar will offer are- Theworld-wide count of prievetothe industry. A1 deaths from the Covid-19 re- Stocks in the U.S. rose, spiratorydisease caused by led by the energy sector. CA NV CO NE MO IL KY WV VA MD DE thevirus exceeded 53,000 on The Dow industrials and Thursday, according to Johns S&P 500 gained 2.2% and Hopkins,marking another grim 2.3%, respectively. B9 milestone forthe pandemic The U.S. trade deficit AZ NM KS AR TN NC SC that has thrust the global narrowed sharply in Feb- TotalU.S.jobless economyintoadeep freeze. ruary as the spread of the claims,weekly Thelarge number of U.S. coronavirus disrupted jobless claims was double the global commerce. A2 OK LA MS AL GA Last week 3.3 million who sought bene- fits two weeks ago as the U.S. Amazon has filled 80,000 6.6million shut partsofthe economy in of the 100,000 jobs it aims to an effort to contain the virus. add amid the pandemic.The Previous week Hawaii,heavily Joblessclaims,aproxyfor lay- company unveiled a raft of HI TX FL 3.3million reliantonservice offs,provide temporaryfinan- worker protections. B1 jobs,saw the biggest Florida saw2.9%ofworkersfile the single week of previous twoweeks and only directed cial assistancefor workers Thecoronavirus outbreak applications. residents to stay home this week. who lose their jobs. is costing Trump Organi- About 6% of the U.S. labor zation properties more PleaseturntopageA8 than a million dollars in lost revenue daily. B5 Trade deficit shrinks as 2019 2020 economy slows......................... A2 SoftBank terminated an Heard on the Street: Gauging offer to payupto$3billion Note:Civilian labor force sizes arefromFebruary,the latest period forwhich data is avilable. March 22-28dataispreliminary Source:DepartmentofLabor Randy Yeip and DannyDougherty/THE WALL STREET JOURNAL the impact of claims........... B10 forshares in office-space provider WeWork. B4 Disney is furloughing employees across all divi- Oil Prices Leap 25% CDC to Recommend Cloth sions in the company’s do- mestic operations. B3 As President Expects World-Wide Face Masks for Hot Spots TheTrump administration ASaudi-Russia Deal is expected to recommend BY BETSY MCKAY has yettobeannounced by the that Americans in partsof AND STEPHANIE ARMOUR WhiteHouse. THE the U.S. wherethe corona- BY DAVID HODARI day. Prices then soared as “A recommendation is com- virus is rapidly spreading AND SARAH TOY much as 35% beforeturning TheTrump administration ing out. We’ll see what that CORONAVIRUS wear cloth facemasks or lowerafter the Kremlin denied is expected to recommend that recommendation is,” President coveringswhen in public to U.S. oil prices jumped 25% talking to the Saudis.The people in partsofthe U.S. Trump said at his news brief- PANDEMIC reducetransmission. A1 Thursdayintheir biggest climbthen stabilized after wherethe coronavirus is rap- ing Thursday, noting that any Trump invoked the De- one-dayrally on record,lifted Saudi officials said the king- idly spreading wear cloth face such guidanceonwearing fense Production Act to help by investors’ hopes that ini- dom would consider substan- masks or coveringswhen in masks would be voluntary. Confirmed cases exceed manufacturerssecuresup- tial steps to end aglobal tial output cutsaslong as oth- public to reducetransmission. TheWhiteHouse has been one million world-wide, A4 plies needed to makeventi- pricewar will offer areprieve ersinthe Group of 20 nations Thenew recommendation urging people without symp- U.S. hospitals see shortage latorsand to force3Mto to an industry batteredby were willing to join the effort. from thefederal Centersfor toms not to buy masks,hoping of thousands of beds, A6 produceasmanyN95 face coronavirus. While investorsstill expect Disease Control and Prevention to ease heavy purchases of the masks formedical workersas Thegains capped awild day the coronavirus crisis to de- would aim to reducethe risk productsthat have created Questions of test accuracy FEMA deems necessary. A1 of trading,inwhich an early liver aheavy blowtoglobal oil that people who areinfected shortages.OnFeb.29, Vice sowworry,A7 Confirmed cases of coro- climb accelerated after Presi- demand, Thursday’s news of- butasymptomatic will spread President MikePencesaid, “Let Crisis makes EMTs rethink navirus topped one million dent Trumptweeted that he PleaseturntopageA10 the virus,according to adraft me be very clear—and I’m sure hospital trips, A8 world-wide,asgovernments expected Russia and Saudi document reviewedbyThe thephysicians who areuphere deployincreasingly strin- Arabia to agree to cut produc- Energy sector kick-starts Wall Street Journal and people will reflect this as well: Theav- gent measures to battle tion by millions of barrels a stocks ............................................ B9 familiar with the planning.It PleaseturntopageA4 the pathogen’sspread. A4 TheNavyhas relieved the captain of aU.S.aircraftcar- Patriots rier afteramemo in which he Trump OrdersOutput pleaded forhelp with acor- Score on onavirus outbreak at sea was leaked to anewspaper. A4 Medical Of Masks, Ventilators A Pakistani court over- Mission turned the murder conviction BY RACHAEL lEVY ventilatorsneeded to defeat of a British national in the The NFl team AND ALEX lEARY the virus.” killing of Wall Street Journal sent its plane on Unknown is whether enough reporter Daniel Pearl. A18 a flight to acquire President Trump invokeda ventilatorswill be made avail- Investigatorsexamining 1.2 million N95 Korean War-eralaw to help able and in time foranexpected the origins of the probe of masks from China manufacturerssecuresupplies surge in the next two weeks. possible links between the for medical needed to makeventilatorsand Mr.Trump has said he wants Trump campaign and Russian workers in to force3MInc.toproduceas manufacturerstosend supplies election interferenceare push- Massachusetts manyN95 protective face to states and hospitals directly, ing to finish their inquiry. A3 treating masks formedical workersas bypassing the stockpile. coronavirus the Federal EmergencyMan- TheFederal Emergency TheDemocratic National patients. A4 agement Agency deems neces- Management AgencyisiN Convention is being pushed sarytoaddressthe coronavirus charge of coordinating the fed- back to mid-August be- pandemic. eral response,including trans- cause of the pandemic. A3 Mr.Trump used the Defense porting supplies to wherethey Production Act in an effort to areneeded. Aspokeswoman addressthe surging levels of PleaseturntopageA6 NOTICE TO READERS We’ve All Hedge Fund That Realized patientsinparticularly hard-hit The World Health Organiza- metroareas such as NewYork, tion has said it is safe to Decided to NewOrleans and Detroit. handle newspapersduring Global Risk Early Is Up 36% Thefederal government has WSJ EXTRA the coronavirus pandemic. distributed roughly half of its The Wall Street Journal’s Bake Bread BY JULIET CHUNG market plummeted, Valiant ventilators, according to an printing plants anddelivery posted gains on those bets, in- analysisbyThe Wall Street services,though, aretaking iii ChrisHansen sawitcom- cluding some on cruise lines, Journal, and has fewerthan precautions,frequently But a lot of us are ing. international airlines and 10,000 still in hand. Thenation cleaning equipmentand fa- Mr.Hansen, who runs SaN travel companies.Byearly is projected to need tens of cilities while reducing human ending up with Franciscohedgefund Valiant March, the fund had begun thousands moreinthe next contact with the newspaper. Capital Management,had an shorting lessobvious candi- weeks ahead. Adigital version of the print hockey pucks early conviction the novel cor- dates,believing those with NewYork Gov.Andrew edition also canbeviewedat onavirus would wreak havoc weak balancesheetsand com- Cuomo, aDemocrat, said https://www.wsj.com/itp. BY ANNIE GASPARRO on the global economy. panies it viewedasfraudulent Thursdaythe statehad only AND JAMES R. HAGERTY Mr.Hansen and his team would be caught out in a pro- enough ventilatorsinits stock- CONTENTS Markets...................... B9 homed in early on the risks longed slump. pile forthe next six days at the Business News.. B3,5 Opinion.............. A15-17 Crossword.............. A13 Sports......................
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