Here are the 16 stores expected to shut


Nordstrom announced earlier this week it will be permanently closing 16 of its department stores, after assessing each state that it operates in and the hit it is taking because of the coronavirus pandemic. 

The company today has 116 full-line stores, absent its off-price Nordstrom Rack locations and Trunk Club business. All of its stores have been temporarily shut to try to help curb the spread of Covid-19 since mid-March. 

The permanent closures, which are set to take place this year, impact Nordstrom stores across California and in Florida, New Jersey and Texas, among other states. (See the full list … Read More

Explainer: Fed funds futures market sees negative rates by next April


NEW YORK (Reuters) – The fed funds futures market is pricing in negative U.S. interest rates next year, a scenario the Federal Reserve has said it wants to avoid as many doubt that it would be an effective tool to stimulate growth.

FILE PHOTO: The Federal Reserve building is set against a blue sky, amid the coronavirus disease (COVID-19) outbreak, in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque

Setting interest rates below zero would punish banks for leaving excess cash with the central bank. The hope is to encourage lending, in turn boosting business investment and consumer spending.

On Friday,

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U.S. post office loss doubles as it warns COVID-19 will hit its finances


WASHINGTON (Reuters) – The U.S. Postal Service on Friday said its losses more than doubled to $4.5 billion in the quarter ending in March and warned the economic slowdown spurred by the spread of COVID-19 could severely hurt its finances over the next 18 months.

FILE PHOTO: People walk near the U.S. Postal Service office during the outbreak of the coronavirus disease (COVID-19) in Exchange Place, New Jersey, U.S. April 25, 2020. REUTERS/Eduardo Munoz

The Postal Service’s Board of Governors also met on Friday and said the service needs financial help from Congress to maintain service at current levels. The

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California county says Tesla may not reopen vehicle factory, stifling Musk’s plans


(Reuters) – Tesla Inc “must not reopen” its vehicle factory in the San Francisco Bay area as local lockdown measures to curb the spread of the coronavirus remain in effect, the local county health department said on Friday.

FILE PHOTO: A view of Tesla Inc’s U.S. vehicle factory in Fremont, California, U.S., March 18, 2020. REUTERS/Shannon Stapleton

The comments came after Tesla’s chief executive, Elon Musk, told employees Thursday evening that limited production would restart at the factory in Fremont, Tesla’s only U.S. vehicle factory, on Friday afternoon.

California Governor Gavin Newsom on Thursday afternoon said that manufacturers in the

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