Coronavirus economic updates: OPEC and allies reach 'historic' deal to cut oil production

Here is the latest on the COVID-19-induced financial crisis.

April 13, 2020, 4:31 PM

The coronavirus pandemic has quickly evolved from a health care crisis to a financial one, shuttering businesses, upending industries and sending financial markets reeling.

Here's the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here.

Here's how the day is unfolding. Please refresh for updates.

Over 80 million Americans will receive economic stimulus payments this week, Treasury says

The U.S. Department of the Treasury and the Internal Revenue Service said over 80 million Americans will see economic stimulus payments hit their bank accounts via direct deposit this Wednesday.

"We are pleased that many Americans are receiving their Economic Impact Payments," Treasury Secretary Steven Mnuchin said in a statement. "This administration is delivering fast and direct economic assistance to hardworking Americans, and we hope these payments will bring them much-needed relief."

Also this week, the IRS will launch a separate online portal for people who did not file tax returns in 2018 or 2019 to register to receive their payments.

Dow slides to kick off the week

The Dow Jones Industrial Average slipped more than 325 points, or 1.4% Monday, after major gains last week sparked some hope on Wall Street amid the coronavirus sell-off.

The S&P 500 fell 1%. The Nasdaq, however, closed relatively flat, gaining approximately 0.5%.

Among the best performers for the Dow Monday were Walmart, Intel and Apple. The worst performer was Caterpillar -- which shed nearly 9%.

New York working on reopening plan

New York Gov. Andrew Cuomo announced Monday that the state is working with its neighbors -- New Jersey, Connecticut, Pennsylvania, Delaware and Rhode Island -- on when it can reopen businesses amid the pandemic.

"Each state is going to name a public health official for that state, an economic development official for that state," Cuomo said. "Those officials will then form a working group that will start work immediately on designing a reopening plan, taking into consideration the public health concerns and issues and the economic reactivation issues."

"We anticipate different facts, different circumstances for different states, different parts of states," Cuomo added. "Let's be smart and let's be cooperative and learn from one another."

New York is by far the hardest-hit state with a death toll of over 10,000.

Cuomo said Monday, however, that "I believe the worst is over, if we continue to be smart."

Amazon hiring an additional 75,000 associates

Amazon announced Monday that it fulfilled its March 16 pledge to hire 100,000 associates amid the coronavirus pandemic, and is now looking to hire 75,000 more workers as the outbreak has led to a surge in demand for delivery services.

The jobs are at sites across the country, and information on how to apply is available on Amazon's website.

"We also continue to invest in pay increases and previously expected to spend $350 million to increase wages during this unprecedented time -- we now expect that to be over $500 million," the company said in a statement.

The online retail giant added that it will "continue to invest in safety, pay, and benefits for our teams who are playing an invaluable role in getting items to communities around the world."

In late March, a group of workers at an Amazon warehouse in New York City walked off the job, demanding that Amazon do more to protect employees amid the COVID-19 outbreak.

The hiring announcement comes as unemployment claims skyrocket as nonessential businesses across the country are forced to close.

Russia and OPEC reach 'historic' deal to cut oil production

On Sunday night, leaders from Russia, Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) announced a production cut of nearly 10 million barrels a day in hopes it would end an ongoing oil price war as oil consumption has plummeted worldwide amid the coronavirus pandemic.

U.S. Energy Secretary Dan Brouillette in a tweet called it a "historic deal" that will end "a price war that has caused unprecedented uncertainty in global oil markets."

"While the demand disruption caused by #COVID19 and the price war have greatly harmed the industry, I am confident it will soon bounce back stronger than ever before," Brouillette added.

President Donald Trump tweeted that the deal "will save hundreds of thousands of energy jobs in the United States."