Business News

On the same day that the Nasdaq marked a new bull market, the U.S. economy was officially declared to be in a recession. The two milestones on Monday illustrate how an 11-week surge in stocks has occurred despite widespread economic devastation fueled by the coronavirus pandemic.

Energy companies on Monday began preparations to resume oil and gas production in the U.S. Gulf of Mexico, a day after Tropical Storm Cristobal blew through with high winds and heavy rains.

* OPEC+ cuts for May and June: https://tmsnrt.rs/2SsCSMN (Adds settlement prices)

* Polish government plans to restructure coal industry (Adds comment by state assets ministry)

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

The Nasdaq hit a record high close on Monday, confirming a bull market began on March 23, and the Dow and S&P 500 jumped as expectations for a swift recovery from a coronavirus-driven downturn increased.

Carmakers with operations in Mexico are racing against time to meet regional content rules outlined in the new North American trade agreement, the country's top auto group said on Monday, with one expecting output and exports to fall by almost a third.

JetBlue Airways Corp expects to fly about half of its original schedule in July, up from about 25% to 30% in June, and a bit more in August as leisure demand begins to recover, Chief Executive Robin Hayes told CNBC in an interview on Monday.

Surging technology and communications stocks have put the Nasdaq on the cusp of confirming that it is in a new bull market just 16 weeks after coronavirus fears smashed stocks and threw the U.S. economy into recession.

JetBlue Airways Corp expects to fly about half of its original schedule in July, up from about 25% to 30% in June, and a bit more in August as leisure demand begins to recover, Chief Executive Robin Hayes told CNBC in an interview on Monday.

A gauge of global equity markets rose on Monday on hopes of a fast recovery from the coronavirus economic slump while oil slid after Saudi Arabia said an extension of output cuts by producer nations would not include extra cuts by three Gulf countries.

Brazil's real extended gains to hit a near 12-week high on Monday, while most other currencies retreated from bumper gains made last week as markets held out for a recovery from the coronavirus. Still, regional stocks rallied further as gains on Wall Street inspired more

* Indexes up: Dow 1.2%, S&P 500 0.8%, Nasdaq 0.8% (Updates to late afternoon)

California-based power provider PG&E Corp said on Monday it plans to raise $5.75 billion from public offerings as it tries to emerge from Chapter 11 bankruptcy by the end of this month.

Ryanair boss Michael O'Leary said he believed Britain's coronavirus quarantine will be struck down by the courts or dropped within weeks as some of Europe's biggest airlines prepare to file a legal challenge by the end of Tuesday.

Nestle SA is selling the North American business of its Buitoni pasta brand to private-equity firm Brynwood Partners, the Swiss food group said on Monday.

Dunkin', a unit of Dunkin' Brands Group Inc , said on Monday its franchisees are seeking to hire up to 25,000 workers as it prepares for higher demand, with U.S. states reopening after months-long lockdowns to contain the spread of the novel coronavirus.

The Nasdaq Composite Index rose to a new high on Monday, and looks on track to confirm that it was the first of Wall Street's main indexes to enter a bull market two and a half months ago, after Wall Street's nosedive on worries about the novel coronavirus.

Volkswagen Chief Executive Herbert Diess may lose responsibility for managing the company's core VW brand at an extraordinary supervisory board meeting due to be held on Monday, sources familiar with the matter told Reuters.

Volkswagen said Stefan Sommer, group board member for procurement and components, will leave the company on June 30, 2020 as part of a broader management reshuffle.