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Apple first crossed the $1 trillion mark just two years ago. The iPhone maker and a handful of other tech giants propelled the S&P 500 index to a new record this week.

After plummeting 34% from its prior peak, the stock index has staged a steady recovery — gaining more than 50% since March, when lockdowns shut down much of the economy.

New claims for unemployment benefits rise to 1.4 million, a sign that the labor market is deteriorating as businesses close their doors again after the pandemic intensifies.

The dramatic collapse of the U.S. economy is pummeling America's largest banks. Wells Fargo has posted its first quarterly loss since 2008 and JPMorgan Chase has set aside billions to cover bad loans.

The number of people forced out of work during the coronavirus lockdown keeps soaring. Last week, 4.4 million people filed for jobless benefits, boosting the total since last month to 26 million.

Henry Paulson, who served during the 2008 financial crisis, says sending money rapidly to people and businesses will be the key to limiting damage to the economy.

A record number of Americans filed for unemployment benefits for the first time last week as the coronavirus hammered the economy. It's nearly five times the levels seen during the Great Recession.

The Dow tumbled nearly 13% after the Federal Reserve aggressively cut interest rates to near zero and as the nation imposed more restrictions in an effort to curb the spread of the coronavirus.

The Dow Jones Industrial Average fell nearly 10% — its biggest one-day drop since 1987 — as the coronavirus pandemic continued to rattle markets. Trading was temporarily halted earlier in the day.

Major stock indexes were down around 20% from their peaks in February, signaling an end to the 11-year bull market as investors fear the worst about the coronavirus pandemic.