Week In Review: How Trump's Policies Moved Stocks - Saturday, April 4

Meanwhile, top U.S. banks have threatened to shy away from the federal government's small-business rescue program on concerns about facing too much financial and legal risk, Pete Schroeder and David Henry of Reuters reported, citing five people with direct knowledge of industry discussions.

On Friday, the U.S. government's small business lending program for businesses affected by COVID-19 launched, though not without some concerns. Early on Friday, Bank of America (BAC) said it was able to accept online applications for the $350B small business relief program, but other big U.S. banks, including JPMorgan (JPM), Wells Fargo (WFC), and Citi (C), were not able to accept applications for the program, CNBC noted.

Later that day, Charles Gasparino of Fox Business Network reported that JPMorgan was taking online applications for small business relief.

U.S. Treasury Secretary Steven Mnuchin later weighed in via Twitter, saying that over $1.8B worth of such loans are being processed by the SBA, mostly all from community banks. In his own tweet, President Trump thanked BofA and many community banks throughout the country" for a "great job" helping small businesses.

3. 'HARD' HIT ON 3M: Shares of 3M (MMM) fell in Friday's trading after President Trump tweeted on Thursday night that the government "hit 3M hard" and that the company "will have a big price to pay" over "what they were doing with their masks."

In response to the announcements issued by the White House, 3M said that the administration requested the company cease exporting respirators made in the U.S. to the Canadian and Latin American markets, noting that ceasing all export of respirators produced in the U.S. would likely cause other countries to retaliate and do the same, meaning that the net number of respirators being made available to the U.S. would actually decrease. Yesterday, the Administration formally invoked the Defense Production Act, or DPA, to require 3M to prioritize orders from the Federal Emergency Management Agency, or FEMA, for its N95 respirators and the company said it has "been working closely with the Administration to do exactly that." In an interview on CNBC, 3M CEO Mike Roman called it "absurd" to think his company is not doing all it can.

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