Wire stories category, Page 94
With commerce frozen, retail sales plunge unprecedented 8.7%Video
WASHINGTON — U.S. retail sales plummeted 8.7% in March, an unprecedented decline, as the viral outbreak forces an almost complete lock down of commerce nationwide. The deterioration of sales far outpaces the previous record decline of 3.9% that took place during the depths of the Great Recession in November 2008....
Factory shutdowns near WWII demobilization levels in U.S.
WASHINGTON — American industry collapsed in March as the pandemic wreaked havoc on the U.S. economy. Manufacturing and overall industrial production posted the biggest declines since the United States demobilized after World War II. The Federal Reserve reported Wednesday that manufacturing output dropped 6.3% last month, led by plunging production...
Stocks sink following grim data on economic hit from coronavirus
NEW YORK — Selling swept Wall Street Wednesday after a dismal lineup of reports made clear how historic the coronavirus crunch has been for the economy. Markets are already bracing for what’s forecast to be the worst downturn since the Great Depression, but Wednesday’s data was even more dispiriting than...
Banks brace for big loan defaults by U.S., global customers
NEW YORK — The major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic. JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Goldman Sachs raised the funds set aside for bad loans by...
Major airlines line up to split $25 billion in payroll aid
The nation’s biggest airlines have tentatively agreed to terms for $25 billion in government aid to pay workers and avoid massive layoffs in an industry that has been slammed by the coronavirus pandemic. The assistance will include a mix of cash and loans, with the government getting warrants that can...
Stocks end higher as traders hope restrictions will ease
Stocks are ending with solid gains on Wall Street on Tuesday as the market turns its attention to how and when authorities might begin to lift business shutdowns and limits on people’s movements imposed to slow the spread of the coronavirus. Big companies also started reporting their first-quarter earnings, giving...
Coronavirus closes some meat plants, raising fears of shortagesVideo
OMAHA, Neb. — Some massive meat processing plants have closed at least temporarily because their workers were sickened by the new coronavirus, raising concerns that there could soon be shortages of beef, pork and poultry in supermarkets. The meat supply chain is especially vulnerable since processing is increasingly done at...
Lockdowns cut driving and crashes, bring insurance discountsVideo
DETROIT — Interstates and city streets are empty and cars are quarantined in their owners’ garages, so consumer advocates argue that it only makes sense for auto insurance rates to reflect that. In the states of Washington and New York, the number of traffic crashes reported to state police fell...
Coronavirus fuels pot industry’s push for online sales, deliveryVideo
DENVER — Colorado has made online sales of recreational marijuana legal during the coronavirus pandemic, fulfilling one of the pot industry’s biggest wishes and fueling its argument for more concessions that could be made permanent when the crisis eases. It’s one of several signs emerging from the virus outbreak of...
Airlines and Trump administration haggle over payroll grants
The Trump administration is proposing that a significant amount of the $25 billion in cash that airlines expected to keep workers on the job will instead be low-interest loans that big airlines will have to repay, according to two people familiar with the matter. The Treasury Department began sending proposals...
Another stock rally loses steam, still headed for big week
NEW YORK — A rally on Wall Street Thursday is fading, the second time this week that a big early gain threatened to give out in the afternoon. The S&P 500 is up 1.1% with an hour to go in trading after earlier being up as much as 2.5%. The...
Pandemic has set the number of air travelers back decades
The number of Americans getting on airplanes has sunk to a level not seen in more than 60 years as people shelter in their homes to avoid catching or spreading the new coronavirus. The Transportation Security Administration screened 94,931 people on Wednesday, a drop of 96% from a year ago...
Hurry up and wait? Why relief to small businesses has lagged
NEW YORK — Speed is of the essence if a federal relief program for small businesses is going to be effective in combating the damage wrought by the coronavirus lockdowns. Yet, days into the program, many Main Street businesses are still waiting for the cash infusion necessary to stay alive....
Stocks up 3.4% on Wall Street as hopes build for coronavirus peak
NEW YORK — Stocks shot 3.4% higher on Wall Street on Wednesday as investors chose to focus on the optimistic side of data about the coronavirus outbreak’s trajectory. It’s the latest about-face in this brutally volatile stretch for the U.S. stock market, which has flip-flopped between gains and losses for...
Gallon of milk with your coffee? Panera Bread offering grocery items
Panera Bread is turning to groceries as its sit-down dining rooms across the country have closed amid the coronavirus outbreak. The restaurant chain is offering breads, bagels, gallons of milk, yogurt, cream cheese and fresh produce to customers either to go or through delivery services. Panera Bread menu items such...
Fed eases limit on Wells Fargo to make more small biz loans
NEW YORK — The Federal Reserve is lifting its lending restrictions on Wells Fargo after some of the bank’s thousands of small business customers were shut out of a program that’s supposed to throw them a financial lifeline. The Fed’s action will allow Wells to make more loans under the...
Wall Street’s rally fizzles as oil prices suddenly plunge
NEW YORK — A big rally on Wall Street is losing steam in afternoon trading Tuesday, undercut in part by another plunge in the price of oil, but the market is still on track for a rare back-to-back gain. The S&P 500 was up 0.3% with a half-hour to go...
Allstate, citing less driving, sending refunds to policyholders
Has your car been sitting in the driveway for the past three weeks? You might be getting some money because of that. Citing less people on the roadways and fewer accidents because of stay-at-home orders across the country, auto insurers this week announced that they are sending refunds back to...
Corona beer halts production in Mexico amid coronavirus pandemic
Grupo Modelo, which produces and exports several popular Mexican beer brands, including Corona, Pacifico and Modelo, will be temporarily suspending production and sales after its breweries were deemed non-essential by the Mexican government. The company posted the announcement on Twitter, stating it is halting production and pledging its “total commitment”...
Wall Street leaps 7%, markets stage rally worldwide on coronavirus hopesVideo
NEW YORK — Investors grabbed hold of a few glimmers of hope Monday that the coronavirus pandemic could be slowing and sent stocks surging in a worldwide rally, capped by a 7% leap for the U.S. market. The number of new coronavirus cases is dropping in the European hotspots of...
Grocery workers are key during the virus. And they’re afraid.
AUSTIN, Texas — Every day, grocery workers are restocking toilet paper, eggs, produce and canned goods as fast as the items fly off the shelves. They disinfect keypads, freezer handles and checkout counters as hundreds of people weave around them, sometimes standing too close for comfort amid the coronavirus pandemic....
Hunt for medical supplies creates marketplace of desperation
ANNAPOLIS, Md. — Shady middlemen, phantom shipments, prices soaring by the hour, goods flown in on a private plane. What sounds like an organized-crime thriller is now the new reality for governors desperately trying to find the medical equipment their states need in the throes of a pandemic. With the...
Walmart limits store access; US airlines sign up for grants
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Friday related to the global economy, the work place and the spread of the virus. ———————————— COSTS MOUNT: The pandemic will cost the global economy as much as $4.1 trillion,...
Amazon to give warehouse workers masks and check temperatures after employee walkoutsVideo
Amazon is taking extra measures to protect its employees from coronavirus after recent public outcry and employee walk-outs. The company has ordered millions of face masks that are now arriving at warehouse centers for employees to wear. “Masks will be available as soon as today in some locations and in...
Stocks end another whipsaw day solidly higher, led by energyVideo
NEW YORK — Wall Street rallied Thursday for its first gain in three days after a sudden surge in oil prices revived beaten-down energy stocks. But, as has so often been the case in this year’s market sell-off, it took a few U-turns to get there. The price of crude...
