Wire stories category, Page 94
Oil’s chaotic collapse deepens; stocks drop worldwideVideo
NEW YORK Oil prices crumpled even further Tuesday, and U.S. stocks sank to their worst loss in weeks as worries swept markets worldwide about the economic carnage caused by the coronavirus pandemic. The market’s spotlight was again on oil, where prices have plummeted because very few people are flying or...
Gov’t relief loans to restaurant chains draw complaints
Some big restaurant chains have obtained loans from the government under a small-business relief program, leading business groups to cry foul even though the loans are within the guidelines of the lending program. The Paycheck Protection Program exhausted its $350 billion in funding last week and many small businesses were...
Oil price goes negative as demand collapses; stocks take a plungeVideo
NEW YORK — Oil futures plunged below zero on Monday, the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic. Stocks and Treasury yields also dropped on Wall Street, with the S&P 500 down 1.8%, but the market’s most dramatic action by far was...
10 years after BP spill: Oil drilled deeper; rules relaxed
NEW ORLEANS — Ten years after an oil rig explosion killed 11 workers and unleashed an environmental nightmare in the Gulf of Mexico, companies are drilling in deeper and deeper waters, where payoffs can be huge but risks are greater than ever. Industry leaders and government officials say they’re determined...
EPA guts rule credited with cleaning up coal-plant toxic air
WASHINGTON — The Trump administration on Thursday gutted an Obama-era rule that compelled the country’s coal plants to cut back emissions of mercury and other human health hazards, a move designed to limit future regulation of air pollutants from coal- and oil-fired power plants. Environmental Protection Agency chief Andrew Wheeler...
Stocks climb as pandemic winners pull away on Wall Street
NEW YORK — Even in this new stay-at-home, increasingly jobless economy, some businesses are making out as clear winners, and gains for Amazon, health care companies and stocks in other pockets of the market helped prop up Wall Street on Thursday. The S&P 500 rose 0.6% after flipping between small...
Apple rolls out cheaper iPhone as pandemic curbs spending
NEW YORK — Apple is releasing a new iPhone that will be vastly cheaper than the models it rolled out last fall at a time when the economy was booming and the pandemic had yet to force people to rethink their spending. The second-generation iPhone SE introduced Wednesday will sell...
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...
