Wire stories category, Page 96
Gov. Wolf vetoes petrochemical plant tax break bill
Gov. Tom Wolf on Friday followed through on his threat to veto a bill to provide potentially hundreds of millions of dollars in tax breaks for petrochemical plants that use natural gas extracted in Pennsylvania. In his veto message, Wolf said he could support awarding an incentive like the one...
Stocks move lower on Wall Street following a big 3-day rallyVideo
Stocks are lower Friday on Wall Street, remaining little changed after Congress voted to pass a big financial rescue package aimed at cushioning ailing businesses and households from the coronavirus crisis. The selling erased some of the market’s gains after a strong three-day rally that has the major stock indexes...
Peeps production stops, but Easter is coveredVideo
No more Peeps are being hatched for at least a couple of weeks — but it shouldn’t affect Easter baskets. The Bethlehem, Pennsylvania-based Just Born confections company said its production facilities there and in Philadelphia closed Wednesday through April 7. But the company says it had already produced and shipped...
Ford pushes for factory restart, union not so sure
DETROIT — Ford says it wants to reopen five North American assembly plants in April that were closed due to the threat of coronavirus. The three Detroit automakers suspended production at North American factories March 19 under pressure from the United Auto Workers union, which had concerns about members working...
Dow has best day since 1933 as Congress nears deal on coronavirus aid
NEW YORK — The Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal on Tuesday to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus. The Dow burst 11.4% higher, while the more closely followed...
Many airline flights nearly empty as virus undercuts travel
Airline service in the United States is teetering on the brink of collapse, with near-empty planes and coronavirus outbreaks that have left some air traffic control towers empty. Even with sharply reduced schedules, airlines are consolidating some of the remaining flights because passengers aren’t showing up. An official of one...
Despite Fed help, stocks wobble as traders wait on Congress
NEW YORK — The Federal Reserve did what it could to help financial markets and the economy Monday. But investors are still waiting for Congress and White House to do the same. The uncertainty about Washington’s response to the coronavirus crisis caused another day of jostled trading. An initial jump...
Coronavirus business fallout: Air Canada lays off 5,000, France tries to save food supply
The rapid spread of the coronavirus since it was first reported in China has dealt an unparalleled shock to the world economy. Following are business developments Monday related to the outbreak as governments attempt to stabilize their economies, companies struggle to cope and millions of people face job losses and...
Stock futures fall sharply at open of trading
NEW YORK — Futures for U.S. stocks fell sharply at the start of trading Sunday as investors watch to see if Congress can agree on a huge rescue package to try to stem the impact of the coronavirus outbreak. Futures for the S&P 500 fell by 5%, triggering a halt...
Virus outbreak poses massive challenges for US charities
NEW YORK — With its global scope and its staying power, the coronavirus outbreak poses unprecedented challenges for charities and nonprofit groups that rely on donations. The American Red Cross faces a severe blood shortage due to the cancellation of nearly 2,700 blood drives. The Girl Scouts’ annual cookie sale...
Business Fallout: Starbucks limits access, Target raises pay
Less than three months ago came the first reports of cases of pneumonia related to a virus first detected in Wuhan, China. The outbreak of the virus that causes COVID-19 has caused unprecedented disruptions that have brought an unparalleled shock to the global economy. Following are developments Friday related to...
Dow drops more than 900 points, ending worst week since 2008
Wall Street ended the week the same way it began: in full retreat from the coronavirus. Stocks fell sharply and the price of oil sank Friday as federal and state governments moved to shut down bigger and bigger swaths of the nation’s economy in the hope of limiting the spread...
High-stakes negotiations begin on $1 trillion economic rescue
WASHINGTON — Treasury Secretary Steven Mnuchin and Trump administration officials launched high-stakes negotiations Friday with Senate Republicans and Democrats racing to draft a $1 trillion-plus economic rescue package amid the coronavirus outbreak. It’s the biggest effort yet from Washington to shore up households and the U.S. economy as the pandemic...
U.S. home sales jumped to 13-year high before viral outbreak
WASHINGTON — U.S. home sales jumped in February to their highest level in 13 years, a trend that will almost certainly be reversed as people stop showing their property out of fear of infection in the coronavirus outbreak. The National Association of Realtors said Friday that home sales jumped 6.5%...
Cautious optimism on Wall Street sends stocks higher
NEW YORK — Stocks capped a wobbly day on Wall Street with solid gains Thursday, reflecting cautious optimism among investors that emergency action by the U.S. government and central banks will cushion the global economy from a looming recession caused by the coronavirus pandemic. The swings in the market were...
U.S. seeks $3 billion to boost oil producers as prices plunge
WASHINGTON — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Trump had directed the Energy Department last week to fill the United States’ emergency stash...
Layoffs spike in U.S., Europe as virus shuts businesses
WASHINGTON — Just a couple of weeks ago, Erika Vega hoped her temp job at a cafeteria would soon become permanent. But instead, the viral outbreak shut down the building where she worked and left her wondering where her next paycheck will come from. Like millions of Americans and people...
Trump weighs controls on companies that take coronavirus bailouts
WASHINGTON — President Donald Trump said Thursday the government should take an equity stake in some companies that need bailouts because of devastating effects of the coronavirus pandemic on the U.S. economy. Trump told a briefing he has executive authority to curb the impact on businesses. “There’s a lot of...
SpaceX puts 60 satellites into orbit despite engine failure
CAPE CANAVERAL, Fla. — SpaceX launched 60 more of its internet satellites into orbit Wednesday despite an engine failure shortly after liftoff on a recycled rocket flying a record five times. SpaceX chief executive Elon Musk said one of the nine main engines shut down prematurely during liftoff, a rare...
Apple brings PC-like trackpad to iPad tablets
Apple’s new iPad brings PC-like trackpad capabilities for the first time, as the company seeks to make its tablet even more like a laptop computer. Apple says the trackpad will offer more precision than fingers in selecting text and switching between apps. Older iPads will also be able to get...
Stocks drop on Wall Street despite promises of coronavirus aid
NEW YORK — Stocks are falling sharply on Wall Street in early trading as fears spread that the coronavirus is causing a global recession. The Dow Jones industrials fell 1,100 points, or 5%, in the first few minutes of trading Wednesday. European markets are also down a similar amount and...
Bidet sales soar as toilet paper sells out amid coronavirus fears
As cases of the coronavirus continue to climb, nothing feels more surreal than the irrational stockpiling of toilet paper, even though experts tell us it isn’t necessary and manufacturers say there is no shortage. Whether it stems from a herd mentality, reading social media posts about toilet paper fights, or...
Stocks jump after Trump promises to ‘go big’ on virus aid
NEW YORK — Stocks rallied Tuesday as President Donald Trump promised he’s “going big” with plans to prop up the staggering economy through the coronavirus outbreak. Besides the White House’s proposal, which could approach $1 trillion, the Federal Reserve also announced its latest emergency move to get markets running more...
More wipes, no jeans: Amazon limits shipments to warehouses
NEW YORK — Amazon, in an attempt to fill its warehouses with toilet paper, hand sanitizer and other items in high demand, said Tuesday that it will limit what suppliers can send to its warehouses for the next three weeks. Among the items that suppliers and third-party sellers can ship...
Dow dives 2,997 points on fears coronavirus will cause recession
NEW YORK — The U.S. stock market plunged more than 12% Monday for its worst day in more than three decades as voices from Wall Street to the White House said the coronavirus is likely dragging the economy into a recession. The S&P 500 has plummeted nearly 30% since setting...
