Business Highlights
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Stocks fall, capping Wall Street's worst quarter since 2008
NEW YORK (AP) — Stocks fell and ended the first quarter with a decline of 20%, the market's worst quarter since the dark days of the financial crisis. The loss for the S&P 500 in March alone was 12.5% as the surge of coronavirus cases sent investors fleeing from the market. Stocks did claw back some of those losses with a rally the past week. Massive aid for the economy and markets from the Federal Reserve and Capitol Hill have helped spur some buying, although the S&P 500 and the Dow fell more than 1.5% Tuesday. Up next for the market: Friday's jobs report and company earnings period.
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Urgent question from small businesses: When will aid arrive?
NEW YORK (AP) — When will the money arrive? That's the urgent question for small business owners who have been devastated by the coronavirus outbreak. They're awaiting help from the $2 trillion rescue package signed into law Friday. But with bills fast coming due, no end to business closings and an economy that's all but shut down, owners are worried about survival. Millions of owners face April 1 due dates for rent, mortgage, credit card and other payments. Some have been granted leniency from landlords and lenders. But even then, there are other business and personal bills that are owed. And employees — at least those who haven't been laid off — must be paid.
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Businesses may get COVID-19 relief loans as soon as Friday
NEW YORK (AP) — Small businesses seeking loans through the government's $2 trillion coronavirus relief package could receive money as soon as Friday. That prediction came Tuesday from senior administration officials who spoke to reporters about details of the loan program. Companies will be able to submit applications on Friday. With an approval process that's been stripped down from the one used for traditional business loans, money can be available to companies the same day. The loans are available to small businesses ranging from sole proprietors and freelancers to companies with up to 500 employees.
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Those without broadband struggle in a stuck-at-home nation
NEW YORK (AP) — The shutdowns of schools, workplaces and public institutions in the wake of the coronavirus pandemic is exacerbating the problems of the millions of people in the U.S. who can't easily get online. While more people have been connected in recent years, tens of millions still lack access to high-speed internet because phone and cable companies hesitate to invest in far-flung rural areas. Many more Americans simply can't afford it. Teachers and students worry about how they will keep up with schoolwork without reliable home internet. Small-business owners are at a loss. Local politicians are concerned about losing touch with their constituents.
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Amazon fires warehouse worker who staged walkout
NEW YORK (AP) — Amazon has fired a worker who organized a walkout at a New York warehouse to demand greater protection against the new coronavirus. The company says the employee himself flouted distancing rules and put others at risk. The decision prompted a rebuke from New York's attorney general, who called on the National Labor Relations Board to investigate. She said her office is also considering legal options, saying the right to organize is protected in New York.
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China's manufacturing rebounds as virus controls ease
BEIJING (AP) — An official survey showed China’s manufacturing rebounded in March as authorities relaxed anti-disease controls and allowed factories to reopen. But an industry group warned Tuesday that the economy has yet to fully recover. The purchasing managers’ index issued by the Chinese statistics bureau and an official industry group rose to 52 from February’s record low of 35.7 on a 100-point scale on which numbers above 50 show activity increasing.
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FDA changes boost alcohol for sanitizer from ethanol makers
DES MOINES, Iowa (AP) — The Food and Drug Administration has relaxed regulations on the types of alcohol that can be used for hand sanitizer during a shortage caused by high demand from the coronavirus pandemic. The move late Friday expands the potential for alcohol made by ethanol producers to be used to help fill the need of hospitals and nursing homes. With the relaxation of regulations an industry trade group says as many as 20 plants have arranged to make alcohol and more are expected to join in soon.
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Disputed Canada-US oil pipeline work to start in April
BILLINGS, Mont. (AP) — A Canadian company says it plans to start construction of the disputed Keystone XL oil sands pipeline running from Canada through the U.S. Midwest in April after lining up customers and money. The project is bitterly opposed by environmentalists and some American Indian tribes. Calgary-based TC Energy says the provincial Alberta government will invest $1.1 billion to cover construction costs through 2020. The company plans to begin at Montana's border with Canada.
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The Standard & Poor's 500 index fell 42.06 points, or 1.6%, to close at 2,584.59. The Dow Jones Industrial Average lost 410.32 points, or 1.8%, to end the day at 21,917.16. The Nasdaq finished down 74.05 points, or 1%, at 7,700.10. The Russell 2000 index of smaller-company stocks dropped 5.21 points, or 0.45%, to 1,153.10.