Business Highlights
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A record 10 million sought US jobless aid in past 2 weeks
WASHINGTON (AP) — More than 6.6 million Americans applied for unemployment benefits last week, far exceeding a record high set just last week, a sign that layoffs are accelerating in the midst of the coronavirus. The job cuts are mounting against the backdrop of economies in the United States and abroad that have almost certainly sunk into a severe recession as businesses close across the world. Last week’s figure is much higher than the previous record of 3.3 million reported for the previous week. The surging layoffs have led many economists to envision as many as 20 million lost jobs by the end of April.
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Record jobless claims but Dems, GOP divide over rescue bill
WASHINGTON (AP) — There’s fresh economic data that details a record avalanche of unemployment claims. But it’s offering no signs of easing the rift between Democrats and Republicans over the need for new legislation financing infrastructure and other job-creation programs to help the economy and battle the coronavirus. House Speaker Nancy Pelosi says the fact that 6.6 million people filed for jobless benefits last week makes congressional action more urgent. But Senate Majority Leader Mitch McConnell is not budging from his view that after Congress approved a massive $2.2 trillion package last week, lawmakers must focus on making sure that money is spent efficiently.
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Wall Street rises for first time in three days as oil spurts
NEW YORK (AP) — Wall Street climbed to its first gain in three days after strengthening oil prices revived beaten-down energy stocks. The S&P 500 rose 2.3% and benchmark U.S. oil jumped nearly 25% following a tweet from President Donald Trump saying he expects Saudi Arabia and Russia to dial down their price war. Their conflict had helped drag oil down below $20 earlier this week from $60 early this year, hurting energy stocks and raising worries about defaults. The rebound in oil overshadowed another dire report on the jobs market. Millions more Americans filed for unemployment benefits last week as businesses shut down because of the coronavirus outbreak.
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Stimulus aid for ‘small business’ will go to some big chains
IOWA CITY, Iowa (AP) — As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out. The Paycheck Protection Program was billed as a way to help local businesses retain workers and pay bills. But an expansive definition of “small business” in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday. Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at scores of locations are eligible.
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Trump says he expects Russia, Saudis to cut oil production
DUBAI (AP) — President Donald Trump says he expects Saudi Arabia and Russia will dramatically cut production and end an oil war that sent energy prices plummeting. But the Kremlin disputed part of his tweet, leading to skepticism that a deal was imminent. A global glut in production, coupled with an economy reeling from the coronavirus pandemic, has sent energy prices to lows not seen since 2002. Trump tweeted that he had spoken with Saudi Crown Prince Mohammad Bin Salman, just days after talking to Russian President Vladimir Putin about the matter. Low crude prices makes many drilling operations in the U.S. unsustainable, and in response companies have announced thousands of layoffs.
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Memo: Some in US may not get stimulus checks until August
WASHINGTON (AP) — The federal government expects to begin making payments to millions of Americans under the new stimulus law in mid-April, but some people without direct deposit information may not get checks until mid-August or later. That’s according to a memo obtained Thursday by The Associated Press. The document from the House Ways and Means Committee says the IRS will make about 60 million payments to Americans through direct deposit in mid-April, likely the week of April 13. The IRS has direct deposit information for these individuals from their 2018 or 2019 tax returns. Paper checks will be issued, starting May 4, but could take up to 20 weeks.
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World Bank OKs first $1.9B for poor countries battling virus
WASHINGTON (AP) — The World Bank has approved its first funds to help some of the globe’s poorer countries combat the coronavirus outbreak. It approved total aid of $1.9 billion for 25 countries. World Bank President David Malpass predicted that the bank could provide up to $160 billion in assistance over the next 15 months. The largest amount of assistance in the first awards was $1 billion for India followed by $200 million for Pakistan, $129 million for Sri Lanka, $100 million for Afghanistan and $83 million for Ethiopia.
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The S&P 500 index rose 56.40 points, or 2.3%, to 2,526.90. The Dow Jones Industrial Average gained 469.93 points, or 2.2%, to 21,413.44, and the Nasdaq rose 126.73 points, or 1.7%, to 7,487.31. The Russell 2000 index of smaller-company stocks added 13.81 points, or 1.3%, to 1,085.81.