Business Highlights

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IMF: Global economy will suffer worst year since Depression

WASHINGTON (AP) — Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says. The IMF expects the global economy to shrink 3% this year before rebounding in 2021 with 5.8% growth. It acknowledges, though, that prospects for a rebound next year are clouded by uncertainty. The IMF’s assessment represents a breathtaking downgrade. In its previous forecast in January, before COVID-19 emerged as a grave threat, it had forecast moderate global growth of 3.3% this year. But measures to contain the pandemic have suddenly brought economic activity to a near-standstill across much of the world. ___

New Trump panel to explore path to reopening US economy

WASHINGTON (AP) — President Donald Trump says he’s enlisting advisers from the business, the medical field and elected office to join a new council that will help shape his plans for reopening the coronavirus-battered economy. The panel will operate separately from the White House task force that’s leading public health strategy to contain and mitigate the pandemic, though there is expected to be some overlap. Trump says he’ll announce members of the panel later Tuesday at a White House briefing on the administration’s response to the coronavirus outbreak. ___

Stocks end higher as traders hope restrictions will ease

NEW YORK (AP) — Stocks rose on Wall Street Tuesday as the market turned its attention to how and when authorities will ease business shutdowns and limits on people’s movements imposed to slow the spread of the coronavirus. The S&P 500 rose 3.1%. Big companies also started reporting their first-quarter earnings, giving investors an early peek into how the outbreak was affecting them. Johnson & Johnson rose after beating earnings estimates and raising its dividend, even though the health care giant also had to slash its outlook. JPMorgan Chase and Wells Fargo fell after saying they were bracing for defaults on loans as millions of Americans became unemployed.

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NBC’s Peacock launching in July with ‘handful’ of originals

NEW YORK (AP) — NBCUniversal says its video-streaming service Peacock will launch nationally in July, as planned, even though just a handful of its original series will be ready. The service was meant to have a mix of originals, classic shows and movies, and current NBC programming. Peacock is rolling out to Comcast customers starting Wednesday as a sort of test before the national launch. NBC is pitching Peacock as a free, ad-supported streaming option amid a slew of new online video services that compete with market giant Netflix, including Disney Plus, Apple TV Plus and the upcoming HBO Max.

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Adidas cleared for 3 billion euros in rescue loans

FRANKFURT, Germany (AP) — Sports gear and shoe company Adidas has been approved for a 3 billion-euro rescue loan by the German government. That amounts to $3.3 billion. The state owned development bank would contribute most of the loan and partner banks would come up with the rest. It’s to keep the company going during the interruption due to the virus outbreak.

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China’s exports fall in March as pandemic hits world markets

BEIJING (AP) — China’s exports fell in March but at slower pace than the 17% contraction seen in January-February as the coronavirus shutdown paralyzed much business activity. Forecasters are warning that exporters face another slump as the pandemic depresses global demand. Customs data reported Tuesday showed exports sank 6.6% from a year earlier to $185.1 billion. Exports to the United States fell 20.8% to $25.2 billion while imports of American goods declined 12.6% to $9.9 billion.

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Virus sours business for already-reeling dairy industry

MARSHFIELD, Vt. (AP) — This was supposed to be rebound year for dairy farmers embattled by at least four years of depressed milk prices and then the coronavirus hit. Schools, restaurants, institutions, and universities have closed to help slow the spread of the virus. That has wiped out much of the food service market which makes up for a big chunk of the dairy business. Now farmers and cooperatives from Florida to Wisconsin to New England are dumping milk because there are no plants that will take it and the price paid to farmers has collapsed again.

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J&J slashes outlook, races to develop coronavirus vaccine

NEW BRUNSWICK, N.J. (AP) — Johnson & Johnson is cutting its profit expectations for the year as the coronavirus disrupts economies worldwide. Elective medical procedures, and other hospital and doctor visits, have been upended by the outbreak. Johnson & Johnson, long a health care bellwether, on Tuesday became the first major U.S. drug and medical supply company to post quarterly earnings and discuss the pandemic’s impact. It’s expected to cut J&J’s 2020 profit about 15%. The company is racing to develop a vaccine for the coronavirus that could be widely available early next year, and it’s also reviewing existing drugs to find possible treatments for the virus.

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The S&P 500 index rose 84.43 points, or 3.1%, to 2,846.06. The Dow Jones Industrial Average gained 558.99 points, or 2.4%, to 23,949.76. The Nasdaq climbed 323.32 points to 8,515.74. The Russell 2000 index of smaller company stocks rose 25.29 points, or 2.1%, to 1,237.33.