Business Highlights

___

Commerce locks up and retail sales plunge unprecedented 8.7%

WASHINGTON (AP) — U.S. retail sales plummeted 8.7% in March, a record drop as the viral outbreak closed down thousands of stores and shoppers stayed home. Sales fell sharply across many categories: Auto sales fell 25.6%, while clothing store sales collapsed, dropping 50.5%. U.S. consumer confidence has plunged and the vast majority of Americans are hunkered down at home under shelter in place orders. Grocery store sales did jump by nearly 26% as Americans hoarded food and consumer items. A category that mostly includes online sales rose 3.1%.

___

Stocks sink following grim data on economic hit from virus

NEW YORK (AP) — Selling swept Wall Street 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 expected. It included a record drop last month for U.S. retail sales. The S&P 500 fell 2.2%, the Dow lost 445 points and stocks around the world fell, reversing Tuesday’s up trend. Markets have been cycling for weeks between fear and budding optimism about how long and deep the recession will be.

___

Tech companies step up fight against bad coronavirus info

CHICAGO (AP) — Facebook, Google and other platforms are taking unprecedented steps to protect public health as potentially dangerous coronavirus misinformation spreads around the world. The companies are removing bad health advice and other falsehoods promoted by politicians and others while directing users to credible information from sources like the World Health Organization. In a possible first, Facebook removed a post by Brazilian president Jair Bolsonaro that touted unproven viral benefits of a malaria drug, while Twitter nixed an associated video. The battle is far from over, as ads for bogus products and posts promoting false cures or treatments crop up daily.

___

For meat plant workers, virus makes a hard job perilous

SIOUX FALLS, S.D. (AP) — An cluster of coronavirus cases at a South Dakota pork plant has highlighted the susceptibility of meat processing workers, who stand shoulder-to-shoulder on the line and congregate in crowded spaces. The Smithfield Foods plant has reported 518 infections in employees and another 126 in people connected to them. Because the workers who slaughter and pack the nation’s meat are vulnerable, so, too, is the supply of that meat.

___

Banks brace for big loan defaults by US, global customers

NEW YORK (AP) — 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 they set aside for bad loans by nearly $20 billion combined in the first quarter, earnings reports released over the past two days show. And Wall Street expects that figure may go even higher next quarter, a possibility bank executives acknowledged on earnings conference calls. BofA, Citi and Goldman each said Wednesday that quarterly profit dropped more than 40%.

___

Stimulus checks to bear Trump’s name in unprecedented move

WASHINGTON (AP) — President Donald Trump’s name will be printed on the stimulus checks the Internal Revenue Service will be sending to tens of millions of Americans around the country. The Treasury Department confirmed the decision in a statement Wednesday. It marks the first time a president’s name has appeared on any IRS payments, either refund checks or other stimulus checks that have been mailed during past economic crises. Two administration officials with knowledge of the decision told The Associated Press that “President Donald J. Trump” will appear on the left side in the memo section of the paper checks. Treasury says it expects the first checks to be in the mail early next week.”

___

Apple rolls out cheaper iPhone as pandemic curbs spending

NEW YORK (AP) — Apple is releasing a new iPhone that will be vastly cheaper than the models it rolled out last fall before the coronavirus pandemic had forced people to rethink their spending. The second-generation iPhone SE announced Wednesday will sell for as little as $399. That’s a 40% markdown from the most affordable iPhone 11 unveiled last year. Even before the pandemic, consumers had begun to balk at paying large sums for smartphones. And now high-priced gadgets are expected to become an even tougher sell as the economy plunges into it worst downturn in more than a decade.

___

Amazon suspends all activity in France amid virus crisis

PARIS (AP) — Amazon has decided to “temporarily” suspend all activity in France, one day after a French court found it wasn’t doing enough to protect its workers amid the virus crisis in the country. The online giant said in a statement Wednesday that “this week, we are requesting employees of our distribution centers to stay at home.” Amazon also said it is appealing Tuesday’s emergency ruling, which requires the company to stop selling non-essential goods for a month while it works out new worker safety measures.

___

The S&P 500 index lost 62.70 points, or 2.2%, to 2,783.36. The Dow Jones Industrial Average fell 445.41 points, or 1.9%, to 23,504.35, and the Nasdaq ended down 122.56, or 1.4%, at 8,393.18. The Russell 2000 index of smaller-company stocks fell 53.36, or 4.3%, to close at 1,183.98.