Business Highlights
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Gig workers and self-employed keep waiting for jobless aid
WASHINGTON (AP) — The number of Americans who have filed claims is already stunning: More than 4.4 million last week and 26 million in the five weeks since the coronavirus shut down much of the nation’s economy. It’s easily the worst stretch of job losses in U.S. history. Economists say the layoffs could send the unemployment rate as high as 20%, which would be the worst level since the Great Depression. But there are many more filings for jobless aid to come, including millions of independent contractors, gig workers and the self-employed. Most states have not begun approving applications from those pools of newly eligible people. ___
Hope dashed: Early rally vanishes, leaving Wall Street mixed
NEW YORK (AP) — An early rally on Wall Street suddenly vanished Thursday in the latest example of how fragile the stock market’s recovery of the last month is. The S&P 500 initially shot to a 1.6% gain and brushed aside yet more dismal data on layoffs and business activity. Investors were looking beyond the current economic misery to the prospect of a reopening economy. But all of the gains disappeared following a discouraging report about a possible treatment for COVID-19. The S&P 500 ended the day down 0.1%. The Dow rose 39 points, but only after losing most of an earlier gain of 409. ___
Despite risks, auto workers step up to make medical gear
DETROIT (AP) — Hundreds of workers at Ford, General Motors, Toyota and other companies have offered to work in a wartime-like effort to stem shortages of protective medical gear and equipment. Even though most of their factories are shut down to slow the spread of coronavirus, they have stepped up to help fill a critical shortage. Many would get most of their pay even if they stayed at home. Ford worker Cindy Parkhurst says she’s helping to make face shields with hopes that they find their way to the hospital where nurses treated her mother with compassion after a stroke 15 years ago. ___
Stopping virus a huge challenge at crowded US meat plants
OMAHA, Neb. (AP) — Dozens of U.S. meat-processing plants have been forced to close temporarily as the industry struggles to contain the spread of the coronavirus among employees who often stand side-by-side while cutting and packaging beef, pork and poultry. Giant slaughterhouses that employ thousands of people are designed to have workers close together, making it difficult to adhere to social distancing guidelines that advise people to stay 6 feet apart. Even as companies take steps to protect workers, industry experts say it’s nearly impossible to eliminate all risk of catching the virus and they note safety measures have been adopted unevenly. ___
Somber Congress poised to deliver 4th virus aid package
WASHINGTON (AP) — Congress is poised to deliver an almost $500 billion infusion of coronavirus spending, rushing new relief to employers and hospitals buckling under the strain of a pandemic that has claimed almost 50,000 American lives and one in six U.S. jobs. House lawmakers gathered in Washington for the first time since March 27, adopting stricter social distancing rules while aiming to prove they can do their work despite the COVID-19 crisis. Easy passage of the measure belies a potentially bumpier path ahead, as battle lines are being formed for far more ambitious legislation that may prove far more difficult to maneuver through Congress. ___
Gov’t puts pressure on public companies to return loans
NEW YORK (AP) — The federal government is making it tougher for public companies to tap a small business relief program, and seeking refunds in some cases from companies that already did. Although the intent of the program is to help small businesses hit by the coronavirus outbreak, some publicly traded companies did secure loans, setting off a backlash. The government now says companies must certify that the loan is necessary and they don’t have other sources for the money, criteria public companies are unlikely to meet. The government also said public companies that already received them could refund the loans by May 7. ___
$310B for small business loans likely spoken for, banks say
NEW YORK (AP) — Banking industry groups say the more than $300 billion set aside to replenish the emergency loan program for small businesses impacted by the coronavirus pandemic is likely already all spoken for. The Senate has approved an additional $310 billion for the Paycheck Protection Program, which the House of Representatives was debating Thursday. But banking groups say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the money allotted will go to those already in the queue. It’s not known if Congress would agree to a third round of funding.
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The S&P 500 finished down 1.51 points at 2,797.80. The Dow Jones Industrial Average rose 39.44 points, or 0.2%, to 23,515.26 . The Nasdaq composite slipped 0.63 of a point to 8,494.75. The Russell 2000 index of smaller-company stocks rose 12.54 points, or 1%, to end the day at 1,214.06.