Business Highlights

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Virus fears grip markets again; stocks and bond yields slide

NEW YORK (AP) — Stocks and bond yields fell sharply Thursday as fears about fallout from the virus outbreak sent more shudders through markets. The Dow Jones Industrial Average sank 969 points, or 3.6% wiping out most of its surge of 1,173 points a day earlier. Treasury yields sank to more record lows as investors plowed money into low-risk investments. The yield on the 10-year Treasury, a benchmark for mortgages, fell to 0.91%. Markets have been stuck on an up-and-down roller coaster for weeks because of uncertainty about how much damage the outbreak of the new coronavirus will do to the global economy.

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Insurers will cover virus tests, but check if costs apply

WASHINGTON (AP) — Vice President Mike Pence is assuring Americans that lab tests for coronavirus will be covered by private and government health insurance. But that promise appears to be less than airtight. Officials say Medicare, Medicaid, and "Obamacare” insurance plans will cover the tests. But people with employer insurance should check with their plan. Major insurers say they will cover such tests. But deductibles and copays may apply. State health departments will test for free. Seema Verma of the federal Centers for Medicare and Medicaid Services says the government wants broad access to the tests and is monitoring the situation.

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FDIC reshaping with early retirements, some office closings

WASHINGTON (AP) — The federal agency that oversees the financial condition of U.S. banks says it will offer voluntary early retirement to about 20% of its 5,800 employees. The retirements are intended to create a more highly skilled workforce by attracting employees with a new set of skills. The Federal Deposit Insurance Corp. announced the move Thursday, saying it isn't designed to reduce its budget or the total size of the workforce. About 42% of the current workforce is eligible for retirement within five years, the FDIC says. In addition, the FDIC plans to close a handful of field offices. The agency says no staff involved in examining banks will be affected.

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A record low on average 30-year fixed mortgage: 3.29%

WASHINGTON (AP) — The average rate on a 30-year fixed mortgage has hit a record low of 3.29%, driven down by investors shifting money into the safety of U.S. Treasurys as the viral outbreak deepens. Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year loan this week tumbled from 3.45% last week. The new rate is the lowest level since Freddie Mac started tracking it in 1971, the company says. The steep decline came in a week when the Federal Reserve made a surprise emergency cut in its benchmark interest rate to support the economy in the face of the spreading coronavirus.

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To gauge economic damage from virus, watch for US jobs data

WASHINGTON (AP) — Companies and consumers have scrapped travel plans and factories have endured broken supply chains from the coronavirus outbreak. But economists won't get really concerned about lasting damage until businesses start cutting jobs. That's because layoffs are what can transmit slowdowns in just one or two industries — such as manufacturing and tourism — to the broader economy. As workers lose jobs and income, they cut back on spending. Their friends and family members who still have jobs but see cuts happening also grow more cautious with their spending, which can cost jobs at still other firms.

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Gadgets for tech giants made with coerced Uighur labor

NANCHANG, China (AP) — A decade ago, Beijing bureaucrats pondered how to assimilate the mostly Muslim minorities in China’s far west, saying their religion and culture were “incompatible with the requirements of modern industrial production.” Now, hundreds of Uighurs on a Beijing-organized labor export program work for a company supplying Apple, Lenovo, and other major tech giants. But workers and neighborhood residents say the Uighurs are barred from worship or wearing headscarves, aren’t allowed out of their factory compound alone and must attend special classes. China’s coercive, assimilationist labor practices are now raising concerns.

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'Simple greed': Ex-UAW leader Jones charged with corruption

DETROIT (AP) — Prosecutors have charged the former president of the United Auto Workers with corruption. They allege that Gary Jones plotted with others at the union to embezzle more than $1 million to splurge on private villas, golf outings, boozy meals and horseback rides on beaches. He was charged Thursday in a document titled a criminal “information,” which signals that a guilty plea is likely. Jones has been under scrutiny for months. He quit his post in November, after agents over the summer searched his suburban Detroit home. The court filing against Jones describes a scheme that started in 2010, before he rose to the presidency. His attorney declined comment Thursday.

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The S&P 500 index fell 106.18, or 3.4%, to 3,023.94. The Dow Jones Industrial Average slumped 969.58, or 3.6%, to 26,121.28, and the Nasdaq lost 279.49, or 3.1%, to 8,738.60. The Russell 2000 index of smaller-company stocks gave back 52.37 points, or 3.4%, to 1,478.82.