Business Highlights
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Stocks surge on new virus measures; Dow up 1,985 points
NEW YORK (AP) — Wall Street roared back from its worst day in 30 years Friday with a broad rally that sent the Dow Jones Industrial Average nearly 2,000 points higher — its biggest point gain ever — after President Donald Trump declared the coronavirus pandemic a national emergency. The Dow's gains doubled in the last half-hour of trading as Trump made his remarks, giving the index its biggest percentage gain since 2008 and capping a rally that recouped many of the losses from a day earlier. That's when the index saw its worst slide since the Black Monday crash of 1987 and European indexes had one of the worst drops on record. The major indexes each closed with gains of more than 9%.
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Trump declares virus pandemic a national emergency
WASHINGTON (AP) — President Donald Trump has announced that he is declaring the coronavirus pandemic a national emergency. He is speaking to the American people from the Rose Garden as Washington struggles with providing Americans with relief and officials race to slow the spread of outbreak. Trump also waived interest on federally held student loans and moved to prop up energy markets, by directing the Department of Energy to buy oil to fill the strategic petroleum reserve “'right up to the top.” Negotiations continue between the White House and Congress on an aid package, but Trump said they have yet to agree. House Democrats are preparing to vote on their own measure Friday.
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Employers navigate virus pandemic without firm guidelines
NEW YORK (AP) — Authorities from New York to California have called on employers to allow those who can to work from home in a bid to slow the spread of the virus. As the communities shut down around them, employers are weighing how far to take their own disruptive emergency measures, with no firm federal or local guidance on when or how to act. Even for companies that employ mostly office workers, the sudden change is complicated. Not all client meetings can shift to phone or video. Employees lack laptops, security passwords or even the right ergonomic chair. Companies and employees also are worried about a drop-off in productivity.
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Delta slashes flights by 40% as virus cripples global travel
ATLANTA (AP) — Delta Air Lines will cut passenger-carrying capacity by 40% to deal with a nosedive in travel demand, and it is talking to the White House and Congress about assistance to get through the downturn. The cut in flying is the largest in Delta's history, even larger than after the September 2001 terror attacks. CEO Ed Bastian said Friday the downturn in demand is unlike anything the company has ever seen. He says he's optimistic about getting help from the White House and Congress. But he says Delta can't wait for Washington to act, so it is preserving cash and cutting costs.
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Fed takes extra steps to sooth virus-rattled bond market
WASHINGTON (AP) — The Federal Reserve and the European Central Bank have taken large steps this week to try to calm financial markets and restore some degree of confidence. So far, it hasn't quite worked. The central banks are facing a crisis only partly responsive to the medicine they can provide. On Friday, the Fed accelerated its bond purchases to address ongoing disruptions in the Treasury bond market, the largest and one of the most important financial markets in the world. The Fed said that it will purchase about $37 billion of Treasurys on Friday, out of the $80 billion it plans to buy over the next month.
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Pentagon reconsiders Microsoft contract after Amazon protest
WASHINGTON (AP) — The Pentagon is reconsidering its awarding of a major cloud computing contract to Microsoft after rival tech giant Amazon protested what it called a flawed bidding process. U.S. government lawyers said in a court filing this week that the Defense Department “wishes to reconsider its award decision” and take another look at how it evaluated some technical aspects. The filing doesn't address Amazon's broader argument that the bidding was improperly influenced by President Donald Trump's dislike of Amazon and CEO Jeff Bezos. A judge earlier this month said Amazon's challenge likely had merit. The Pentagon is asking for 120 days to reconsider.
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Movie theaters, for now, stay open nationwide
NEW YORK (AP) — With few exceptions, movie theaters across North America are remaining open while Broadway theaters, sports arenas and museums close their doors to help curtail the spread of the coronavirus. While Hollywood studios have canceled most upcoming films, this weekend is going forward with a slate of new releases and holdovers from recent weekends. The largest chains, AMC, Regal and Cinemark, are all operating, though some theaters are taking extra precautions. Aside from cleaning theaters and seats in between showings, the Alamo Drafthouse is requesting all parties leave empty seats to their sides. Larger theaters at some locations have been closed to adhere to bans on larger gatherings.
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The S&P 500 surged 230.38 points, or 9.3%, to 2,711.02. The Dow Jones Industrial Average gained 1,985 points, or 9.4%, to 23,185.62, The Nasdaq jumped 673.07 points, or 9.4%, to 7,874.88. The Russell 2000 index of smaller-company stocks added 87.20 points, or 7.8%, to 1,210.13.