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Business

Stocks drop, but hold on to weekly gains after a big rally

Wall Street closed lower Friday but still notched big gains for the week as investors held out hope that a $2 trillion rescue package will cushion businesses and households from the economic devastation being caused by the coronavirus. The S&P 500 closed 3.4% lower, but still climbed ...

Tourists stranded in Asia by canceled flights, shut borders

PHUKET, Thailand (AP) — From the sun-soaked beaches of Thailand to the foothills of Mount Everest in Nepal, tourists across Asia are finding their dream vacations have turned into travel nightmares as airlines cancel flights and countries close their borders in the fight against the ...

US consumer spending up modest 0.2% in February

WASHINGTON (AP) — Americans increased their spending by a modest amount in February but the expectation is that spending will be hit hard in coming months reflecting the shutdown of the American economy by the coronavirus. The Commerce Department reported Friday that spending edged up 0.2% ...

Stocks surge again after relief bill passed; indexes are up 6%

NEW YORK (AP) — Stocks marched higher for a third straight day Friday as a massive coronavirus relief bill moved closer to passing Congress and Wall Street took some historically bad unemployment figures in stride. The S&P 500 rose 6.2%, bringing its three-day rally to 17.6%. The Dow ...

Congress’ relief bill would vastly expand the unemployment aid

NEW YORK (AP) — With record-high numbers of Americans seeking unemployment benefits after losing their jobs because of the coronavirus, Congress is set to significantly enhance the program. The $2.2 trillion rescue package nearing final approval will, for four months, add $600 a week to ...

Fed chair Powell says he will provide nearly unlimited lending

WASHINGTON (AP) — Jerome Powell says the Federal Reserve would provide essentially unlimited lending to support the economy as long as it is damaged by the viral outbreak. In an interview Thursday morning on NBC’s “Today” show, the Fed chair said the bank’s efforts are focused on ...

Stocks have first back-to-back gains since the sell-off began

NEW YORK (AP) — Stocks scored their first back-to-back gains Wednesday since a brutal sell-off began five weeks ago, but much of an early rally faded late in the day as a last-minute dispute threatened to hold up a $2 trillion economic rescue package in Congress. The S&P 500 rose 1.2%, ...

Dow has best day since 1933 as Congress nears deal on aid

NEW YORK (AP) — The Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal on Tuesday to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus. The Dow burst 11.4% higher, while the more closely followed S&P 500 ...

With billions at stake, banks try to save stunned borrowers

NEW YORK (AP) — Tarred as villains during the 2008 financial meltdown, banks of all sizes are trying to help out Americans reeling from the economic crisis caused by the coronavirus outbreak. Banks are scrambling to put into place loan forgiveness and relief programs, working to keep their ...

Stocks slump, despite Fed aid, as virus bill stalls again

NEW YORK (AP) — Stocks fell about 3% on Wall Street Monday as Congress hit another roadblock in talks to inject nearly $2 trillion into the economy. Even an extraordinary flood of support from the Federal Reserve wasn’t enough to lift stocks, as frustration with Washington rises along with ...