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FINANCIAL MARKETS
Stocks rise as a bounce in oil prices lifts energy sector
NEW YORK (AP) — Stocks are pushing higher on Wall Street after a surge in oil prices helped resuscitate beaten-down energy stocks. The gains helped overshadow another report showing the coronavirus outbreak is forcing a record-breaking number of Americans into the unemployment line.
Energy stocks in the S&P 500 rose as much as 10%, by far the biggest gain among the 11 sectors that make up the index, before backing off their highs of the day.
The S&P 500 was up a little less than 1% in afternoon trading after flipping between small gains and losses shortly after the opening bell. It took off with the price of oil, which surged more than 30% after President Donald Trump said he expects Saudi Arabia and Russia to back away from their price war.
Oil and energy stocks gave up a good chunk of their initial jumps as markets weighed how definitive Trump's comments were. He tweeted only that he expects and hopes for upcoming production cuts after talking with Saudi Crown Prince Mohammed bin Salman.
VIRUS OUTBREAK-UNEMPLOYMENT BENEFITS
A record 6.6 million seek US jobless aid as layoffs mount
WASHINGTON (AP) — More than 6.6 million Americans applied for unemployment benefits last week, far exceeding a record high set just last week, a sign that layoffs are accelerating in the midst of the coronavirus. The job cuts are mounting against the backdrop of economies in the United States and abroad that have almost certainly sunk into a severe recession as businesses close across the world. Last week's figure is much higher than the previous record of 3.3 million reported for the previous week.
The surging layoffs have led many economists to envision as many as 20 million lost jobs by the end of April.
The Labor Department reports March employment figures on Friday.
TRUMP-OIL MARKETS
Trump says he expects Russia, Saudis to cut oil production
WASHINGTON (AP) — President Donald Trump says he expects Saudi Arabia and Russia will end an oil war and dramatically cut production. The global gut in production, coupled with a slowing economy from the coronavirus pandemic, has sent energy prices to lows not seen since 2002. Trump tweeted that he had spoken with Saudi Crown Prince Mohammad Bin Salman days after talking to Russian President Vladimir Putin about the matter. Low crude prices make many domestically-produced U.S. energy sources cost-prohibitive, and a shock to the energy sector would mean thousands of jobs lost.
VIRUS OUTBREAK-CONGRESS
Pelosi creating House committee to oversee economic bailout
WASHINGTON (AP) — Speaker Nancy Pelosi says she'll establish a special House committee to oversee the government's spending of the more than $2.2 trillion approved to bolster the economy hard hit by the coronavirus pandemic. The California Democrat described her plans Thursday during a conference call with reporters. She also says the day's report of 6.6 million more people filing for unemployment benefits had increased the urgency for a federal response. Pelosi says the committee will be bipartisan have subpoena power and its job will be ensure there is no waste, price gouging or political favoritism as the bailout money is spent.
VIRUS OUTBREAK-STIMULUS-SQUEEZED OUT
Stimulus aid for 'small business' will go to some big chains
IOWA CITY, Iowa (AP) — As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out.
The Paycheck Protection Program — part of the $2 trillion relief package signed into law last week — was billed as a way to help local businesses that often form the fabric of communities retain workers and pay bills. But an expansive definition of “small business” in the law means that it will be open to much more than just Main Street shops when lenders start processing applications Friday. Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at locations scattered across the U.S. are eligible.
VIRUS OUTBREAK-NEW YORK
Governor warns New York could exhaust ventilator stockpile soon
NEW YORK (AP) — New York Gov. Andrew Cuomo warned Thursday that the state’s supply of breathing machines could be exhausted in six days if the number of people made critically ill by the coronavirus outbreak continues at its current rate. The number of New Yorkers killed by the virus soared again, to 2,373. A majority of the fatalities have been in New York City, but an increasing number of deaths are happening in the suburbs and elsewhere in the state. New data shows that the coronavirus pandemic is hitting especially hard in New York City neighborhoods that tend to be poorer.
VIRUS OUTBREAK-MEDICINE SHORTAGES
Europe's hospitals running out of ICU meds for COVID-19
LONDON (AP) — Nine leading European university hospitals are warning they will run out of essential medicines needed for COVID-19 patients in intensive care in less than two weeks as they are increasingly crushed by the pandemic. The European University Hospital Alliance said that without countries cooperating to ensure a steady supply of drugs, doctors and nurses might no longer be able to provide adequate intensive care for people critically ill with the virus. In a statement this week, the group wrote that the hardest-hit hospitals are likely to run out of their essential medicines in two days.
VIRUS OUTBREAK-RUSSIA
Russia's Putin orders non-working month to curb coronavirus
MOSCOW (AP) — President Vladimir Putin has ordered most Russians to stay off work until the end of the month to curb the spread of the coronavirus. Speaking in a televised address to the nation on Thursday, Putin said he was extending the non-working policy he ordered earlier for this week to remain in force throughout April. He said there are exceptions for essential industries will keep operating, and grocery stores and pharmacies will remain open. He says Russians who aren't working should continue earning their regular salaries. Putin said Russia's virus-prevention strategies have bought time and helped slow down the outbreak but also warned that cases haven't yet peaked.
VIRUS OUTBREAK-CRUISE SHIPS
Ill-fated cruise ships awaiting approval to dock in Florida
FORT LAUDERDALE, Fla. (AP) — Two ill-fated cruise ships carrying dozens of passengers with symptoms of the coronavirus are awaiting word on when the vessels will be allowed to dock in Florida after officials gave their tentative approval. Gov. Ron DeSantis on Thursday dropped his previously firm opposition to the ships' arrival. Broward County Commissioner Michael Udine said that a final document granting approval would be released Thursday. Holland America Line said in an email that almost 1,200 passengers would disembark at Port Everglades in Fort Lauderdale and get to go home as long as they are fit for travel in accordance with federal health guidelines. About 10 critically ill passengers will be taken to a Florida hospital.
JUUL-ALTRIA COMPETITION
Feds seek breakup of Altria-Juul deal on antitrust grounds
WASHINGTON (AP) — U.S. business regulators are suing to break up the multibillion-dollar deal between tobacco giant Altria (AL'-tree-uh) and e-cigarette startup Juul (jool) Labs, saying their partnership amounted to an agreement not to compete in the U.S. vaping market.
The action by the Federal Trade Commission is the latest legal headwind against Altria's investment in the embattled vaping company. Juul sales have been sliding for months amid state and federal investigations, lawsuits and flavor restrictions aimed at curbing the recent explosion in teen vaping.
Altria competed against Juul in the vaping market until late in 2018, when it discontinued its e-cigarettes and purchased a one-third stake in Juul.
NISSAN-AIR BAG RECALL
Nissan recalls over 250K vehicles to replace Takata air bags
DETROIT (AP) — Nissan is recalling more than a quarter-million SUVs, trucks and vans worldwide to replace potentially dangerous Takata air bag inflators. The vehicles have air bags with volatile ammonium nitrate that can explode with too much force and hurl shrapnel. But they have a moisture-absorbing chemical that was supposed to make them safe. The Nissan recall covers certain 2012 to 2017 NV Cargo and Passenger vans, the 2013 to 2015 Titan pickup and Armada large SUV, and the 2011 and 2012 Infiniti QX56 SUV. Nissan will notify owners later this month and dealers will replace the front driver air bag inflator with one made by a different company.
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