Wall Street has worst week since 2008 as S&P 500 drops 11.5%
Stocks sank around the globe again Friday as investors braced for more economic pain from the coronavirus outbreak, sending U.S. markets to their worst weekly finish since the 2008 financial crisis.
Trump tries to shift blame as virus outbreak rattles markets
WASHINGTON (AP) — As global markets plunged amid growing fears about the coronavirus outbreak, President Donald Trump and his allies pulled from a familiar playbook Friday and blamed others for the slide.
Harley-Davidson CEO to leave struggling motorcycle maker
MILWAUKEE (AP) — Harley-Davidson CEO Matthew Levatich is leaving the struggling motorcycle maker. The Milwaukee company announced Friday that Levatich will leave his post and seat on Harley's board of directors.
Fed Chair Powell pledges to use tools to support economy
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell sought to calm fears Friday over the viral outbreak by issuing a rare statement of reassurance that the Fed will “use our tools" to support the economy — a strong signal of a coming interest rate cut.
Boeing blames incomplete testing for astronaut capsule woes
CAPE CANAVERAL, Fla. (AP) — Boeing acknowledged Friday it failed to conduct full and adequate software tests before the botched space debut of its astronaut capsule late last year.
Cruise lines, passengers scramble to respond to coronavirus
MIAMI (AP) — Being trapped aboard a ship with thousands of people as the new coronavirus spreads around the world isn’t the kind of serene vacation envisioned by most travelers, many of whom are delaying or canceling planned cruises at a time when bookings should be at their busiest.
FCC proposes fines for phone companies that shared user data
NEW YORK (AP) — U.S. regulators have proposed fining the four major U.S. phone companies more than $200 million combined for improperly disclosing customers' real-time location to other companies.
US reports first drug shortage tied to virus outbreak
WASHINGTON (AP) — Health officials reported the first U.S. drug shortage tied to the viral outbreak that is disrupting production in China, but they declined to identify the manufacturer or the product.
Viral fear sparks global run on face masks
Fear of the spreading coronavirus has led to a global run on sales of face masks despite evidence that most people who aren't sick don't need to wear them.
House approves bill to ban the sale of flavored e-cigarettes
WASHINGTON (AP) — Moving to stem a vaping epidemic among young people, the House approved a bill Friday to ban the sale of flavored e-cigarettes and other flavored tobacco products.
General Motors to add 1,200 workers at 2 Michigan factories
DETROIT (AP) — General Motors is adding 1,200 jobs at two Michigan factories to build midsize SUVs and two new luxury sedans. GM said Friday that its Lansing Delta Township plant will get a third shift and 800 more workers to build the Chevrolet Traverse and Buick Enclave SUVs, which have three rows of seats.
Markets slide, auto show canceled as virus impact spreads
LONDON (AP) — Stock markets are heading for their worst week since 2008, Europe's top auto show has been canceled and companies keep lowering their earnings estimates.
US consumer spending slowed in January while incomes jumped
WASHINGTON (AP) — Americans pulled back on their spending in January, even as their incomes surged, a sign the economy was growing modestly before the threat of coronavirus arose.
Market corrections: scary but also, in some cases, necessary
NEW YORK (AP) — After six days of being pounded by a virus-induced, global sell-off, U.S. markets hit a milestone this week. The S&P 500 has dropped more than 10% from the record highs set just over a week ago as a fast-spreading new virus raises the specter of damaged economies and tumbling sales for companies in the U.S., Asia, Europe and elsewhere.
VW agrees to $912 million payments for Germans who sued
BERLIN (AP) — German auto giant Volkswagen agreed Friday to pay 830 million euros ($912 million) in damages to hundreds of thousands of customers whose diesel cars were outfitted with software to manipulate emissions readings.
Global stocks fall again on fear of virus impact on economy
Global stock markets plunged further Friday on spreading fears over the impact of the new coronavirus, with some indexes set to close out their worst week since the depths of the financial crisis in 2008.
Japan sends vice justice minister to Lebanon on Ghosn case
TOKYO (AP) — A Japanese vice minister for justice is heading to Lebanon for talks on the case of former Nissan Motor Co. executive Carlos Ghosn, who fled for his home country late last year while out on bail awaiting trial.
Regulators boost PG&E's wildfire fine to $2.1 billion
SAN FRANCISCO (AP) — California power regulators on Thursday slapped Pacific Gas & Electric with a $2.1 billion fine for igniting a series of deadly wildfires that landed the beleaguered utility in bankruptcy.
Investors shy away from risk as coronavirus rattles markets
LOS ANGELES (AP) — This week’s big sell-off on Wall Street suggests stocks have finally caught up to the bond market, where fear of an economic slowdown has been evident for months.
In scramble to stop virus, testing raises tough questions
NEW YORK (AP) — Health officials confronted tough questions and doubts Thursday about testing to intercept the fast-spreading virus, with scrutiny focused on a four-day delay in screening an infected California woman despite her doctors’ early calls to do so.
Beyond Meat narrows 4Q loss as plant-based meat sales jump
Beyond Meat narrowed its losses in the fourth quarter as sales of its plant-based meat soared. The El Segundo, California-based company, which went public last year, said it lost $452,000 in the fourth quarter, down from a loss of $7.5 million in the October-December period last year.
US economy grew at 2.1% rate in Q4 but virus threat looms
WASHINGTON (AP) — The U.S. economy grew at an annual rate of 2.1% in the final quarter of last year, but damage from the spreading coronavirus is likely depressing growth in the current quarter and for the rest of the year.
Markets down, Facebook cancels show: Virus hits businesses
The spread of the new coronavirus around the world is hitting companies hard as they suspend production, meetings, events and business travel.
Delivery giant DoorDash takes step toward public offering
NEW YORK (AP) — Food delivery giant DoorDash has taken a first formal step toward a stock market debut. The San Francisco-based company said Thursday that it had filed paperwork with the Securities Exchange Commission outlining its proposed public stock offering.
US mortgage rates decline; 30-year loan at 3.45%
WASHINGTON (AP) — U.S. long-term mortgage rates declined this week as growing concern over the economic impact of China's viral outbreak spurred a steep downturn in global stock markets.