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Coronavirus economic updates: Markets tick up slightly after weeks of volatility
Sushiman/iStock (NEW YORK) -- The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling.Here's the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here. Markets uptick slightly after weeks of volatility U.S. financial markets showed some signs of stabilization after a volatile few weeks, inching upwards slightly on Monday morning.The Dow Jones Industrial Average was up over 250 points, or slightly over 1% by mid-morning Monday. The S&P 500 was up more than...
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In the middle of the coronavirus crisis, some hospitals fear financial ruin
HRAUN/iStock (NEW YORK) -- As officials scramble to supply hospitals with much needed protective equipment for doctors and nurses fighting the novel coronavirus on the front lines, hospital leaders around the country warn that they are running low on another critical supply: money.Hospitals have taken a significant loss of revenue as they cut back lucrative elective procedures to free up resources to treat COVID-19 patients. At the same time, they are pouring money into efforts to fight the virus like buying personal protective equipment (PPE) supplies, providing child care for staff and overtime pay, transforming units to COVID-19 wings for...
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Student loans get put on hold in coronavirus stimulus bill -- Here's what to know
BrianAJackson/iStock (NEW YORK) -- With the coronavirus pandemic spreading throughout the United States and crippling the economy, Congress moved quickly to approve a $2 trillion relief bill, which President Donald Trump soon signed.Included in the bill is relief for borrowers of certain types of student loans -- they'll see their interest frozen and payments suspended through at least Sept. 30. ABC News' Good Morning America spoke with Ashley Harrington, director of federal advocacy and senior counsel at the Center for Responsible Lending, to better understand what it means for those carrying certain student debt and what they'll want to consider...
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How businesses are adapting to a coronavirus pandemic economy
iStock (NEW YORK) -- In just a few weeks, the novel coronavirus outbreak has changed the way thousands of companies operate in an unprecedented manner. As business owners and employees navigate the new normal, here are some of the ways they have adapted to stay operating amid a global pandemic.The COVID-19 outbreak has delivered an indiscriminate blow to businesses as everything from small restaurants to multinational corporations have been forced to change how they do work amid a series of shutdown orders to help stem the tide of the virus. They have also had to implement these massive organizational changes...
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EPA to limit enforcement of environmental laws during coronavirus emergency, giving companies more flexibility
Skyhobo/iStock (WASHINGTON) -- The Environmental Protection Agency will put companies and specific facilities in charge of monitoring their own compliance with environmental laws during the novel coronavirus emergency, according to officials.This move has led critics to accuse the agency of backing off its role to prevent uncontrolled pollution or other violations.EPA argued the change was needed because of staffing shortages that facilities, like power plants, said has made it more difficult to keep up with deadlines and accountability requirements.The agency will still enforce criminal violations as well as follow usual enforcement procedures for some programs like managing Superfund sites, according...
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Coronavirus economic updates: Markets slip after three-day rally
Sushiman/iStock (NEW YORK) -- The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling. Here's the latest news on how the COVID-19 crisis is affecting the economy: IMF chief predicts a 'quite deep' recession for 2020Kristalina Georgieva, the managing director of the International Monetary Fund (IMF) said in a briefing Friday that the organization representing more than 189 countries is now projecting a recession for 2020.Moreover, "we are expecting it to be quite deep," she said."We are very much urging countries to speed up containment measures...
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Brands say thank you to health care workers with free shoes, Starbucks and more
HRAUN/iStock (NEW YORK) -- A pandemic of the novel coronavirus has now killed more than 24,000 people around the world.With more than 85,000 diagnosed cases, the United States has the highest national total in the world.Medical personnel around the world have been working hard to help those impacted by COVID-19. They are the front line of defense when it comes to fighting this pandemic.From shoes to coffee, companies have started giving back to support medical workers during this tough time.OOFOSBoston-based shoe company OOFOS is starting a program to help those who are helping others during this time of need.In the...
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Construction unions call for better safety, health protections during pandemic
flukyfluky/iStock (NEW YORK) -- Working in construction during the coronavirus pandemic has split the industry down the middle, according to advocates and health experts.On one hand, buildings, roads and utilities need regular maintenance and upgrades, and millions of blue-collar workers need those jobs to support families, construction union leaders said. At the same time, those close-knit worksites and, sometimes, unsanitary work conditions are ripe for exposure to the virus, according to Jeanne Stellman, a professor at Columbia University’s Mailman School of Public Health, who specializes in workers safety issues."The question is, 'What jobs can be done safely?'" she told ABC...
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Will coronavirus break the Internet? Here's what the experts say.
Jokic/iStock (NEW YORK) -- As the novel coronavirus makes its insidious way around the world, many businesses have mandated that employees whose work does not require their physical presence to work from home -- a real-time stress test of America's internet infrastructure.Experts are seeing traffic surges in both home broadband Internet and, in some instances, cellular traffic -- specifically, an increase in video conferencing on phones.Network operators have confirmed the surge. As of this week, AT&T reported, "Wireless voice minutes of use was up 39% compared to an average Monday. Wi-Fi Calling minutes of use was 78% higher than an...
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A third report a job loss, half a pay cut as coronavirus crisis grips the economy
JLGutierrez/iStock (WASHINGTON) -- Economic impacts of the coronavirus crisis are gripping the nation: One in three Americans in an ABC News/Washington Post poll say they or an immediate family member have been laid off or lost their job as a result of the pandemic, and more – half – report a cut in pay or work hours.Beyond those stark realities, worries for the future are profound. A nearly unanimous 92% expect a recession because of the outbreak, with 59% calling this not just likely, but very likely. If one occurs, two-thirds think it will be as bad as the Great...
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Small businesses hit by coronavirus: 'Shark Tank' star Barbara Corcoran answers common questions to help
Good Morning America (NEW YORK) -- As the novel coronavirus spreads across the country, the financial impact of the pandemic continues to devastate workers and small businesses.A record number of workers -- 3.28 million -- filed for unemployment claims in the week ending March 21, according to U.S. Department of Labor data released Thursday. Average weekly claims total 200,000.The Senate passed a massive $2 trillion stimulus bill that will provide expanded unemployment insurance for workers, emergency loans for small businesses and $1,200 to taxpayers earning $75,000 or less per year.“Good Morning America” asked "Shark Tank" star and financial guru, Barbara...
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Coronavirus economic updates: 3.28 million unemployment filings shatter 1982 record
glegorly/iStock (NEW YORK) -- The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling.Here's the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here. Markets continue to rally U.S. financial markets marched higher on Thursday despite the soaring unemployment numbers.The Dow Jones Industrial Average closed up more than 1,350 points, or 6.3%, while the S&P 500 gained 6.2% and the Nasdaq rose 5.6%.The equities rally Thursday builds off of back-to-back gains on Wednesday...
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