The S&P 500 was up 4.6%, continuing a rally that has vaulted the index 16% higher since Monday on rising expectations that Congress will soon approve an unprecedented rescue package for the economy.
Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.
For decades, the federal government has made calculations on how policies intended to safeguard American health could impact the economy. Now, the push-pull of when to re-open the economy during the coronavirus crisis centers on a similarly bleak decision.
Federal Reserve Chairman Jerome Powell said the Fed was “not going to run out of ammunition” when it came to helping the economy recover quickly once the threat from the virus has passed.
The department reported that 4,651 people have been tested so far, up from 3,365 people in the previous day’s report.
The Indiana Department of Correction said there are no known cases of COVID-19 among the nearly 27,000 offenders housed at the state’s prison, but it also concedes that it hasn’t tested any of those inmates.
In Indiana, initial claims filed for the week ended March 21 rose to a whopping 61,635, up from 2,596 claims the previous week.
Two Indianapolis Symphony Orchestra musicians were enlisted to help produce a light and music show on Monument Circle to offer hope to the local community and countries around the world. The show airs multiple times every night from 9 p.m. until midnight, but officials are encouraging people to watch it online.
Here are major highlights of the package to rush aid to businesses, workers and a health care system slammed by the coronavirus pandemic.
The bill would extend $1,200 to most American adults and $500 for most children, create a $500 billion lending program for businesses, cities and states, and a $367 billion employee retention fund for small businesses.
Stocks closed higher Wednesday, but gave up much of an afternoon rally after CNBC reported that a dispute between Sen. Bernie Sanders and Republicans over unemployment aid could cause the coronavirus aid bill to be delayed.
Tiny towns tucked all over the country might not have had a single case of COVID-19, but their main streets are also empty and their medical clinics overwhelmed by the worried.
Investors are also still waiting to see the details of Washington’s plan, which will include direct payments to most Americans and aid for hard-hit industries. It’s unclear when the House of Representatives could vote on the plan.
The Indiana State Department of Health reported that 3,365 people have been tested so far, up from 2,931 people in the previous day’s report.
The urgently needed pandemic response measure is the largest economic rescue measure in history and is intended as a weeks- or months-long patch for an economy spiraling into recession and a nation facing a potentially ghastly toll.
Top Indiana officials warned Tuesday that the state’s jump in coronavirus illnesses is likely just the beginning and that obeying a new stay-at-home order is necessary.
The new outbreaks at Amazon’s U.S. facilities come days after the online retail giant announced plans to hire 100,000 new workers to help cope with the flood of orders that have clogged its system.
The county ordered liquor stores, banks and insurance companies to cease normal operations and shift to offering only drive-thru, delivery and curbside services.
A network of U.S. hospitals is waiting on permission from the Food and Drug Administration to begin large studies of the infusions both as a possible treatment for the sick and as vaccine-like temporary protection for people at high risk of infection.
Experts who have studied the so-called “orphan drug” program say the company’s request—and the FDA’s decision to grant it—seem inappropriate given the rapidly expanding threat of the viral outbreak. A financial analyst, though, called Gilead’s request “pretty standard.”
