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Money & Markets

Fallout from coronavirus reaches from Italy to Wall Street

NEW YORK — Schools shut down across much of Europe. Gatherings were canceled or banned from California to Germany. And the coronavirus reached directly into the world’s centers of power Thursday, with politicians in Canada, Brazil, Spain and elsewhere either testing positive for the new ...

Corporate debt loads a rising risk as virus hits economy

WASHINGTON — A gyrating stock market is seizing headlines as the coronavirus threatens corporate profits and economic growth. Yet it’s in the normally temperate bond market, where companies go to borrow money, where the gravest dangers may lurk. Investors fear that businesses that have ...

As stocks tumble, long-term investors advised to sit tight

It’s hard to sit tight during uncertain times. But when it comes to long-term investing, it’s the best time to do just that. U.S. stock markets have plunged due to a combination of falling oil prices and worsening coronavirus fears. The rout on Monday knocked 7.6% off the S&P 500 ...

The oil market meltdown and its global impact

FRANKFURT, Germany — A clash of two oil titans — Saudi Arabia and Russia — is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States. The spat between these vital oil ...

Anxiety grips companies across the world as virus spreads

WASHINGTON — Since breaking out of China, the coronavirus has breached the walls of the Vatican. It’s struck the Iranian holy city of Qom and contaminated a nursing home in Seattle. And around the world, it’s carrying not just sickness and death but also the anxiety and paralysis that ...

How to prepare your home and family, if new virus spreads

As the new coronavirus keeps turning up in more places, health experts say it’s wise to prepare for wider spread. But people shouldn’t panic or hoard large amounts of supplies, they stress. So what should you do? Some common-sense steps that are useful for any emergency, such as severe ...

Facebook drops Trump ads after Pelosi cites census confusion

Facebook on Thursday began taking down ads for the reelection campaign of President Donald Trump that direct people to a survey labeled a “census,” hours after House Speaker Nancy Pelosi said people would confuse it with the once-a-decade head count. Facebook said in a statement that it ...

Virus hammers business travel as wary companies nix trips

Amazon and other big companies are trying to keep their employees healthy by banning business trips, but they’ve dealt a gut punch to a travel industry already reeling from the virus outbreak. The Seattle-based online retail giant has told its nearly 800,000 workers to postpone any ...

Virus spread prompts Fed to slash rates in surprise move

WASHINGTON — In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell said at a news conference that the virus “will surely weigh ...

Supreme Court will decide the fate of Obama health care

WASHINGTON — The Supreme Court agreed Monday to decide a lawsuit that threatens the Obama-era health care law, a case that will keep health care squarely in front of voters even though a decision won’t come until after the 2020 election. The court said it would hear an appeal by 20 ...

Markets want Fed to save them and why its tools might not work

e associated press NEW YORK — As stocks around the world tumble on worries about a fast-spreading virus, investors have been clamoring for the superheroes of the financial world to ride to the rescue once again. Yet this time, there are doubts: Can central banks really fix this crisis as ...

Trump tries to shift blame as virus outbreak rattles markets

WASHINGTON — 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. It’s a challenging sell for a president who has lashed his fate to Wall Street like no ...

Investors shy away from risk as coronavirus rattles markets

LOS ANGELES — 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. Signs that the new coronavirus that originated in China is now spreading to other parts of the world rattled ...

Utility to pay $53M for blasts that damaged homes, killed 1

BOSTON — A utility company will pay the largest criminal fine ever imposed for breaking a federal pipeline safety law — $53 million — and plead guilty to causing a series of natural gas explosions in Massachusetts that killed one person and damaged dozens of homes, federal officials said ...

No checkout needed: Amazon opens cashier-less grocery store

NEW YORK — Amazon wants to kill the supermarket checkout line. The online retailing giant is opening its first cashier-less supermarket, where shoppers can grab milk or eggs and walk out without waiting in line or ever opening their wallets. It’s the latest sign that Amazon is serious ...

TurboTax maker Intuit buying Credit Karma in $7.1B deal

Intuit is buying consumer finance company Credit Karma in a $7.1 billion cash and stock deal that will take it deeper into the financial products realm. The agreement announced Monday would bring together the maker of TurboTax, QuickBooks and other personal finance tools with one focusing on ...

Wells Fargo to pay $3B to resolve probes into fake accounts

BLOS ANGELES — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to ...

Kia recalls SUVs, vans; electrical problem can cause fires

DETROIT — Kia is joining its affiliate Hyundai in recalling thousands of vehicles in the U.S. because water can get into a brake computer, cause an electrical short and possibly a fire. The Kia recall covers nearly 229,000 Sedona minivans from the 2006 through 2010 model years. Also covered ...

IRS to pay visits to high-income taxpayers who fail to file

If you earn six figures and haven’t been filing your taxes, the IRS may come knocking. The agency said Wednesday that it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time. Revenue officers across the country will ...

China turns to internet for food supplies

BEIJING — Wang Feng, house-bound by China’s virus outbreak, counts on the parka-clad delivery drivers of e-commerce giant JD.com to keep her kitchen stocked. Demand for online food vendors has surged since China’s government told the public to stay home as part of the most sweeping ...