Stocks fall…Lawmakers near agreement…Home sales plunge
NEW YORK (AP) – Stocks are falling in early trading on Wall Street and oil prices are continuing to collapse as traders anticipate demand for energy to shrivel because of the widespread business, factory and travel shutdowns related to the coronavirus pandemic. The world remains awash in an oversupply of crude just as demand for it is suffering an unprecedented pullback. The S&P 500 was down about 1.5% after the first half hour of trading on Tuesday, following sharper losses in Europe and Asia. In another sign investors were feeling nervous, prices for ultra-safe U.S. government bonds rose again, sending yields lower.
WASHINGTON – Senate Democratic Leader Chuck Schumer says agreement has been reached on “every major issue” of a nearly $500 billion coronavirus aid package for small businesses, as well as additional help for hospitals and COVID-19 virus testing. Schumer says overnight talks among Democratic and Republican leaders, along with top Trump administration officials, produced a breakthrough agreement on the package.
BALTIMORE (AP) – U.S. sales of existing homes cratered 8.5% in March, as the coronavirus outbreak leads to a stall in real estate activity. The National Association of Realtors said Tuesday that 5.27 million homes sold last month, down from 5.76 million in February. The decrease was the steepest since November 2015.
UNDATED (AP) – Coca-Cola’s global volume tumbled 25% in April as the coronavirus pandemic gripped large swaths of the world population. Those volumes, which include the bottled drinks and syrups that Coke sells to theaters, restaurants, stadiums and music venues, were humming early in the year, revealing how fast the virus hobbled commerce.
DETROIT (AP) – Subaru is recalling just over 200,000 cars and SUVs in the U.S. and Canada because fuel pumps can fail and cause engines to stall. The recall covers certain 2019 Impreza, Outback, Legacy, and Ascent vehicles. Subaru says in government documents that the low pressure fuel pump can stop working properly.