Financial News

Friday, May 8th
May 7, 2020
AP-NC Newswatch
May 7, 2020
Financial News

 

 

Stocks climb…3 million more jobless claims filed…Neiman Marcus files for Chapter 11

 

NEW YORK (AP) – Stocks are climbing in morning trading on Wall Street as reports suggested that even though the economy is still suffering severely, the pace of pain may be decelerating. The major indexes were all up more than 1% in the early going. Another 3.2 million U.S. workers applied for jobless benefits last week, bringing the total over the last seven weeks to 33.5 million. It’s a shocking number, but it’s also the fifth straight week of decline since hitting a peak in late March. Several companies also cited signs that the worst may be behind them, at least in parts of their businesses.

 

WASHINGTON (AP) – Nearly 3.2 million laid-off workers applied for unemployment benefits last week as the business shutdowns caused by the viral outbreak deepened the worst U.S. economic catastrophe in decades. Roughly 33.5 million people have now filed for jobless aid in the seven weeks since the coronavirus began forcing millions of companies to close their doors and slash their workforces. That is the equivalent of one in five Americans who had been employed back in February, when the unemployment rate had reached a 50-year low of just 3.5%.

 

NEW YORK (AP) – Neiman Marcus has become the first department store chain to be toppled by the coronavirus pandemic. The 112-year-old luxury department store chain has filed for Chapter 11 bankruptcy protection. The move, announced today, follows the bankruptcy filing by J.Crew, which became the first major retailer to reorganize during the pandemic. Experts believe there will be more to come even as there are moves to reopen businesses in parts of the country like Texas and Florida.

 

LOS ANGELES (AP) – California restaurants have drafted a plan to guide the industry’s reopening. The recommendations obtained by The Associated Press envision a changed world within dining rooms. An industry built on face-to-face contact is seeking ways to safely conduct business and avoid spreading the coronavirus. The plan from the California Restaurant Association will be submitted to Gov. Gavin Newsom today. It suggests servers wear masks, recommends eliminating buffets and salad bars, and calls for far more cleaning. The association hopes to avoid a requirement that customers have their temperature taken and the number of tables be dramatically limited.

 

CHICAGO (AP) – Staff at dozens of Illinois nursing homes have called off a strike set for tomorrow morning after the workers’ union reached a deal with nursing home owners. The Service Employees International Union represents more than 10,000 workers at 100 nursing homes, most in the Chicago area. Union leaders said in a statement Thursday morning that they had reached a two-year tentative contract with home owners that would protect workers and residents “during this time of unprecedented vulnerability and risk.” Union leaders have said the pandemic revealed long-standing issues including low wages, short staffing and lack of adequate supplies inside nursing homes.

 

 

AP-WF-05-07-20 1502GMT