Business Highlights

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NEW YORK (AP) — Wall Street closed higher as hopes for economic recovery overshadow worries over the coronavirus pandemic. The S&P 500 jumped to a nearly three-month high, recovering much of its post-pandemic losses. Investors are shifting their focus to how various nations are adapting to getting back to business, while striving to keep new COVID-19 cases in check. Reassuring comments by the head of China’s central bank also helped spur buying. Benchmarks in Paris, London and Tokyo also gained on Tuesday.

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Bell rings but trading floor chaos subdued as NYSE reopens

NEW YORK (AP) — The trading floor of the New York Stock Exchange reopened for the first time in two months, but it doesn’t look — or sound — the same. The floor, known for the chaotic proximity of traders shouting orders over one another, has been closed since mid-March due to the coronavirus outbreak. Fewer traders will be on the floor Tuesday in order to support six-feet social distancing requirements. They also must wear masks, so no “verbal interest” orders will be allowed. Anyone entering the Exchange is also being asked to avoid public transportation and will have their temperature taken before entry.

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Worry, haste, retail therapy: What have we bought and why?

NEW YORK (AP) — Some people have gone shopping mad during the pandemic. Blame it on worry, haste, technical glitches. Or the need for retail therapy, or shopping amnesia. Online retail sales have surged as consumer spending fell rapidly. Wacky purchases range from rubber chickens to luxury items financed with refunds from canceled events. A man in Germany paid 50 cents a piece for squares of toilet paper. Others went for fancy espresso makers, new furniture and shoes, with nowhere to go. Retail analyst Wendy Liebmann describes the consumer behavior as a “typhoon of panic” with no anchors.

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Latam Airlines seeks bankruptcy protection as travel slumps

BANGKOK (AP) — Latam Airlines, South America’s biggest carrier, is seeking U.S. bankruptcy protection as it grapples with a sharp downturn in air travel sparked by the coronavirus pandemic. The Santiago, Chile-based airline said Tuesday that passenger and cargo flights will continue to operate during the reorganization, and employees will still be paid. Travelers with existing tickets and vouchers can still use them. The Chapter 11 bankruptcy filing underscores the severity of the financial challenges facing the travel industry as a result of the lockdowns, quarantines and other measures taken by governments the world over to stem the spread of the virus that causes COVID-19.

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Consumer confidence up slightly but remains near 6-year low

WASHINGTON (AP) — U.S. consumer confidence inched up this month, showing signs of stabilizing, but remains near a six-year low in the face of the widespread business shutdowns that have sent the economy into recession. The Conference Board says its confidence index ticked up to a reading of 86.6 in May from 85.7 in April. The index, which reflects consumers’ assessment of present conditions and expectations about the future, had plummeted during the previous two months.

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US new-home sales post slight gain in April

BALTIMORE (AP) — U.S. new home sales ticked up 0.6% in April, a surprising gain amid the coronavirus outbreak that hints at the relative health of many consumers. The Commerce Department reported Tuesday that sales of new single-family homes rose slightly to a seasonally adjusted annual rate of 623,000 last month. This followed a decline of 13.7% in March. Over the past 12 months, sales are down 6.2%.

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US home price gains quickened in March as sales plunged

WASHINGTON (AP) — U.S. home prices accelerated in March even though sales plummeted, as those Americans still buying bid for a sharply diminished supply of homes. The S&P CoreLogic Case-Shiller 20-city home price index rose 3.9% in March, the largest gain in more than a year, up from 3.5% in February. Home sales fell 8.5% in March before plummeting 17.8% in April, according to the National Association of Realtors, as the viral outbreak and business shutdowns caused a flood of layoffs and restricted economic activity.

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France deploys $8.8 billion to rescue ailing car industry

PARIS (AP) — French President Emmanuel Macron has announced a plan to save the country’s car industry from huge losses wrought by virus lockdowns, including a big boost for electric vehicles. The plan outlined Tuesday is worth 8 billion euros, or $8.8 billion. It includes government subsidies for car buyers and longer-term investment in innovative technology, especially in battery-powered cars. Macron said France “wouldn’t be the same without its great brands – Renault, Peugeot, Citroen.”

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Judge strikes down US energy leasing rules in bird habitat

BILLINGS, Mont. (AP) — A U.S. judge has dealt a setback to the Trump administration’s efforts to increase domestic oil and gas exploration. Judge Brian Morris said administration officials failed to protect habitat for a declining bird species when it issued leases on hundreds of thousands of acres. The case involves greater sage grouse, a ground-dwelling bird that’s seen its numbers drop dramatically in recent decades.

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The S&P 500 rose 36.32 points, or 1.2%, to 2,991.77. The Dow climbed 529.95 points, or 2.2%, to 24,995.11. The Nasdaq rose 15.63 points, or 0.2%, to 9,340.22. The Russell 2000 index of small companies gained 37.54 points, or 2.8%, to 1,393.07.