Update on the latest in business:

FINANCIAL MARKETS

Stocks fall as oil prices continue their collapse

NEW YORK (AP) — Stocks are falling on Wall Street and the collapse in oil prices is deepening as the economic carnage caused by the coronavirus pandemic turns markets upside down.

The S&P 500 was down 3.2% and headed toward its second straight day of losses Tuesday. Markets across Europe and Asia had similar drops.

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Oil prices continued their collapse as traders survey a global economy incapacitated by the virus, which doesn’t need as much fuel to burn.

Treasury yields fell, meaning investors are willing to get paid even less to get the safety of owning a U.S. government bond. 

VIRUS OUTBREAK-CONGRESS

Deal near on aid package for small businesses

WASHINGTON (AP) — 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.

Speaking this morning on CNN, Schumer said, “We have a deal and I think we’ll pass it today.” He cautioned that staff are still “dotting the I’s and crossing the T’s.”

A Tuesday afternoon Senate session could provide an opportunity to quickly pass the legislation if it comes together quickly, though the Democratic-controlled House is planning on calling lawmakers to Washington for a vote later in the week.

Most of the funding, more than $300 billion, would go to boost a small-business payroll loan program that ran out of money last week. Additional help would be given to hospitals, and billions more would be spent to boost testing for the virus, a key step in building the confidence required to reopen state economies.

The emerging draft measure has grown into the second largest of the four coronavirus response bills so far.

VIRUS OUTBREAK-NEW YORK

Mayor says governors that are easing restrictions could be endangering other states

NEW YORK (AP) — New York City Mayor Bill de Blasio says that if governors of states such as Georgia start to ease coronavirus restrictions, they had better have the facts on their side or they could enable a resurgence of the virus beyond their states’ borders.

“If some of these reopenings are done the wrong way, it’s going to affect all of us,” de Blasio said Tuesday on CNN’s “New Day.” He said that if any state or city “jumps the gun” on reopening businesses “that could lead to the disease reasserting in a lot of other places.”

The Democratic mayor announced Monday that all public events will be canceled in New York City through June. The ban was announced the same day that Georgia Gov. Brian Kemp said he would allow some businesses including gyms, hair salons and bowling alleys to reopen later this week.

EXISTING HOME SALES

Home sales fall as outbreak stalls real estate activity

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.

Home-buying had been steady for the first half of March because of low mortgage rates and the finalization of contracts signed in prior months.

BRITAIN-ECONOMY

More signs that Britain will see surge in unemployment

LONDON (AP) — The number of people seeking benefits in the U.K. is rising at the fastest pace on record. That is reinforcing fears that the country will see a surge in unemployment as a result of the lockdown measures put in place to contain the coronavirus pandemic.

Government figures released Tuesday show that the number of people seeking to tap the country’s main benefit has soared in the weeks since the curbs on everyday life were implemented.

The independent Resolution Foundation think tank says that 1.77 million individuals sought so-called Universal Credit in the four weeks since March 16. 

EARNS-COCA-COLA

Coca-Cola volume tumbled as virus spread

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.

Volume was up 3% through February excluding China, where the outbreak had locked down major cities, and Coke was on track to reach and possibly exceed its financial targets. But within a month the Tokyo Olympics, of which Coke is a major sponsor, were off. Theaters and restaurants closed in Europe, the Americas and Africa as billions sheltered at home. 

BASEBALL FANS LAWSUIT

Fans sue over tickets for canceled games

LOS ANGELES (AP) — A pair of fans in New York sued Major League Baseball, Commissioner Rob Manfred and the 30 teams, asking for their money back for tickets and for certification of class-action status.

The lawsuit was filed in federal court in Los Angeles by Matthew Ajzenman, who said he bought a partial season plan for more than 20 Mets games; and Susan Terry-Bazer, who said she purchased six tickets for a May 9 game at Yankee Stadium against Boston.

Ticketmaster, Stubhub, Live Nation and Last Minute Transactions are among the defendants.

SUBARU RECALL

Subaru recalls more than 200,000 cars and SUVs

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. Engines could lose power while the vehicles are being driven. The engines also might not start or they could run rough. The documents say Subaru has no reports of crashes or injuries.

Dealers will replace the low pressure fuel pump at no cost to owners starting June 5.

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