Update on the latest in business:

FINANCIAL MARKETS

Stocks rise broadly as tech reverses course and rallies

NEW YORK (AP) — Stocks rose broadly in afternoon trading on Wall Street as technology stocks rallied following a weak start. The S&P 500 rose 1.4%, the Dow Jones Industrial Average rose 1.3%. The tech-heavy Nasdaq shook off an early loss and was up 1.9%.

Health care giant Johnson & Johnson rose 3.5% after reporting better-than-expected results and raising its dividend. Energy companies...

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FINANCIAL MARKETS

Stocks rise broadly as tech reverses course and rallies

NEW YORK (AP) — Stocks rose broadly in afternoon trading on Wall Street as technology stocks rallied following a weak start. The S&P 500 rose 1.4%, the Dow Jones Industrial Average rose 1.3%. The tech-heavy Nasdaq shook off an early loss and was up 1.9%.

Health care giant Johnson & Johnson rose 3.5% after reporting better-than-expected results and raising its dividend. Energy companies fell along with prices for crude oil and natural gas.

Banks were higher as Treasury yields continued to rise, which allows banks to charge higher interest rates on loans. The yield on the 10-year Treasury rose to 2.90%.

IMF-GLOBAL ECONOMY

Citing Russia’s war, IMF cuts global growth forecast to 3.6%

WASHINGTON (AP) — The International Monetary Fund has downgraded the outlook for the world economy this year and next. The IMF is blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus pandemic.

The 190-country lender today cut its forecast for global growth to 3.6% this year. That’s a steep falloff from 6.1% last year and from the 4.4% growth the IMF had expected for 2022 back in January.

The Russia-Ukraine war and the darkening outlook have hit just as the global economy appeared to be shaking off the impact of the highly infectious coronavirus omicron variant.

BIDEN-ENVIRONMENTAL REVIEWS

Biden finalizes rule restoring broad review of big projects

WASHINGTON (AP) — The Biden administration is restoring federal regulations guiding environmental reviews of major infrastructure projects such as highways and pipelines that were scaled back by the Trump administration in a bid to fast-track the projects.

The White House says a rule finalized today will restore key provisions of the National Environmental Policy Act, a bedrock environmental law designed to ensure community safeguards during environmental reviews for a wide range of federal projects and decisions.

VIRUS OUTBREAK-MODERNA

Moderna announces step toward updating COVID shots for fall

UNDATED (AP) — Moderna hopes to offer updated COVID-19 boosters in the fall that combine the original vaccine with protection against the latest variant. Now it’s reporting a hint that such an approach might work.

Before omicron struck, Moderna began testing a shot combining the original vaccine with protection against an earlier variant named beta. The company says people given that test combo shot developed more antibodies capable of fighting newer variants — including omicron — than with today’s regular booster.

Studies are underway to see if a combination shot that adds omicron-specific protection works better.

JOHNSON & JOHNSON-COVID 19 VACCINE

J&J suspends COVID-19 vaccine sales forecast

UNDATED (AP) — Johnson & Johnson is suspending sales forecasts for its COVID-19 vaccine only a few months after saying the shot could bring in as much as $3.5 billion this year. The health care giant says a supply surplus and demand uncertainty prompted the move.

The company’s one-shot vaccine brought in $457 million in global sales during the first quarter, with most of that coming from outside the United States. The vaccine brought in only $75 million in U.S. sales. That’s less than what it rang up after debuting in last year’s quarter.

The company also reported a better-than-expected first-quarter profit and announced a dividend increase.

FLORIDA-DISNEY FEUD

Florida Gov DeSantis pushes to end Disney self-government

TALLAHASSEE, Fla. (AP) — Florida Gov. Ron DeSantis is asking the Legislature to repeal a law allowing Walt Disney World to operate a private government over its properties in the state.

DeSantis is an ascendant GOP governor and potential 2024 presidential candidate. He has battled with Disney over the company’s opposition to a new law barring instruction on sexual orientation and gender identity in kindergarten through third grade.

Today, DeSantis raised the stakes. As lawmakers returned to the Capitol for a special legislative session on congressional redistricting, the governor announced he issued a proclamation that allows the Republican-controlled statehouse to take up bills eliminating Disney’s self-governing district.

PHILANTHROPY-INSTAGRAM

Instagram adds fundraising to Reels to help nonprofits

NEW YORK (AP) — Meta Platforms Inc., the social media giant formerly known as Facebook, plans to celebrate Earth Day by expanding its offering of fundraising tools and making them more easily available to more than 1.5 million nonprofits on its Facebook and Instagram platforms, including those involved in fighting climate change.

Instagram users can now attach donation buttons to their Reels, turning the short videos into fundraisers. As it does for donations on Facebook and other Instagram content, Meta will collect and pass along the donations to the nonprofits at no charge, paying the processing fees itself.

More than $6 billion has been donated on Facebook and Instagram since fundraising began on the platforms in 2015.

ULTRAFAST DELIVERY APPS

Latest apps promise fast service but can they deliver?

NEW YORK (AP) — Venture capitalists have poured billions into the latest pandemic delivery craze: companies that promise to get you a bottle of Tylenol, an iced coffee, hummus, a cucumber and a roll of paper towels. In 30 minutes or less — or even 15 minutes or less.

Experts say they’re unprofitable. Bigger companies are muscling in. And officials in European cities and in New York, which has become the U.S. launching pad, have already started complaining about how they operate, saying it’s bad for employees and residents.

Services are already shutting down, cutting workers or scaling back their fast-delivery promises.

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