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US shoppers returned with vigor in May in partial rebound

BALTIMORE (AP) — American shoppers ramped up their spending on store purchases by a record 17.7% from April to May, delivering a dose of energy for retailers that have been reeling since the coronavirus shut down businesses, flattened the economy and paralyzed consumers during the previous two months. The government’s report showed that consumers’ retail purchases have retraced some of the record-setting month-to-month plunges of March (8.3%) and April (14.7%) as businesses have increasingly reopened. Still, the pandemic’s damage to retailers remains severe, with purchases still down 6.1% from a year ago. Last month’s bounce-back by consumers comes against the backdrop of an economy that may have begun what could be a slow and prolonged recovery.

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Powell warns that long downturn would mean severe damage

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the country is facing a deep downturn with “significant uncertainty” about the timing and strength of an economic recovery. He warns that the longer the recession lasts, the worse the damage that will be inflicted on the job market and businesses. Powell said Tuesday that the central bank was committed to using all of its powers to cushion the economic fallout from the coronavirus but he said until the public is confident that the disease has been contained “a full recovery is unlikely.”

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Stocks rally worldwide on hopes for coming economic recovery

NEW YORK (AP) — Stocks rose on Wall Street, notching their third gain in a row, after U.S. retail sales rebounded last month by much more than economists were expecting. The S&P 500 climbed 1.9% Tuesday in another volatile day. The spending data bolstered hopes that the economy can pull out of its recession relatively quickly. Trading remains skittish as worsening coronavirus trends in several hotspots around the world rattle investors. After shooting to an early 2.8% gain, the S&P 500 surrendered all but a sliver of it at one point before rallying back. Treasury yields also climbed, but trading there was likewise volatile.

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Businesses ask patrons to waive right to sue if they get ill

WASHINGTON (AP) — Many businesses are requiring customers and workers to sign forms saying they won’t sue if they catch COVID-19. Businesses are afraid they could face lawsuits even if they follow social distancing and other government guidelines as they reopen across the U.S. after coronavirus shutdowns. Lawyers say it depends on state law whether the waivers can be enforced. And worker advocates say the waiver forms force employees to make the difficult choice between returning to work and signing away their legal rights.

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US expects insurers to cover COVID vaccine without copays

WASHINGTON (AP) — U.S. officials say they expect health insurance companies will cover vaccines for COVID-19 without charging copays, once those vaccines are approved and become available. At a briefing for reporters Tuesday, a senior Trump administration official said the government has been talking with insurers about offering vaccines at no cost to patients. The industry earlier made a similar commitment to cover testing for the coronavirus without charging copays. In the case of vaccines, insurers generally have a strong financial interest to provide coverage. The Affordable Care Act also requires them to cover preventive services at no cost to patients.

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FCC calls hours-long T-Mobile service outage ‘unacceptable’

NEW YORK (AP) — The head of the U.S. communications regulator said T-Mobile’s nationwide, hours-long outage Monday was “unacceptable” and that the Federal Communications Commission will investigate. The FCC has fined telecom companies in the past for network outages. T-Mobile, one of the country’s three largest wireless service providers, said it had a “voice and text issue” that began around noon EDT Monday. The company blamed an internet-traffic issue that caused problems with its network for the outage. AT&T and Verizon said their networks were working normally.

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Dog-like robots now on sale for $75,000, with conditions

NEW YORK (AP) — You can now buy one of those animal-like robots made famous on YouTube — so long as you don’t plan to use it to harm or intimidate anyone. Boston Dynamics on Tuesday started selling its four-legged Spot robots online for just under $75,000 each. The agile robots can walk, climb stairs and open doors. But people who buy them online must agree not to intentionally use them as a weapon or arm them with one, among other conditions. Boston Dynamics has been developing its dexterous robots through decades of military-funded research but is selling them commercially for the first time.

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PG&E confesses to killing 84 people in 2018 California fire

SAN FRANCISCO (AP) — Pacific Gas & Electric confessed Tuesday to killing 84 people in a devastating Northern California wildfire. The dramatic court hearing was also punctuated by a promise from the company’s outgoing CEO that nation’s largest utility will never again put profits ahead of safety. PG&E CEO Bill Johnson appeared on the company’s behalf in Butte County Superior Court to plead guilty to 84 felony counts of involuntary manslaughter. They stem from a November 2018 wildfire ignited by the utility’s crumbling electrical grid.

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The S&P 500 rose 58.15 points, or 2.8%, to 3,124.74. The Dow Jones Industrial Average rose 526.82, or 2%, to 26,289.98, and the Nasdaq composite climbed 169.84, or 1.7%, to 9,895.87. The Russell 2000 index of smaller-company stocks rose 32.65 points, or 2.3%, to 1,452.26.