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Dow tumbles into bear market as coronavirus fears intensify

NEW YORK (AP) — Stocks fell sharply on Wall Street, shaving 5.9% off the Dow Jones Industrial Average and bringing the index into a bear market. The more widely followed S&P 500 is within one percentage point of its own bear market, which would mark the end of one of Wall Street's greatest eras. Investors are waiting for a more aggressive response from the U.S. government to economic fallout from the coronavirus. The losses accelerated after health authorities declared the outbreak a pandemic. Vicious swings like Wednesday’s are becoming routine as investors rush to sell amid uncertainty about how badly the outbreak will hit the economy.

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Corporate debt loads a rising risk as virus hits economy

WASHINGTON (AP) — Economic fallout from COVID-19 threatens companies that have piled on debts over the past decade. The numbers are staggering: Corporate debt worldwide comes to $72 trillion, up from $32 trillion in 2005. Much of the debt is concentrated in corporate bonds — nearly $10 trillion in the United States and $13 trillion worldwide. Especially vulnerable are U.S. energy companies, buried in debt and contending with plunging oil prices. And bonds that trade just above junk levels are at risk of getting downgraded and turned into "fallen angels.'' Stressed companies could be forced to cut jobs and other costs to meet debt payments, potentially making a virus-related economic downturn even worse.

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Administration weighs delaying tax deadline amid outbreak

WASHINGTON (AP) — The Trump administration is working on plans to delay the April 15 federal tax deadline for some taxpayers in a bid to soften the impact of the coronavirus outbreak on the U.S. economy. Treasury Secretary Steven Mnuchin told Congress on Wednesday that the administration is looking to provide relief for most individual taxpayers as well as for small businesses. Mnuchin says a payment delay would have the effect of putting more than $200 billion back into the economy.

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Facing recession, Europe grasps for ways to limit damage

FRANKFURT, Germany (AP) — Europe is staring a recession in the face because of the virus outbreak and governments are lining up new measures to limit the damage. Economists say that's the best they can do since the crisis is medical and not economic. The goal would be just to help companies get through the worst without firing people. Analysts say the European Central Bank could announce new measures to support the economy when it holds a monetary policy meeting on Thursday.

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Cluster of coronavirus cases is tied to US biotech meeting

BOSTON (AP) — A biotech meeting at a hotel in downtown Boston appears to be the source of a cluster of the coronavirus in the U.S. — and a warning for employers who are still holding big gatherings as the outbreak spreads. Officials say 70 of Massachusetts' 92 confirmed cases have been linked to a meeting of executives with Biogen. The company is based in Cambridge, Massachusetts. Officials say at least 11 people who have tested positive for the virus outside Massachusetts have been linked to the late February meeting, including five in North Carolina, two in Indiana, and one each in New Jersey and Tennessee. Two tested positive in Europe.

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Employers, insurers lend hand navigating health care system

NEW YORK (AP) — Patients left confused or daunted by the health care system may soon have a new ally: their employer. More companies and insurers are providing aides to help people find doctors, understand coverage or even drop a few pounds to improve their health. These so-called navigators are available at no charge. They can help people consider other treatment options or figure out how to fight a coverage denial. The idea is to help people find the best care while minimizing billing surprises and other complications. Such assistance can cut costs and keep workers healthy and on the job.

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Saudi Aramco to boost capacity; Abu Dhabi to increase supply

DUBAI, United Arab Emirates (AP) — Saudi Arabia is steaming ahead with its new energy play, directing the kingdom's oil company Aramco to increase its maximum production capacity. Also Wednesday, Abu Dhabi's ADNOC said it was boosting oil output by 25% to 4 million barrels per day. Abu Dhabi's decision to increase production comes after Saudi Arabia took steps to essentially flood the market to dominate a greater share. That's because major oil producer Russia refused to go along with more production cuts. Meanwhile, global demand for oil is slowing due to the new coronavirus, which has hampered travel and business.

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US budget deficit up 14.8% for first 5 months of fiscal year

WASHINGTON (AP) — The U.S. budget deficit through the first five months of this budget year is up 14.8% from the same period a year ago, keeping the country on track to record its first $1 trillion deficit since 2012. The Treasury Department said Wednesday in its monthly budget report that the deficit from October through February totaled $624.5 billion, $80.3 billion higher than the same period a year ago.

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The S&P 500 index fell 140.85, or 4.9%, to 2,741.38, the Dow Jones Industrial Average fell 1,464.94 points, or 5.9%, to 23,553.22, and the Nasdaq lost 392.20, or 4.7%, to 7,952.05. The Russell 2000 index of smaller-company stocks ended down 86.60 points, or 6.4%, at 1,264.30.