The daily business briefing: April 7, 2020

1. Stocks rise on signs outbreak is slowing in some places

U.S. stocks soared on Monday as the spread of the coronavirus outbreak in the country appeared to slow. The Dow Jones Industrial Average gained 7.7 percent. The S&P 500 rose by 7 percent, and the Nasdaq by 7.3 percent. There were 33,260 new cases on Saturday, and 28,200 on Sunday, according to the data from Johns Hopkins. Death rates slowed in Europe, reinforcing hopes that the pandemic, which has forced business closures that have ravaged the economy, could be nearing its peak. Peter Cecchini, the chief marketing strategist at Cantor Fitzgerald, said the surge "doesn't necessarily reflect anything fundamental," but U.S. stock index futures pointed to further gains at Tuesday's open.

CNBC The Wall Street Journal

2. 2 insurers return money to customers driving less due to outbreak

Allstate and American Family Insurance announced Monday that they would return about $800 million to auto insurance customers because they were driving significantly less due to stay-at-home orders in the coronavirus crisis. Allstate said it was refunding about 15 percent of its customers' April and May premiums, totaling about $600 million. "This is fair because less driving means fewer accidents," Allstate CEO Tom Wilson said. American Family, which has customers in 19 states, also plans to return money (about $50 per insured vehicle) to all of its customers. Allstate also said it would offer anyone in the U.S. free identity theft protection for the rest of the year "since our lives have become more digital."

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CNN

3. Walmart worker's estate sues over coronavirus death

The estate of a Walmart worker who died of coronavirus has filed a lawsuit accusing the giant retailer of failing to provide workers with protective masks and gloves, and not sufficiently disinfecting the store. Wando Evans, 51, died on March 25 of COVID-19. Four days later another worker in the same Evergreen Park, Illinois, store also died of complications from the novel coronavirus. The suit alleges that the company didn't warn employees "that various individuals were experiencing symptoms." Walmart said it was "heartbroken" about the deaths and was taking the allegations seriously. It said neither employee had been at the store in more than a week, but it was reinforcing its "cleaning and sanitizing measures."

MarketWatch

4. Congress, White House discuss another round of stimulus

The White House and congressional leaders are nearing consensus on a new assistance package to counter economic damage caused by efforts to contain the coronavirus pandemic. House Speaker Nancy Pelosi said Monday that House Democrats are considering a package that could "easily" exceed $1 trillion. President Trump has signaled support for some of the Democrats' proposals, including greater help for small-business owners and another round of checks to U.S. households. Republican leaders are pushing for more corporate aid and support for the overwhelmed health-care system. Leaders from both parties reportedly are concerned that the $2 trillion-plus bailout legislation approved last month will not be enough to get Americans through the crisis.

The Washington Post

5. 3M to import 166.5 million N95 masks to resolve clash with Trump

3M has agreed to import 166.5 million protective masks for U.S. health-care workers over the next three months, the company and President Trump said Monday. Most of the masks will come from 3M's factory in China. The effort came after a dispute between the company and Trump, who last week invoked the Defense Production Act to get 3M to deliver more N95 masks, ordering the company to prioritize orders from the federal government. "We have reached an agreement, a very amicable agreement, with 3M for the delivery of an additional 55.5 million high-quality face masks each month," Trump said. "So the 3M saga ends very happily."

The Washington Post