WYSO

Avie Schneider

Updated at 12:45 p.m. ET

The dramatic collapse of the U.S. economy from the coronavirus is pummeling America's largest banks, raising new concerns about how much growth is slowing.

Updated at 10:21 a.m. ET

Another 1.5 million people filed for unemployment benefits for the first time last week, a decline of 58,000.

But the number who are continuing to seek the payments is continuing to fall as workers return to their jobs. The Labor Department said continued claims dipped by 62,000 to 20.5 million.

In the past 13 weeks, since the early days of the coronavirus crisis, new claims have totaled a staggering 45.7 million. New weekly filings peaked at nearly 6.9 million in March and have been dropping ever since.

Updated at 3:36 p.m. ET

The Justice Department is proposing legislation to curtail online platforms' legal protections for the content they carry.

The proposal comes nearly three weeks after President Trump signed an executive order to limit protections for social media companies after Twitter began adding fact checks to some of his tweets.

Updated at 4:05 p.m. ET

U.S. stock markets surged Tuesday after reports that retail sales rebounded strongly in May and that the Trump administration is preparing an infrastructure plan to boost the economy, which has been battered by the coronavirus crisis.

Updated at 4:59 p.m. ET

After opening sharply lower, U.S. stock indexes climbed Monday after the Federal Reserve announced it will begin buying corporate bonds. It was the central bank's latest step to help an economy battered by the coronavirus pandemic.

The Dow Jones Industrial Average closed up 157 points, or nearly 0.6%, and the broader S&P 500 index rose 0.8%. The Dow was down nearly 600 points shortly after the opening.

Updated at 4:05 p.m. ET

Stock prices rebounded Friday, one day after a punishing drop triggered by fears that the coronavirus cases are increasing in the Sunbelt.

The Dow Jones Industrial Average closed up 477 points, a gain of 1.9%. The broader S&P 500 index climbed 1.3%.

A day earlier, the Dow lost 1,861 points, or about 7%, and the S&P 500 dove nearly 6%.

The pain in the job market continues as an additional 1.5 million sought jobless benefits for the first time last week, down 355,000 from the prior week. Continued claims fell by 339,000 to 20.9 million, a sign that more people are returning to work as the economy reopens after pandemic lockdowns.

More than 44 million first-time claims have been filed in the past 12 weeks.

Updated at 9:38 a.m. ET

More than 1 in 4 U.S. workers have lost their jobs since the coronavirus crisis shut down much of the economy in March.

Just last week, another 2.1 million people filed for unemployment benefits, the Labor Department said Thursday. That's down 323,000 from the previous week but brings the total for the past 10 weeks to 40.8 million, which represents 26% of the civilian labor force in April.

Tens of millions of people are out of work because of the coronavirus pandemic, but Amazon says it's willing to keep 125,000 people it hired to deal with the online shopping spike as permanent workers.

The company hired 175,000 temporary workers as people stuck at home because of the pandemic switched to shopping online. Now Amazon says it's offering most of those workers permanent full-time jobs.

Updated at 5:36 p.m. ET

Tensions between President Trump and Twitter escalated Wednesday as he threatened to "strongly regulate" or shut down social media platforms, which he accused of silencing conservative viewpoints.

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