BIZ BRIEFS
Stock markets record first back-to-back gains in 5 weeks
Stocks scored their first back-toback gains Wednesday since a brutal sell-off began five weeks ago, but much of an early rally faded late in the day as a last-minute dispute threatened to hold up a $2 trillion economic rescue package in Congress.
The S&P 500 rose 1.2%, bringing its two-day gain to 10.6%. It had been up 5.1% earlier in the day as Congress moved closer to approving the plan to provide badly needed aid to an economy that has been ravaged by the coronavirus. The market is now down nearly 27% since setting a record high a month ago.
Many on Wall Street say they don’t think stocks have hit bottom yet.
On Wednesday, the S&P 500 was down as much as 1.6% before it turned decisively higher. It ended the day up 28.23 points to 2,475.56. The Dow Jones Industrial Average rose 495.64 points, or 2.4%, to 21,200.55. The Nasdaq dropped 33.56 points to 7,384.30. The Russell 2000 index of smaller company stocks gained 13.79 points, or 1.3%, to 1,110.34.
Aetna waives patient payments for coronavirus hospital stays
One of the nation’s biggest health insurers is waiving patient payments for hospital stays tied to the coronavirus.
CVS Health’s insurer Aetna said Wednesday that many of its customers will not have to make co-payments or other forms of cost sharing if they wind up admitted to a hospital in the insurer’s provider network.
The move could save those patients thousands of dollars, depending on their coverage and how much health care they’ve used so far this year.
The waiver lasts through June 1. It applies to the insurer’s 3.6 million customers who have individual insurance or get their coverage through a fullyinsured plan offered by a small business. Big employers that offer Aetna coverage also can chose to waive those payments, a spokesman for the insurer said.
Gap Inc. to make supplies for health care workers
Gap. Inc is shifting its resources to make vital gear for health care workers battling the coronavirus pandemic.
In a statement published to Twitter late Tuesday, the clothing retailer said it will pivot its factory partners to make personal protective equipment such as masks, gowns and scrubs for frontline health care workers.
Last week, Gap Inc., which includes brands Gap, Old Navy, Athleta and Banana Republic among its portfolio, said it would temporarily close stores in North America to stem the spread of the coronavirus.