Business Notes: Encouraging Items Emerge Amid Coronavirus Pandemic

PITTSBURGH (KDKA) -- In today's Business Notes, there are a couple of encouraging items.

First, the markets have posted gains four out of the last five days.

And second, several drug-related companies saw their stocks surge in price on the news about developing a vaccine for the coronavirus.

Johnson and Johnson's stock went up when it announced it will begin human trials on a vaccine in September and if it works, it could be available early next year.

And the stock of Abbot Labs was up seven percent after it announced the FDA had approved an emergency-use test for the virus.

So the markets went up on that type of news and on the news that the government is extending the social distancing guidelines through April.

Investors are also dealing with some negative news.

Despite the money the government is making available, the airline industry saw a decline in stock prices as several major carriers reduced flight schedules and more cost-cutting moves.

And Macy's announced it is going to lay off the majority of its workforce, beginning this week.

According to Macy's, its sales have diminished to the point it has to take action.

The retailer employs 130,00 people, most of whom will be out of a job.

They will have their health care premiums at least through May.

Macy's also said it plans to hire back the employees, on a staggered basis, once it sees business start to pick up.

You already know bars and restaurants were among the first to take it on the chin.

And, according to a survey by the National Restaurant Association, restaurants in this country have lost a combined $25 billion in sales this month.

And on the subject losing, the price for a barrel of oil has hit its lowest level in 18 years, dropping by six percent.

Not down, but up for the stock markets today.

Here are the closing numbers.

The Dow Jones Industrial Average was up 690 points or 3 percent.

The NASDAQ was up triple digits as well, posting a gain of 271 points or 3 and 2/3 percent.

And, the S&P 500 was up 85 points or 3 and 1/3 percent.