Dow soars as investors take in $2 trillion stimulus deal: March 25, 2020

IBM (IBM) is part of a growing group of corporations taking steps to aid in fighting coronavirus. Among its latest: an app from The Weather Channel (which IBM owns) that allows users to track the outbreak in their area.

The app has been outfitted with a new "COVID-19" tab that shows coronavirus cases, deaths and — soon — recoveries in the zip code and state where the phone is being used. It uses CDC data, and also shows the trend of cases in the state, as well as a map of where they are.

"The data for COVID is very complex out there ... We said could we help if we had a trusted source for the consumer, from the CDC, that was hyperlocal?" IBM CEO Ginni Rometty said in an interview with CNN.

IBM is now working on developing the app in Spanish for other parts of the world.

Watch the interview here:

BMW will close its largest US factory for two weeks due to supply chain disruptions amid the coronavirus pandemic.

“We will continue to monitor the ongoing situation very closely and adjust our plans as circumstances dictate,” BMW said in a statement.

The closure of the South Carolina plant will commence on Sunday, March 29.

US banks are under pressure from the coronavirus crisis, which could hurt their credit profiles in the long run, according to ratings agency Fitch.

Fitch cut its ratings outlook for America's banks to "negative" from "stable" last week.

US banks had been in a more sustainable position, as the 2008 financial crisis spurred new rules for liquidity, capital and regulatory standards.

But that doesn't mean the outbreak won't hurt banks. Lower interest rates will make their lending businesses less profitable, for example.

Corporations, meanwhile, need to access credit facilities -- which Fitch expects will ultimately be recycled back into the banking industry.

Major US bank stocks are in the red today. JPMorgan (JPM), the largest American bank by assets, is down nearly 4%.

Citi (C) stock is down 1.6%, and Bank of America (BAC) shares are down nearly 3%.

Target (TGT) said Wednesday that sales at stores open for at least one year have increased 20% so far in March compared with last year.

Household staples and food sales have increased 50% so far in March and clothing sales have dropped 20% compared with last year, Target said.

Target's results signal that Americans are stocking up on food and basic items, but not clothing, during the pandemic.

However, Target withdrew its prior guidance for first quarter and full year 2020 sales and profit and suspended share buybacks.

That drove down Target's stock around 8% during early Wednesday trading.

McDonald's is closing stores and adjusting its operations to cope with the coronavirus pandemic.

The company said in an SEC filing Wednesday that "substantially all of our restaurants in the United States are operating drive-thru, delivery and takeaway only," adding that some also have limited hours menus and capacity. It added that all locations in France, Italy, Spain and the United Kingdom are currently closed, and that most other international restaurants are limiting their operations.

The pandemic is expected to "negatively impact our financial results," the company added, saying that the impact could be material.

How can retailers navigate the coronavirus pandemic as stores around the world shut down? Investors think Nike (NKE) could offer some clues.

The retailer's revenue between December and February beat investors' expectations despite a heavy reliance on China, pushing shares up 10% in early trading.

Driving the enthusiasm: Nike said that sales in Greater China fell 4% last quarter, after 22 consecutive quarters of double-digit growth. But online sales in the region increased by more than 30%, helping to compensate for the fact that three quarters of its locations were temporarily closed. The company said that nearly 80% have now reopened.

UBS analyst Jay Sole said the strength of online sales eases some concerns about cash flow and will put Nike in a better place than expected when the crisis ends. But the company still faces tough months ahead. All stores outside Greater China, Japan and Korea have been closed since March 16.

US stocks initially opened in the green on Wednesday after political leaders in the country reached a major deal overnight about a $2-trillion stimulus bill that will provide a jolt to America's coronavirus-stricken economy. But then things got messy.

Stock futures had rallied on the news, but pared their gains ahead of the opening bell. For investors, many questions remain, including just how long the outbreak will last.

And in the first minutes of trading, stocks were all over the place.

All three indexes pared their initial gains and the S&P and the Nasdaq briefly dropped into negative territory within the first minutes of trading.

The Dow was last up 600 points, or 2.7%, while the S&P recovered to climb 1.7%. The Nasdaq also rose 1.6%.

Frontline workers in the health care industry who are responding to the coronavirus pandemic can get a free tall brewed or iced coffee at Starbucks.

Police officers, firefighters, paramedics, doctors, nurses, hospital staff and researchers can get a free beverage in stores until May 3, the company said.

For the next two weeks, however, the free cup could be more difficult than usual to get as the company has closed a number of its US and Canada cafes because of the pandemic. It's temporarily only offering drive-thru and delivery only.

However, some locations within or nearby hospitals remain open.

As the United States is getting used to the new normal of social distancing and self-isolation, many wonder when everyday life -- and the economy -- will go back to the way things were before.

The coronavirus crisis is expected to result in a short but sharp recession for America and the world.

But rather than a Great Depression-style downturn, this is much more akin to a major snowstorm or natural catastrophe, Bernanke said. And that also means that monetary policy can only help so much if the public health aspect isn't handled right.