‘We have a deal’: Biden announces infrastructure deal
WASHINGTON (AP) – President Joe Biden has announced a bipartisan deal on a clean but still huge infrastructure plan. The deal with a group of Republican and Democratic senators on Thursday would make a start on his top legislative priority and validate his efforts to reach the political aisle. Plans to inject money into rebuilding the country’s roads, bridges and other infrastructure, at the same time, could give companies that make machinery and materials a solid foundation for their growth. Caterpillar, with its heavy machinery, and building materials company Vulcan Materials could see years of additional activity as roads and bridges are rebuilt and buildings are modernized.
All major banks pass the latest Federal Reserve stress tests
NEW YORK (AP) – The country’s 23 largest banks are healthy enough to withstand a sudden economic disaster, the Federal Reserve said on Thursday, releasing the results of its latest “stress tests”. It gives banks the green light to resume paying dividends to investors and repurchasing their shares. This year’s toughest test, known as the “severely adverse scenario,” involved a hypothetical global recession lasting from late 2020 to September 2022, causing the US economy to contract 4%. Unemployment would rise to 10.75% and stock prices would fall by 55%. Even in this scenario, all banks would have enough capital to continue operating with room for maneuver.
The US economy grows 6.4% in the first quarter and that’s probably just the start
WASHINGTON (AP) – The U.S. economy grew at a solid 6.4% rate in the first three months of this year, paving the way for what economists predict could be the strongest year for the economy for perhaps seven decades. The Commerce Department said on Thursday that growth in gross domestic product, the country’s total output of goods and services, was unchanged from the two previous estimates. The gain represents an acceleration of growth to a rate of 4.3% in the fourth quarter.
Google delays phasing out of tracking technology by nearly 2 years
LONDON (AP) – Google is delaying the phase-out of Chrome web browser technology that tracks users for advertising purposes by nearly two years, saying it needs more time to develop a replacement system. The tech giant moved its deadline for deleting so-called third-party cookies to the end of 2023 on Thursday rather than January 2022 as was originally planned. Third-party cookies are code snippets that record information about users and are used by advertisers to target their campaigns more effectively, thereby helping to fund free online content like newspapers and blogs. However, they are also a long-standing source of privacy concerns, as they can be used to track users across the Internet.
FedEx posts profits as online shopping boom continues
NEW YORK (AP) – FedEx reported profit of nearly $ 2 billion in its most recent quarter, after posting a loss the previous year, helped by an increase in online shopping and growth in its business services. inter-company shipping. Parcel delivery companies like FedEx have been in high demand during the pandemic as more people have stayed at home and shopped online. At the same time, FedEx has provided vaccines against COVID-19. The Memphis, Tennessee-based company reported net income of $ 1.87 billion for the three months ending May 31, compared to a loss of $ 334 million for the same period the year before.
Teamsters have a new mission: to organize Amazon workers
NEW YORK (AP) – One of the largest unions in the country aims to organize Amazon workers. Representatives of the International Brotherhood of Teamsters, a union that represents 1.4 million workers, voted Thursday to make organizing Amazon workers a priority. This means that he will create an Amazon-focused division and put money aside for the effort. The Teamsters said Amazon, the country’s second-largest private employer, exploits its employees by paying them low wages, pushing them to work at high speeds and offering them no job security. He also said the company, which has rapidly grown its delivery business, threatens the labor standards it has created for workers at other freight and delivery companies, such as UPS.
Congress repeals Trump-era payday lender regulations
NEW YORK (AP) – Congress has overturned a set of regulations enacted in the closing days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates. The House voted 218-208 to overturn the Office of the Comptroller of the Currency’s payday loan regulations with a Republican vote with the Democrats. Thursday’s vote to overturn the OCC’s “real lender rules” marked the first time Democrats in Congress have successfully overturned regulations using the Congressional Review Act. The law was enacted in the mid-1990s and gives Congress the power to override the rules and regulations of federal agencies with a simple majority vote in the House and Senate.
Stocks add to weekly earnings, helped by infrastructure deal
NEW YORK (AP) – Stocks closed higher on Wall Street on Thursday, with traders encouraged to see a bipartisan deal on infrastructure spending as well as positive reports on the economy. The S&P 500’s 0.6% gain to 4,266 marked another high for the benchmark, beating the high it set early last week. Stocks increased their gains in the afternoon after President Joe Biden announced the infrastructure deal, which is sure to benefit companies that make machinery and materials. Bond prices fell, pushing yields up slightly. The yield on the 10-year Treasury bill was 1.49%.
The S&P 500 gained 24.65 points, or 0.6%, to 4,266.49. The Dow Jones Industrial Average gained 322.58 points, or 1%, to 34,196.82. The Nasdaq added 97.98, or 0.7%, to 14,369.71. The Russell 2000 Small Business Index rose 30.15 points, or 1.3%, to 2,333.62.