Business News

The Dow just crossed 40,000 for the first time. The number is big but means little for your 401(k)

NEW YORK (AP) — Through its long history, the Dow Jones Industrial Average has offered a way for people to get a quick read on how Wall Street is doing. But its importance is on the wane. Because it holds just 30 stocks and uses a quirky way to measure their impact on the stock market, the Dow has ceded its importance on Wall Street to other indexes. So even if the Dow’s topping the 40,000 level is cause for celebration, it doesn’t inherently mean much. What’s more important is that it’s one of the examples showing how the broader U.S. stock market is setting records.

Supreme Court sides with the Consumer Financial Protection Bureau, spurning a conservative attack

WASHINGTON (AP) — President Joe Biden says the Supreme Court’s rejection of a conservative-led attack that could’ve undermined the Consumer Financial Protection Bureau is “an unmistakable win” for consumers. The justices ruled Thursday the way the bureau is funded does not violate the Constitution. The bureau was the brainchild of Democratic Sen. Elizabeth Warren of Massachusetts, who says the court followed the law. Payday lenders had objected to a bureau rule limiting their ability to withdraw funds directly from borrowers’ bank accounts. The bureau was created to regulate consumer finance including mortgages and car loans. Republicans and their financial backers oppose it. A bureau spokesman says the court has made clear the bureau is here to stay.

US prisoners are being assigned dangerous jobs. But what happens if they are hurt or killed?

PHOENIX (AP) — An Associated Press investigation into prison labor in the United States found that prisoners who are hurt or killed on the job are often being denied the rights and protections offered to other American workers. These prisoners are being placed in dangerous jobs, sometimes with little or no training. They pick up trash along busy highways, fight wildfires, and operate heavy machinery. They work on industrial-sized farms and meat-processing plants tied to the supply chains of large, iconic companies, from McDonald’s to Target. But incarcerated workers and their families often have little or no recourse when things go wrong.

Walmart’s strong first quarter driven by consumers seeking bargains with inflation still an issue

NEW YORK (AP) — Walmart is reporting another quarter of strong results as its low prices pull in shoppers scouring for discounts with inflation stubbornly high. The nation’s largest retailer also offered an upbeat outlook, too. The nation’s biggest retailer reported profits of $5.10 billion, or 63 cents per share, and revenue rose 6%. Both were better than expected. Walmart said that its customers are spending more on necessities, while cutting back on discretionary items like home furnishings.

FDIC chair is grilled on Capitol Hill after report outlines agency’s toxic workplace culture

WASHINGTON (AP) — Federal Deposit Insurance Corp. Chairman Martin Gruenberg is sitting for a second day of grilling on Capitol Hill, this time at the Senate Banking Committee, after a damning report about the agency’s toxic workplace culture was released last week. The hearing Thursday largely focused on FDIC workplace culture and Gruenberg’s failures, according to the report, in preventing hundreds of instances of harassment and discrimination against employees. An independent review of the FDIC’s workplace culture released last week describes an environment that fostered “hostile, abusive, unprofessional, or inappropriate conduct,” and questions whether the agency’s chairman is able to lead the agency through a cultural transformation.

Stock market today: Dow tops 40,000 for the first time as Wall Street drifts

NEW YORK (AP) — The Dow Jones Industrial Average topped the 40,000 level for the first time, as U.S. stocks drift around their records. The Dow was up 69 points Thursday, falling back slightly from 40,000 earlier. The S&P 500, which is much more widely followed by Wall Street and savers’ 401(k) accounts, rose 0.1%. The Nasdaq composite fell 0.1%. All three indexes set records on Wednesday amid revived hopes that cooling inflation will allow the Federal Reserve to cut its main interest rate this year. Walmart rose after reporting stronger profit for the latest quarter than expected. Treasury yields were edging higher.

Facebook and Instagram face fresh EU digital scrutiny over child safety measures

LONDON (AP) — The European Union opened fresh investigations into Facebook and Instagram over suspicions that they’re failing to protect children online, in violation of the bloc’s strict digital regulations for social media platforms. It’s the latest round of scrutiny for parent company Meta Platforms under the 27-nation EU’s Digital Services Act. It’s a sweeping set of regulations that took effect last year with the goal of cleaning up online platforms and protecting internet users. The European Commission said it’s concerned that algorithmic systems used by Facebook and Instagram to recommend content could “exploit the weaknesses and inexperience” of children and stimulate “addictive behaviour.”

One Tech Tip: Protecting your car from the growing risk of keyless vehicle thefts

LONDON (AP) — Auto technology has evolved. Many newer cars use wireless key fobs and push-button starters. The technology makes it more convenient to get into your vehicle, but it also makes things easier for thieves. Keyless entry systems have enabled a surge in auto thefts carried out through so-called relay attacks. Experts say it’s relatively easy for drivers to secure their cars. You can get a signal blocker to hold your keys when you get home. A physical lock that attaches to the steering wheel acts as a visible deterrent. Many automakers let you disable the remote unlock function on key fobs.

Justice Department formally moves to reclassify marijuana as a less dangerous drug in historic shift

WASHINGTON (AP) — The Justice Department has formally moved to reclassify marijuana as a less dangerous drug, a historic shift in generations of U.S. drug policy. A proposed rule sent Thursday to the federal register recognizes medical uses of cannabis and acknowledges it has less potential for abuse than some of the most dangerous drugs. The plan signed by Attorney General Merrick Garland wouldn’t legalize marijuana outright for recreational use. The Drug Enforcement Administration will take public comment on the proposal to move marijuana from its classification as a Schedule I drug, alongside heroin and LSD. It moves pot to Schedule III, alongside some anabolic steroids. The U.S. Cannabis Council trade group applauds the proposed change.

China and Russia reaffirm their close ties as Moscow presses its offensive in Ukraine

BEIJING (AP) — Russian President Vladimir Putin and Chinese leader Xi Jinping reaffirmed their “no-limits” partnership that has deepened as both countries face rising tensions with the West, and they criticized U.S. military alliances in Asia and the Pacific region. At their summit Thursday, Putin thanked China’s proposals for ending the war in Ukraine, which have been rejected by Ukraine and its Western supporters as largely following the Kremlin’s line. Putin’s two-day visit to one of his strongest allies and trading partners comes as Russian forces are pressing an offensive in northeastern Ukraine’s Kharkiv region in the most significant border incursion since the full-scale invasion began in 2022.