President Donald Trump is launching Trump Accounts on July 4, aiming to boost financial independence for children born during his second term.

Parents can open accounts for these children, receiving $1,000 from the government and potentially more from billionaires who’ve pledged to provide money. The funds are managed by private firms and are invested in the stock market. Children can access the money at age 18 for specific purposes like education or home buying. The program has faced criticism for not addressing kids’ immediate needs and potentially widening the wealth gap. Affluent families that can afford to put their own money in the accounts will realize the greatest benefits.

Dow hits record as most of Wall Street rises

Most U.S. stocks rose, and the Dow Jones Industrial Average set another record, but more drops for chip stocks and other AI winners kept indexes mixed.

The S&P 500 finished basically unchanged on Thursday, even though seven out of every 10 stocks within the index rose. The Dow rallied 1.1%, while the Nasdaq composite dropped 0.8% after erasing an early gain.

Average US mortgage rate falls to 6.43%

The average long-term U.S. mortgage rate fell this week to its lowest level since mid-May, easing borrowing costs for prospective homebuyers.

Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate eased to 6.43% from 6.49% last week. One year ago, the average rate was 6.67%.

Trump administration proposes drug price rule

The Trump administration is proposing a new rule to keep hospitals from marking up discounted drugs for Medicare patients. They say it could save consumers a combined $1.1 billion next year, according to estimates obtained by The Associated Press. The change would apply to hospitals that serve low-income patients.

The hospitals buy outpatient prescription drugs at discounted prices. But in many cases, they can bill insurers at higher rates and keep the difference.

Dems accuse fundraisers linked to Trump of fraud

House Democrats allege consultants tied to President Donald Trump may have engaged in financial fraud related to the nation’s 250th anniversary celebrations.

Democrats accuse the consultants of tricking donors who wanted to support the nation’s bipartisan 250th anniversary organizer into sending their money to a rival group set up by Trump’s Republican administration. A Democratic report released Thursday says donors intending to contribute funds to the bipartisan America250 committee created by Congress were instead given banking and routing numbers for a different but similarly named Trump-backed group, Freedom 250.

U.S. filings for jobless aid fall to 215,000

U.S. applications for jobless aid inched down last week as layoffs remain at historically healthy levels.

The number of Americans filing for unemployment benefits in the week ending June 27 fell by 1,000 to 215,000, the Labor Department reported Thursday. That’s fewer than the 225,000 new applications forecast by analysts surveyed by the data firm FactSet.

NJ to charge companies with workers on Medicaid

New Jersey is set to charge companies whose workers have Medicaid health coverage.

It’s an idea that other states have considered this year as new federal policies mean fewer people have coverage and states have to foot more of the bill when they do.