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Dow leaps to record as oil prices ease
Wall Street rallied after falling oil prices and yields in the bond market eased the pressure on U.S. stocks.
The S&P 500 rose 0.4% Thursday for its 10th gain in the last 11 days, a day after dropping from its all-time high. The Dow Jones Industrial Average soared 1.7% to a record, and the Nasdaq composite slipped 0.1%. Banks and small companies helped lead the way after oil prices fell close to 3% and Treasury yields dipped.
Tyco agrees to settle over water contamination
The manufacturer of firefighting foam that contaminated the water supply in northeast Wisconsin with PFAS chemicals for decades has agreed to a $10 million settlement with the state.
Wisconsin's governor and attorney general, both Democrats, announced the deal on Thursday. Gov. Tony Evers hailed the settlement with Tyco Fire Products as a "historic and important milestone" in the fight for clean water. The settlement comes as communities across the country are struggling with PFAS contamination.
US jobless aid filings highest since war began
The number of Americans filing for jobless aid hit their highest level in four months last week, but layoffs remain historically low despite ongoing economic uncertainty brought on by the war in Iran.
U.S. applications for unemployment benefits for the week ending May 30
increased by 13,000 to 225,000, the Labor Department reported Thursday. That's the most since early February, before the U.S. and Israel launched attacks on Iran, but still a historically low level.
Average US long-term mortgage rate falls
The average long-term U.S. mortgage rate eased this week from its highest level in nine months, welcome relief for prospective homebuyers.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate fell to 6.48% from 6.53% last week. The average rate remains below 6.85%, where it was a year ago.
American Airlines suspends some routes
American Airlines is temporarily suspending some routes this summer due to steep jet fuel costs amid the war with Iran.
The airline says it adjusted service for select routes in August and September. Impacted travelers will be offered alternative arrangements or refunds. The Texas-based airline cites elevated fuel costs and says these changes align with wider industry trends.
French Gates donates to improve women's health
Melinda French Gates is expanding her efforts to improve women's health worldwide, pledging $215 million for contraceptive access and maternal care, as well as initiatives for middle-age women.
This brings her total donations for women's health to over $600 million in the past two years. French Gates emphasizes that women's health is fundamental to her work through Pivotal, her philanthropic and investment organization. The funding includes $40 million for mental health support in Africa and $10 million to improve menopause care in the U.S.
Screwworm fly detected in Texas
The U.S. Department of Agriculture has confirmed that the New World screwworm fly has arrived in south Texas.
The case announced Wednesday marks the first time in decades that the flesh-eating parasite has threatened the nation's cattle industry and only the third time it has appeared in the U.S. in that time. Agriculture Secretary Brooke Rollins said the case was found in a 3-week-old calf in La Pryor, Texas.