Michael Liedtke, Marcy Gordon and Matt O'Brien, Associated Press | PostedJul 29th - 10:10pm
Congressional lawmakers finally got a chance to grill the CEOs of Big Tech over their dominance and allegations of monopolistic practices that stifle competition. But it's not clear how much they advanced their goal of bringing some of the world's largest companies to heel.
Arkansas officials plan to use a state grant to help fund the construction of a statue of civil rights leader Daisy Bates in the U.S. Capitol, instead of using that money for an easement at the site of a Confederate statue in downtown Little Rock.
Wall Street rallied today with the S&P up 1.2%, gaining 40.00 points to 3,258.44 for its best day in two weeks after the Federal Reserve kept the accelerator floored on its support for the economy. Stocks began rising as soon as trading opened, and momentum picked up after the Fed said in the afternoon that it will keep interest rates at their record low as the economy struggles through the recession created by the coronavirus pandemic. Tech stocks again helped lead the way. The Dow rose 160.29, or 0.6%, to 26,539.57, and the Nasdaq composite added 140.85, or 1.4%, to 10,542.94.
Margaret Stafford, Associated Press | PostedJul 29th - 2:58pm
Two U.S. representatives introduced legislation Wednesday that would ban greyhound racing nationwide, after an advocacy group released videos showing greyhounds being trained by chasing, mauling and killing live rabbits in Kansas, Oklahoma and Texas, a practice that is prohibited by the greyhound racing industry.
Michael Kunzelman, Associated Press | PostedJul 29th - 2:35pm
A former state lawmaker who helped create Maryland's medical marijuana industry was sentenced on Wednesday to two years in prison for taking bribes for legislative favors, including votes to benefit a medical marijuana company.
Andrew Dalton, Associated Press | PostedJul 29th - 1:31pm
A federal appeals court on Wednesday restored a major part of Ashley Judd’s lawsuit against Harvey Weinstein, finding that the producer had power over the actor which should make her able to sue under a California sexual harassment law.
Stocks are rising in midday trading on Wall Street, led by technology stocks. Chip maker Advanced Micro Devices jumped nearly 14% for one of the market’s biggest gains after it reported stronger profit growth for the spring than Wall Street expected and raised its sales forecast for the year.
Christopher Rugaber, Associated Press | PostedJul 29th - 12:03pm
Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future.
After a drastic plunge in usage with so many people no longer commuting to work, the music streaming service said Wednesday that in-car listening at the end of the quarter was less than 10% below pre-pandemic levels. That's up from a 50% decline at the trough in April. Spotify had a 27% uptick in premium subscribers in its second quarter compared with a year ago, while total monthly active users rose 29%. Still, it posted a wider-than-expected quarterly loss and revenue was disappointing. Shares dipped about 1%.
Martin Crutsinger, Associated Press | PostedJul 29th - 9:50am
Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year.