Newsletter Jun 25, 2021

In a rare sign of bipartisanship in Congress, Democrats and Republicans have agreed to a $1.2 trillion plan to fix America's crumbling infrastructure.
3 things you must know

  • Bipartisan infrastructure bill invests $1.2 trillion in America

    President Joe Biden scored a political victory Thursday when he stood outside the White House -- with Democrats and Republicans by his side -- declaring "we have a deal" on an infrastructure bill. And while the $1.2 trillion plan falls well short of his requested spending, the mere mention of bipartisanship agreement was a win in itself.

    “None of us got all that we wanted. I didn’t get all that I wanted," Biden said of the negotiated deal. "But this reminds me of the days we used to get an awful lot done up in the United States Congress.” 

    Biden claims to have the 60 votes needed to pass the bill in the Senate, driving a wedge between the moderate and pro-Trump wings of the GOP that until now have been united against Biden's agenda. But like any deal in Congress, it isn't over until the ink is dry.

    FIND OUT HOW THE $1.2 TRILLION BILL WILL BE SPENT

  • Markets react favorably to Fed policy, infrastructure plan

    Stocks surged Thursday in the wake of an announced deal on an infrastructure bill and new signs that economic recovery is on track. Both the S&P 500 and NASDAQ finished at records as fears of the pandemic fade and hopes for a brighter economic future brighten.

    Markets have rallied recently after the Dow suffered its worst week since October on fears of inflation and higher interest rates, but the Federal Reserve says it is reluctant to raise rates. And another expected jolt of stimulus dollars from the bipartisan infrastructure bill are giving investors renewed confidence in the economy's recovery.

    SEE WHICH STOCKS EXPERIENCED THE BIGGEST GAINS

  • Unemployment remains stagnant despite recovery

    New unemployment claims decreased only slightly, according to Thursday's latest jobs report, as employers continue to struggle to hire workers at a pace to keep up with the economic recovery. The 411,000 jobless benefits claims is down only 7,000 from the last report and is well above the previous estimates of 380,000.

    One analyst calls the news “an improvement from the unprecedented [pandemic-induced] unemployment figures and unprecedented times of one year ago, but with 14.8 million Americans registered as unemployed, little changed from last week, there is need for continued progress in the months ahead.”

    FIND OUT WHAT PARTS OF THE NATION FARED THE WORST
Markets
DJIA 34,196.82 0.95%
S&P 500 4,266.49 0.58%
Nasdaq Composite 14,369.71 0.69%
Japan: Nikkei 225 29,066.18 0.66%
UK: FTSE 100 7,113.99 0.06%
Crude Oil Futures 73.03 -0.37%
Gold Futures 1,783.10 0.36%
Yen 110.73 -0.14%
Euro 1.19 0.09%
* As of market close
Searching for survivors, answers in Florida

Thursday's collapse of a 12-story Miami-area condo had rescue workers searching for survivors overnight, and authorities looking for answers to how the building "pancaked" without warning and for no apparent reason. Officials have confirmed one death and multiple injuries, but fear those numbers will grow as 99 people are feared missing beneath the rubble.

Multiple theories have emerged about what may have caused the collapse -- past homeowner complaints of ill-repaired water damage, recent work on the roof, and a report that the area has been sinking since the 1990s. The search for explanations lies amid a massive pile of steel and people.

SEE WHAT OFFICIALS ARE SAYING ABOUT THE POSSIBLE CAUSES
New York suspends Giuliani's law license

From "America's Mayor" to national laughing stock, Rudy Giuliani's fall from grace reached a new low Thursday when his license to practice law in his home state was suspended over his peddling of misinformation. The state court ruled that the personal lawyer for Former President Donald Trump's "conduct immediately threatens the public interest and warrants interim suspension from the practice of law, pending further proceedings."

It's the latest in a series of public embarrassments for Giuliani, who is being sued for $1.3 billion for his false claims of election fraud in the 2020 election. Rejected at every turn by the courts, Giuliani made bizarre TV appearances, held rambling press conferences, and got duped by Borat.

WHAT DEFENSE WILL GIULIANI'S LAWYERS USE TO FIGHT IT?

Tesla has traditional carmakers on its tail

The worst thing about being first is the need to look over your shoulder. That's exactly what's happening to Tesla as traditional American automakers Ford and General Motors gain ground in the EV market.

Following recent announcements about heavy investments in their electric vehicle fleet, Ford’s stock is up nearly 75% and GM's is up 40%. While those numbers pale in comparison to Tesla's 743% leap since joining the S&P 500, Elon Musk & Co.'s stock price has dropped nearly 25% from its all-time high set earlier in 2021 and is down 2% for 2021 to date.

FIND OUT WHAT'S FUELING FORD AND GM'S ACCELERATION

Back to the future

EVs are all the rage in the 21st century, but the first one was made back in the 1890s. Who is credited with the invention of the electric vehicle?

Thursday's answer: Britney Spears last year claimed to run the 100 meters in 5.97 seconds -- more than three seconds faster than current world-record holder Usain Bolt -- but math was never her strong suit.

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