Newsletter May 17, 2024

Quick Six

Dow Jones surpasses 40,000-mark for first time in history
The Dow Jones Industrial Average surged past the 40,000-mark for the first time in history Thursday, driven by investor optimism that inflation pressures will ease and interest rates will decline. The index reached a record high of 40,051, marking a significant milestone in a bull market that began in October 2022. Earlier this year, the Dow had flirted with the 40,000 level but retreated in April due to concerns over high interest rates. However, the rally regained momentum in May, with the Dow Jones topping the 40,000-mark Thursday before closing down for the day at 39,869.
WHICH STOCKS WERE THE BIG WINNERS AND LOSERS?

Lawmakers attack FDIC chair over workplace misconduct
US lawmakers attacked the head of a top financial regulator for a second consecutive day on Thursday over his agency's workplace misconduct, including discrimination and sexual harassment. Republicans on the Senate Banking Committee called on FDIC chair Martin Gruenberg to step down after an independent report found that the agency, set up to protect bank deposits, had failed to tackle workplace misconduct issues going back years.
FIND OUT WHY LAWMAKERS ARE FORCING HIM TO RESIGN

Walmart credits wealthier shoppers for increase in profits
Walmart reported higher profits Thursday behind solid gains at US stores as the retail giant pointed to increased purchases by wealthier shoppers and improving e-commerce sales. Profits more than tripled to $5.1 billion for the quarter ending April 30 on a 6% rise in revenues to $161.5 billion. Earnings in the 2023 period were dented by exceptional losses in equity investments.
WHAT'S LEADING THE RICH TO SHOP AT 'WALLY WORLD'?

You Might Like

Markets

DJIA	39,869.38	-0.10%
S&P 500	5,297.10	-0.21%
Nasdaq Composite	16,698.32	-0.26%
Japan: Nikkei 225	38,920.26	1.39%
UK: FTSE 100	8,438.65	-0.08%
Crude Oil Futures	79.35	0.92%
Gold Futures	2,380.90	-0.58%
Yen	155.38	-0.01%
Euro	1.09	-0.01%
* As of market close

Biden admin calls for marijuana law change

President Joe Biden's administration formally proposed on Thursday reclassifying marijuana as a less dangerous drug, a historic shift that would bring federal policy more in line with public opinion. Marijuana has been classified since 1970 as a Schedule I drug under the Controlled Substances Act (CSA) along with heroin, ecstasy and LSD, meaning it is deemed to have no accepted medical use and a high potential for abuse. But it would be downgraded to a Schedule III drug under the proposal, with a moderate to low likelihood of dependence.

WHAT RECLASSIFICATION WOULD MEAN FOR MARIJUANA LAWS

RFK Jr. cries collusion for debate exclusion

Robert F. Kennedy Jr., an independent presidential candidate, alleged that President Joe Biden and former President Donald Trump colluded to exclude him from the debates, claiming that the two major parties are afraid that he would win on the debate stage. Kennedy made the pronouncement Wednesday on X, alluding to the debates set for Trump and Biden by CNN (June 27) and ABC News (Sept. 10). He said that isolating viable candidates from the debate undermines democracy.

SEE RFK JR.'S GAME PLAN TO GAIN GROUND ON BIDEN, TRUMP

Biden halts Powder River Basin coal leases

President Joe Biden announced an end to coal leases in the Powder River Basin, the nation's top coal-producing region, drawing criticism from the mining sector and praise from environmentalists. It comes as the US continues its shift away from coal, the most carbon-intensive fossil fuel, which has seen its output decline by more than 25% since 2017 as it struggles to compete with natural gas and renewable energy.

SEE WHY BIDEN IS TAKING THE HEAT FROM PRO-COAL GROUPS

Extra point

As of 2022, what US states produce and burn the most coal annually?

Thursday's answer: Neil Young's 1989 song was inspired by guitarist Frank "Poncho" Sampedro, who said after learning that a tour to the USSR was canceled, "We'll have to keep on rockin' in the free world."

IBTimes will always protect your security and privacy. Please read our detailed Privacy Policy. Please do not reply to this email. Click here to adjust your notification preferences or unsubscribe.