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NEW YORK (AP) — Stocks closed higher on Wall Street today, as more gains for big tech companies helped make up for weakness elsewhere across Wall Street. The S&P had its sixth gain in seven days, rising 24.62 points, or 0.8%, to 3,169.94. While the technology sector led the way higher, companies that rely on consumer spending, banks and communication stocks also helped lift the market. Bond yields rose broadly. Still, signs of caution in the market remained as gold nudged toward its highest price since 2011. The Dow gained 177.10 points, or 0.7%, to 26,067.28. The Nasdaq composite climbed 148.61 points, or 1.4%, to 10,492.50, a record high.
WASHINGTON (AP) — U.S. consumers reduced their borrowing for a third straight month May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt. Today, the Federal Reserve reported that consumer borrowing declined by $18.3 billion in May, a drop of 5.3%. Borrowing had fallen by 4.5% in March and then plunged 20.1% in April. That was the biggest one-month decline in percentage terms since the end of World War II. Borrowing in the category that covers credit card debt fell $24.3 billion following April’s record $58.2 billion decline.
NEW YORK (AP) — Brooks Brothers, the 200-year-old company that dressed nearly every U.S. president, is filing for bankruptcy protection. Founded in New York in 1818, Brooks Brothers survived two world wars, the Great Depression and even managed to stay afloat when more men opted to wear hoodies over ties in the office. But the pandemic pushed it into file for Chapter 11 bankruptcy protection today with so many of its stores closed, and a crisp suit far removed from most shopping lists.
DETROIT (AP) — A federal judge in Detroit has dismissed General Motors’ lawsuit alleging that rival Fiat Chrysler paid off union leaders to get better contract terms than GM. In today's ruling says that GM’s alleged injuries were not caused by FCA violating racketeering laws. And, that GM has not stated a claim that can be granted. GM said it disagreed with the ruling and will pursue legal remedies. The ruling came after a federal appeals court on Monday overturned the judges order that the CEOs of both companies meet in person to talk about settling the case. The court denied GM’s request to give the case to another judge.
WASHINGTON (AP) — The Supreme Court is expected to rule Thursday on whether Congress and the Manhattan district attorney can see President Donald Trump’s taxes and other financial records that the president has fought hard to keep private. The high-stakes dispute tests the balance of power between the White House and Congress, as well as Trump’s claim that he can’t be investigated while in office. It’s not clear, even if Trump loses, how much of the material would become public. Trump has so far lost at every step, but the records have not been turned over pending a final court ruling.
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