NEW YORK—U.S. stocks drifted lower Monday to start what could be a quiet stretch following their best week since March. The S&P 500 lost 8.58 points, or 0.2 percent, to 4,273.79. The Dow Jones Industrial Average fell 199.90, or 0.6 percent, to 33,562.86, while the Nasdaq composite slipped 11.34, or 0.1 percent, to 13,229.43. The majority…
‘Literally Impossible’: Trucking Companies Brace for California’s Electric Mandate
June 5, 2023
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Business & MarketsCaliforniaCalifornia legislatureeconomyelectric vehicleinflationNorthern CaliforniaPolicies & ImpactsRegional & State NewsSouthern CaliforniaState NewstruckingUSUS News
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Logistics companies are scrambling to meet California’s upcoming 2024 mandate that all trucks servicing ports, railyards, and distribution centers in the state be zero-emission vehicles, with experts questioning limited access to charging stations and the viability of switching from diesel to electric fleets. Availability of electric semi-trucks is a concern, as is the price of…
Closing Prices for Crude Oil, Gold, and Other Commodities (June 5)
June 5, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for July delivery rose 41 cents to $72.15 a barrel Monday. Brent crude for August delivery rose 58 cents to $76.71 a barrel. Wholesale gasoline for July delivery rose 2 cents $2.52 a gallon. July heating oil rose 2 cents to $2.38 a gallon. July natural gas rose 8 cents to…
How Major US Stock Indexes Fared June 5
U.S. stocks drifted lower to start what could be a quiet stretch following several weeks of gains. The S&P 500 fell 0.2 percent Monday. The Dow Jones Industrial Average lost 199 points, while the Nasdaq composite fell 0.1 percent. Treasury yields fell after a report said U.S. services industries grew by less than economists expected…
‘Dangerous, Offensive, Disgusting’: Sen. Tim Scott Takes Aim at ‘The View’ Hosts Over Racial Claims
June 5, 2023
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20242024 electionBusiness & MarketsCompaniesMedia & Big TechPoliticsRepublicanRepublican CandidatesRepublicansSen. Tim ScottSocial IssuesUSUS News
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Presidential hopeful Sen. Tim Scott (R-S.C.) blasted hosts on “The View” for their claims about race, which Scott called “dangerous, disgusting, [and] offensive.” During a June 5 appearance on the show, Scott got into a heated exchange with co-host Sunny Hostin about the progress made by black Americans over the past several decades. He accused…
US Treasury Poised to Unleash $1 Trillion in Bonds After Debt Ceiling Deal
Now that the bipartisan debt ceiling agreement has been signed, sealed, and delivered, the U.S. Treasury is poised to replenish its bank account at the Federal Reserve. According to the Daily Treasury Statement, the Treasury’s cash balance–the Treasury General Account (TGA)–sank below $23 billion on June 1. This was down from the roughly $316 billion…
Chase Bank Online Glitch Caused Double Transactions
JP Morgan Chase bank’s online-banking system was malfunctioning Friday, creating double transactions, fees, and payments in customers’ accounts. The glitch was fixed later that day. Numerous Chase customers had posted on social media that their rent or bill payments were taken out of their accounts twice and reported hold times with customer service approaching more…
Another Insurance Company Stops Offering Policies to Homeowners in California
June 5, 2023
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AllstateBusiness & MarketsCaliforniaMarketsreal estateRegional & State NewsRegional NewsState NewsUSUS NewsUS Real Estate
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Another major insurance provider has announced it’s no longer selling new policies for personal and business properties in California, becoming the latest insurer to reduce its footprint in the state amid inflationary pressures and growing exposure to wildfire risks. Allstate, the fourth-largest provider of casualty and property insurance in California, said in a statement obtained…
Buzzfeed Faces Delisting Threat After Stock Price Collapse
Left-wing outlet Buzzfeed has been threatened with delisting from the NASDAQ exchange after its share prices crashed below $1. On May 31, Buzzfeed received a letter from NASDAQ notifying the firm that for the previous 30 consecutive business days, the bid price for the company’s common stock has closed below the minimum $1 required for…
The Interbank Debt Market: A Warning Sign for the Stock Market’s Future
Commentary Most people look at the stock market as a sign of the health of the economy. If the stock market is moving higher in value, things must be good. The truth of the matter is the stock market isn’t as important as the debt market, specifically the interbank debt market. What goes on in…
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