Markets shake off some early wobbles
Stocks regained their footing after an early slide and closed broadly higher Thursday, led by gains in financial and industrial companies.
The S&P 500 rose 0.5% or 20.38 points to 3,909.52. The Dow Jones Industrial Average gained 199.42 points, or 0.6%, to 32,619.48. The index had been down over 348 points.
The tech-heavy Nasdaq composite had been down 1.4% before clawing back 15.79 points, or 0.1%, to 12,977.68. The Russell 2000 index of smaller stocks outdid the rest of the market, climbing 48.86 points, or 2.3%, to 2,183.12.
Yields in the Treasury market rose Thursday, but at a modest pace after the 10-year yield spiked above 1.70% last week, its highest level since before the pandemic started. The 10-year Treasury yield, which helps set rates for all kinds of loans, rose to 1.63%, from 1.61% late Wednesday.
Big tech stocks swung back and forth in earlier trading and were nearly evenly split within the broader S&P 500 index. Microsoft fell 1.3%, while Hewlett Packard Enterprise rose 3.9%.
Other Big Tech stocks fell. Netflix dropped 3.4% and Facebook lost 1.2%.
Treasury yields have been broadly rising with expectations for stronger economic growth and the inflation that may accompany it. of anonymity as he wasn’t authorized to talk to journalists.
So far, dredgers have tried to clear silt around the massive ship. Tug boats nudged the vessel alongside it, trying to gain momentum. From the shore, at least one backhoe dug into the canal’s sandy banks, suggesting the bow of the ship had plowed into it.
Amazon settles pricing suit with 6 counties
Amazon.com settled a lawsuit with Riverside County and five other counties over pricing irregularities, it was announced today, agreeing to pay $2 million in penalties and restitution, as well as change its online listings to eliminate confusion about the actual cost of products.
The consumer protection suit was initiated after an investigation revealed issues associated with what is known as the “advertised reference price” on which the e-commerce giant has relied to list prices on its website, according to the Riverside County District Attorney’s Office.
District attorneys offices from Alameda, Santa Clara, Santa Cruz, San Diego and Yolo counties joined in the civil action filed in San Diego.
According to Riverside County prosecutors, Amazon’s advertised prices were often misleading or potentially misleading because they included “Was” or “List” prices that routinely had strike-through lines across them, next to which were the current actual prices of the items, with no clear explanation of what the inapplicable prices represented.
When notified of the lawsuit, Amazon worked to rectify the problem without delay, according to prosecutors.
As part of the legal settlement, the company will now hyperlink all “Was” and “List” prices, offering specific definitions for transparency, provided consumers click on the links, according to court papers. Riverside County, which was designated processor of all settlement funds, will receive about $317,000 as part of the agreement, which was certified Wednesday by San Diego County Superior Court Judge Katherine Bacal.
She directed that $100,000 be deposited into the California Consumer Protection Trust Fund, while the remaining settlement money be divided equally among the other plaintiffs.