NEW YORK (AP) — Stocks are pushing higher on Wall Street after a lukewarm report on the job market raised hopes the Federal Reserve will keep the accelerator floored on its support for the economy. U.S. employers added 559,000 jobs in May, according to the Labor Department. It’s an improvement from April’s sluggish gain, but it fell short of economists’ forecasts. The report also showed that companies are still struggling to find enough workers as the economy rapidly recovers from the pandemic recession. The early gains put the benchmark S&P 500 index back on track for a weekly gain after several choppy days of trading.
WASHINGTON (AP) — House Democrats are releasing a plan for spending $547 billion over the next five years on road, mass transit and rail projects. It’s a blueprint for what they want parts of President Joe Biden’s broader infrastructure proposal to look like. The plan from Rep. Peter DeFazio, chair of the House Transportation and Infrastructure Committee, is a policy bill that continues existing programs set to expire, plus key pieces of a larger measure Biden and Republicans are negotiating. The plan doesn’t address how to pay for the improvements, a sticking point in the talks between Biden and Senate Republican negotiator, Sen. Shelley Moore Capito of West Virginia. Biden and Capito will talk again today.
FRANKFURT, Germany (AP) — Federal Reserve Chair Jerome Powell says the U.S. central bank is studying how climate change might affect banks. But the Fed doesn’t see itself as getting involved in how to fight climate change. Powell said the bank has a mandate from Congress to supervise banks and financial stability, so it is gathering data and studying how climate change might affect those topics. But it will be the private sector and elected officials who decide climate policy. Powel made the remarks at an online conference on how the financial sector can take immediate action against climate risks.
LONDON (AP) — European Union and British regulators have opened dual antitrust investigations into into whether Facebook distorts competition in the classified advertising market by using data to compete unfairly against rival services. The coordinated effort represents an escalation by European regulators in their battle to rein in the dominance of big tech companies. EU officials said they’re looking into whether Facebook’s “vast troves of data” on user activity give it an undue advantage. The U.K. competition watchdog said its investigation includes Facebook’s online dating service. Facebook said it “will cooperate fully with the investigations to demonstrate that they are without merit.”
UNDATED (AP) — Universal Music Group is in talks to sell a 10% stake in a deal that would value the record label at about $40 billion. Confirmation of those talks comes four months after Vivendi SE, the French media conglomerate that owns Universal, said that it might spin off the record label that is home to Taylor Swift, Billie Eilish (EYE’-lish), Lady Gaga, as well as the Beatles. The company last year acquired Bob Dylan’s entire catalog. Universal, with its massive portfolio of artists, has benefited from the adaptation of music streaming across numerous platforms. Vivendi and Pershing Capital, run by billionaire William Ackman, confirmed the talks today.