Month: May 2024

The Dow Jones Industrial index exceeded 40,000 for the first time Thursday, extending a strong year of stock market gains. The Dow hit 40,000.54 before dropping back, but it was the first time it had crossed that threshold; The Dow is now up about 6% so far this year. Markets were bolstered by gains from staple retailers like Walmart (WMT) which beat earnings expectations on Thursday morning and rose nearly 6%. Airlines, utilities and Big Tech stocks were largely higher.

Per CNN, markets rallied to new record highs after the latest Consumer Price Index showed a cooldown for the first time in months, increasing hopes that the Federal Reserve could start cutting interest rates as soon as September. The Labor Department reported the consumer price index inflation rate was a seasonally adjusted 0.3% in April maintaining the annual inflation rate at 3.4%.

In response to the news, President Joe Biden shared on X: “This is great news for Americans’ retirement accounts and another sign of confidence in America’s economy. I’m building an economy from the middle out and bottom up — and our investments are making a difference.”

The S&P 500 crossed 5,000 for the first time in February, largely driven by the performance of seven big companies called the “Magnificent Seven” — Nvidia, Microsoft, Meta, Amazon, Apple, Alphabet and Tesla. The Dow, Nasdaq and S&P have all posted strong year-to-year increases with the Dow up 6% in 2024. The S&P and Nasdaq have increased 11% this year.

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Embattled New Jersey Democratic Sen. Bob Menendez revealed on Thursday that his wife Nadine Menendez has breast cancer. Senator and Mrs. Menendez are charged separately in a case alleging the senator abused his position to act as a foreign agent for Egypt and Qatar and accepted bribes from several New Jersey businessmen. Senator Menendez, 70, went on trial this week; the couple have both pleaded not guilty.

Nadine Menendez’s trial had been delayed until July due to previously undisclosed health reasons. Sen. Menendez shared that Nadine, 57, is battling Grade 3 breast cancer and will also have to undergo a mastectomy. The senator said in a statement: “As a result of constant press inquiries and reporters following my wife, she has asked me to disclose her medical condition. We are of course, concerned about the seriousness and advanced stage of the disease .. We hope and pray for the best results. We ask the press and the public to give her the time, space and privacy to deal with this challenging health condition as she undergoes surgery and recovery.” Menendez added that his wife will require “follow-up surgery and possibly radiation treatment,” but did not include additional details.

A federal grand jury in New York indicted Menendez in September 2023, accusing him and his wife of having a corrupt relationship with three New Jersey businessmen. The New Jersey Democratic senator is accused of accepting cash, gold bars, luxury wristwatches and other perks from New Jersey businessmen in exchange for official favors to benefit the businessmen and the governments of Egypt and Qatar.

Senator Menendez’s attorney, Avi Weitzman, tried to distance Menendez from his wife earlier this week by arguing the two lived mostly “separate lives” and had “separate finances.” Nadine Menendez is awaiting a July 8 federal trial, and her attorneys stated that she “denies any wrongdoing and will vigorously defend against these allegations in court.”

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Officials confirmed on Wednesday that a barge slammed into a bridge pillar in Galveston, Texas on Wednesday, spilling oil into surrounding waters and closing the only road to a small island.

Ronnie Varela with the Galveston’s Office of Emergency Management said that the bridge leading to Pelican Island, located just north of Galveston, was hit by a barge around 9:30 a.m. Wednesday when a tugboat backing out of Texas International Terminals (a fuel storage operator next to the bridge) lost control of two barges it was pushing. One of the barges also hit two telephone poles.  David Flores, a bridge superintendent with the Galveston County Navigation District, said “the current was very bad, and the tide was high. He lost it.”

There was no immediate information on damage to the bridge or if there were any injuries, but officials did say one person on the barge was knocked into the water and quickly rescued. The accident resulted in oil spilling from the barge into the bay and crews were working to clean it up, with the Galveston County Sheriff’s Office adding that a large piece of the bridge fell.  Galveston County Sheriff’s Office Maj. Ray Nolen said that the barge is owned by Martin Petroleum, has a 30,000-gallon capacity, but it’s not clear how much leaked into the bay. About 6.5 miles (10.5 kilometers) of the waterway was shut down as a result of the spill.

Pelican Island, which is connected to Galveston by the bridge, is home to a large shipyard, Texas A&M University of Galveston, and Seawolf Park, a former immigration station that now attracts tourists to its iconic fishing pier and decommissioned U.S. Navy vessels. The bridge has one main steel span that measures 164 feet (50 meters), and federal data shows it was last inspected in December 2021. However, it’s unclear from the data if a state inspection took place after the Federal Highway Administration compiled the data. The bridge had an average daily traffic figure of about 9,100, according to a 2011 estimate.

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On Wednesday, President Joe Biden and former President Donald Trump agreed to participate in two general election debates, on June 27 and Sept. 10.

Biden and Trump accepted an invitation from CNN to debate on June 27, with Biden sharing in a post on X: “I’ve received and accepted an invitation from @CNN for a debate on June 27th. Over to you, Donald. As you said: anywhere, any time, any place.”  Mr. Trump told CNN’s Kaitlan Collins, “The answer is yes, I will accept.”

According to a press release from CNN, the first debate will take place at 9 p.m. at its studios in Atlanta, adding: “to ensure candidates may maximize the time allotted in the debate, no audience will be present. Moderators for the debate and additional details will be announced at a later date.”

Biden and Trump also both announced on Wednesday that they had also accepted an invitation from ABC News to hold a second debate on September 10.  Biden shared on X:  “I’ve also received and accepted an invitation to a debate hosted by ABC on Tuesday, September 10th. Trump says he’ll arrange his own transportation. I’ll bring my plane, too. I plan on keeping it for another four years.”

Trump later confirmed his participation in the debates, posting on his Truth Social platform: “It is my great honor to accept the CNN Debate against Crooked Joe Biden, the WORST PRESIDENT in the History of the United States and a true Threat to Democracy, on June 27th. Likewise, I accept the ABC News Debate against Crooked Joe on September 10th. Thank you, DJT!”

In a subsequent Truth Social post Wednesday afternoon, Trump pushed for an additional debate on Fox News, which he said would take place on Oct. 2 and be hosted by anchors Bret Baier and Martha MacCallum.

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