Stocks end higher on Wall Street, breaking a 3-day slump
Technology companies led broad gains for stocks on Wall Street Thursday, ending a three-day losing streak for major U.S. indexes.
Investors were encouraged by the latest jobs data that showed fewer Americans filing for unemployment benefits, another sign that the economic recovery is underway.
The S&P 500 gained 1.1%. The benchmark index is still on track for its second straight weekly loss.
Technology and communications stocks accounted for much of the market rally. Apple rose 2.1% and Google’s parent, Alphabet, rose 1.6%. Nearly every sector in the S&P 500 made gains, though a drop in oil prices dragged energy sector stocks lower. The sector remains the biggest gainer so far this year with a 36% gain.
Investors continue to be focused on the potential for inflation down the road. Prices for everything from gasoline to lumber have been rising sharply this year as the economy reheats after the pandemic, and investors have been worried that high inflation may cause the Federal Reserve to pull back on its stimulus efforts.
“There’s a bit of churning going on in the markets,” said Tom Martin, senior portfolio manager with Globalt Investments. “Here we are near all-time highs on the S&P 500, and there’s so much uncertainty about what is actually happening with inflation, how long it’s going to last and how the Fed will react.”
The S&P 500 rose 43.44 points to 4,159.12. The Dow Jones Industrial Average added 188.11 points, or 0.6%, to 34,084.15. The technology heavy Nasdaq fared better than the rest of the market, climbing 236 points, or 1.8%, to 13,535.74.
Small company stocks also notched gains. The Russell 2000 index picked up 14.12 points, or 0.6%, to 2,207.76.
GOP not budging on infrastructure
WASHINGTON — Senate Republicans have not substantially budged off their initial $568 billion infrastructure proposal despite overtures from the White House to work toward a compromise as President Joe Biden tries to strike a bipartisan agreement on his sweeping $2.3 trillion infrastructure plan.
The lack of any sizable movement beyond the Republicans’ initial proposal or any other notable changes to narrow the gap with Biden is certain to spark fresh worries from Democrats that time is slipping for a deal. There was “not a significantly changed offer” from the Republicans during their meeting with the administration this week, according to a person granted anonymity to discuss the private negotiations.
At the White House, Press Secretary Jen Psaki said “productive conversations” are underway on Capitol Hill.
The White House team is expected to resume talks with the senators on Friday. “We’re looking forward to constructive conversations,” Psaki said.
Securing a vast infrastructure plan is Biden’s top priority as he seeks to make good on his campaign pledge to “build back better” in the aftermath of the coronavirus crisis and the economic churn from a shifting economy. With narrow Democratic majorities in the House and Senate, the president is reaching out to Republicans for support on a potentially bipartisan approach rather than relying simply on his own party to muscle the proposal to passage. But Republicans are refusing Biden’s idea of a corporate tax hike to pay for the investments.
House narrowly approves $1.9B to fortify Capitol after riot
WASHINGTON — The House on Thursday narrowly approved $1.9 billion to fortify the Capitol after the Jan. 6 insurrection, as Democrats pushed past Republican opposition to try to harden the complex with retractable fencing and a quick-response force following the most violent domestic attack on Congress in history.
The bill’s 213-212 passage came a day after the House approved the formation of an independent commission to investigate the deadly mob siege by President Donald Trump’s supporters, who battled police to storm the building in a failed attempt to overturn Democrat Joe Biden’s election.
The two measures now face an uncertain outcome in the evenly divided Senate as most Republicans have objected to both. Tensions are running high at the Capitol, with Democrats growing exasperated with Republicans who refuse to acknowledge the severity of the insurrection because of what appears to be their devotion to Trump — and fears of crossing him.
“We have a major political party in the country that’s ignoring it — we’re trying to solve a problem, they clearly don’t want to sit down and talk about it,” said Rep. Tim Ryan, D-Ohio, chairman of an appropriations subcommittee handling legislative branch security.
At the same time, the idea of bolstered security at the Capitol saddened many lawmakers who said they see no other choice because of the ongoing threats on Congress. Several leading liberal Democrats opposed the security money over concerns about policing, as House Speaker Nancy Pelosi and other Democratic leaders worked the floor during votes to ensure passage.
William, Harry condemn BBC over ‘deceitful’ Diana interview
LONDON — Prince William and his brother Prince Harry on Thursday issued strongly worded statements criticizing the BBC and British media for unethical practices after an investigation concluded that one of the broadcaster’s journalists used “deceitful behavior” to secure Princess Diana’s most explosive TV interview in 1995.
The circumstances surrounding the interview from more than 20 years ago came under scrutiny after Diana’s brother, Charles Spencer, made renewed complaints that journalist Martin Bashir used false documents and other dishonest tactics to persuade Diana to agree to the interview.
The BBC appointed a retired senior judge in November to lead an investigation into the matter. On Thursday, a report from the inquiry said Bashir acted in a deceitful way and breached BBC rules by mocking up fake bank statements and showing them to Charles Spencer to gain access to the princess.
The report also criticized the BBC for covering up what it knew about Bashir’s actions, and said the corporation’s own probe into the matter fell short of its usual standards of integrity and transparency.
In his statement, William, 38, said the BBC’s failures contributed to the deterioration of his parents’ marriage and worsened Diana’s feelings of paranoia.