Gains for Boeing and Apple in particular helped to lift Wall Street indexes. Stocks of smaller companies also jumped more than the rest of the market.
PENDING HOME SALES
Pending home sales show rebound
WASHINGTON (AP) — The number of Americans signing contracts to buy homes rebounded a record 44.3% in May after a record-breaking decline the previous month, as the impact of the coronavirus pandemic sidelined both buyers and sellers.
The National Association of Realtors said Monday that its index of pending sales rose to 99.6 in May, the highest month-over-month gain in the index since its inception in January 2001. The pending home sales index plunged 21.8% from March to April to a level of 69.
The contract signings — a barometer of finalized purchases over the next two months — have fallen 5.1% over the past year.
SUPREME COURT-CONSUMER AGENCY
High Court makes it easier for president to remove CFPB head
WASHINGTON (AP) — The Supreme Court is making it easier for the president to fire the head of the Consumer Financial Protection Bureau.
The high court on Monday struck from the law that created the agency restrictions on when the president can remove the bureau’s director.
The decision doesn’t have a big impact on the current head of the agency. Kathy Kraninger, who was nominated to her current post by the president in 2018, had said she believed the president could fire her at any time.
Ex-UAW president repays union $55k for travel expenses
DETROIT (AP) — The United Auto Workers union says a former president has reimbursed the union for $55,000 worth of inappropriate travel expenses.
The union says Dennis Williams repaid the money after an independent review of spending. Efforts to reach Williams Monday were unsuccessful. A union spokesman says he doesn’t know details of Williams’ spending.
The repayment comes after disclosures in a federal corruption probe that some UAW officials used union money for golf, lodging and fancy meals. Ten union officials and a late official’s spouse have pleaded guilty in the probe since 2017, including former President Gary Jones. Williams has not been charged but his home was searched by authorities.
Appeals court delays meeting between GM, Fiat Chrysler CEOs
DETROIT (AP) — Three federal appeals judges have delayed a court-ordered meeting between the CEOs of General Motors and Fiat Chrysler to try to settle a lawsuit over corruption by union leaders.
U.S. District Court Judge Paul Borman last week ordered GM CEO Mary Barra and FCA CEO Mike Manley to hold the meeting before July 1. But GM on Friday asked the appeals court in Cincinnati to overturn the order and remove Borman from the case.
In an order issued Monday, the appellate judges delayed Borman’s order to provide time to consider legal points raised by GM.
GM is suing FCA alleging that it got an advantage by paying off union leaders to reduce labor costs during contract talks.
KIM KARDASHIAN WEST-BEAUTY DEAL
Kim Kardashian West sells stake in beauty brand for $200M
NEW YORK (AP) — Kim Kardashian West is selling a stake in her beauty brand for $200 million, in a deal that values the TV reality star’s three-year-old business at $1 billion.
The buyer is Covergirl owner Coty, which will get a 20% stake in KKW Beauty.
Coty seems to be enamored with the Kardashians: Last year, it bought a 51% stake in the makeup line started by Kardashian West’s younger sister, Kylie Jenner.
Coty plans to expand the KKW Beauty into more countries around the world and possibly into other categories, like skin creams and shampoos.
BP sells petrochemicals arm to Ineos for $5 billion
LONDON (AP) — BP has sold its global petrochemicals business to Ineos for $5 billion, part of its plan to shift activities to renewable sources of energy.
The oil and gas company said Monday that the overlap of the petrochemicals unit with the rest of the company is “limited” and that it takes “considerable capital” to grow these businesses. CEO Bernard Looney said the sale represents “another deliberate step in building a BP that can compete and succeed through the energy transition.”
Petrochemicals are derived from oil and gas production and used to make industrial products like plastics or paints, among other things.