Yesterday on Wall Street, the S&P 500 rose to 3,48.73. Tech stocks in the index accounted for more than 57% of its gain.
The Dow Jones Industrial Average rose 0.3% to 28,331.92. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 1.7% to 11,665.06, its third-straight record high.
VIRUS OUTBREAK-NEW TESTS
Rapid $5 coronavirus test doesn’t need specialty equipment
WASHINGTON (AP) — The Food and Drug Administration on Wednesday authorized the first rapid coronavirus test that doesn’t need any special computer equipment to get results.
The 15-minute test from Abbott Laboratories will sell for $5, giving it a competitive edge over similar tests that need to be popped into a small machine. The size of a credit card, the self-contained test is based on the same technology used to test for the flu, strep throat and other infections.
It’s the latest cheaper, simpler test to hit the U.S. market, providing new options to expand testing as schools and businesses struggle to reopen and flu season approaches. The FDA also recently greenlighted a saliva test from Yale University that bypasses some of the supplies that have led to testing bottlenecks.
Both tests have limitations and neither can be done at home.
FEDERAL RESERVE-POWELL SPEECH
Powell edges toward loosening the Fed’s stance on inflation
WASHINGTON (AP) —Federal Reserve Chairman Jerome Powell on Thursday will address the Fed’s annual gathering of global central bankers, normally held in picturesque Jackson Hole, Wyoming but this time being conducted virtually.
The conference is occurring just as the Fed is nearing the end of a comprehensive review of its monetary policy. While its conclusions may not be announced until the Fed holds its next meeting in September.
White House is mulling options to prevent airline furloughs
WASHINGTON (AP) — The White House is considering whether it can take action to prevent thousands of job losses in the airline industry a month before the election if it cannot reach a deal with Congress on a broader package of additional pandemic relief.
President Donald Trump’s chief of staff, Mark Meadows, said Wednesday that if Congress is not going to work with the program, President Donald Trump will take action to solve some problems.
American Airlines says that it will furlough 17,500 union employees, including flight attendants and pilots, and lay off 1,500 management and support staff in October. It said it will make the cuts unless Washington provides another $25 billion to help passenger airlines cover payroll costs through next March. Delta said it will furlough 1,941 pilots unless their union agrees to cost-cutting measures.
Oil industry shuts platforms, rigs, refineries before storm
NEW YORK (AP) — The energy industry is bracing for catastrophic storm surges and winds as Hurricane Laura cuts a dangerous path toward the coastlines of Texas and Louisiana.
Oil and gas producers have evacuated more than half of the platforms and nearly all the rigs in the Gulf of Mexico. Companies are shutting down refineries in the storm’s path.
ore than half of U.S. refining capacity is built along the Gulf Coast, where the storm is heading. Experts say hurricanes can attack the entire energy infrastructure, and the aggregate damage can be challenging to overcome.
TikTok CEO resigns amid US pressure to sell video app
HONG KONG (AP) — TikTok CEO Kevin Mayer has resigned amid U.S. pressure for its Chinese owner to sell the popular video app, which the White House says is a security risk.
In a letter to employees, Mayer says his decision to leave comes after the “political environment has sharply changed.″ His resignation comes after President Donald Trump ordered a ban on TikTok, unless parent company Bytedance sells its U.S. operations to an American company within 90 days.
TikTok said in a statement that “We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision.”
GOOGLE-LOCATION TRACKING LAWSUIT
Google location-tracking tactics troubled its own engineers
UNDATED (AP) — Google’s own engineers were troubled by the way the company secretly tracked the movements of people who didn’t want to be followed until a 2018 Associated Press investigation uncovered the shadowy surveillance, according to unsealed documents in a consumer fraud case.
The behind-the-scenes peek stems from a three-month-old lawsuit against Google filed by Arizona’s attorney general. The files, unsealed late last week, reveal that Google knew it had a massive problem on its hands after an AP article published in August 2018 explained how the company continued to track users’ whereabouts even after they had disabled the feature Google called “location history.”
The released documents include internal Google emails and a fresh version of the state’s civil complaint with fewer redactions than the original.
UCLA-UNDER ARMOR LAWSUIT
UCLA sues Under Armour, seeking in excess of $200 million
LOS ANGELES (AP) — UCLA filed a lawsuit against Under Armour on Wednesday in U.S. District Court in Los Angeles for breach of contract, seeking damages in excess of $200 million.
Under Armour announced in late June that it was ending its deal with the university. The two sides were four years into a 15-year deal worth $280 million, which remains the highest in college athletics.
Under Armour paid $11 million per year in rights and marketing fees as well as contributing $2 million per year to aid in facility improvements. Under terms of the contract, the company is supposed to supply $6.85 million in athletic apparel, footwear and uniforms.
Sometime soon, your car will park itself in urban garages
DETROIT (AP) — So after the coronavirus threat has passed, you head downtown for a baseball game.
You get to the parking garage, and using an app on your phone, you link your SUV to the garage’s computers and sensors, and the SUV finds a spot on the fourth floor and parks itself while you catch batting practice.
This isn’t some far-off technology anymore. German auto parts maker Bosch is testing it with Mercedes in Stuttgart. And this week it announced a collaboration with Ford at a garage near downtown Detroit.
Although the backers won’t say when the technology could be in widespread use, they say it’s one benefit from autonomous-car research that is coming sooner rather than later.
Australia seeks more control over deals with foreign states
CANBERRA, Australia (AP) — The Australian government has drafted new laws that would cancel international deals struck by lower tiers of governments with foreign states that are not in Australia’s interests.
Foreign Minister Marise Payne says the Victoria state’s memorandum of understanding with Beijing under China’s belt and road initiative is among the deals to be reviewed. She says the legislation to be introduced to Parliament next week does not target China.
The government has identified 135 agreements with more than 30 countries that needed to be reviewed. The legislation would give Payne power to scrap international deals struck by state governments and public institutions such as universities.