Markets end mixed as Nasdaq hits record high on tech gains
Stocks rose in parts with the S&P 500 up 0.5 percent and the Nasdaq at a record high as techs lift sentiment while the Dow slipped. European declines and Asian mixed results accompanied rising yields and oil prices amid economic hopes and a new wave of COVID-19 cases.
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Mexico celebrates start of new USMCA trade pact
Mexico marks the implementation of the USMCA with the United States and Canada, hoping for more investment as Lopez Obrador travels to Washington July 8 9 to meet Trump. The pact adds stronger labor rules but faces criticism over the Susana Prieto arrest and concerns about workers’ protections.
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Michigan judge allows restart of Mackinac pipeline
A Michigan judge permitted Enbridge to restart pumping on the western underwater line of Line 5 in the Straits of Mackinac for a safety test. The order keeps the eastern line shut pending federal investigation and requires test data and documents to be provided to state authorities by deadlines. Enbridge will restart the west segment and aims to return to normal operations pending test results.
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Fed minutes show concerns about downturn severity
Federal Reserve officials in the June meeting warned the economic contraction from the coronavirus could be the steepest since World War II. They noted joblessness hit low wage workers and minority groups hardest, while keeping rates near zero through 2022. President Trump praised Powell's handling but did not commit to a second-term nomination.
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