Stocks Rally Worldwide as Markets Move Higher
Stocks rose in a global rally as U S retail sales surged 17.7 percent from April to May, signaling economy reopenings. The S&P 500 gained 1.9 percent to 3124.74, Dow up 526.82, Nasdaq up 169.84, with Fed support easing recession fears amid ongoing virus concerns.
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Airlines to crack down on unruly mask rule breakers
Airlines for America says major U.S. carriers including American Southwest United Delta JetBlue and Alaska will issue more warnings and enforce harsher penalties for passengers who refuse to wear face masks on board. United will place noncompliant travelers on an internal travel restriction list as crews enforce CDC guidance during the ongoing pandemic.
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Powell Warns U.S. Economy Faces Severe Uncertainty
Federal Reserve Chair Jerome Powell told Congress the U.S. economy could fall into a deep downturn with significant uncertainty about the recovery timing and strength. He warned prolonged weakness would harm jobs and small businesses, especially affecting low income workers and minority groups.
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T-Mobile outage triggers FCC probe after major disruption
T-Mobile faced an FCC investigation over a network outage that affected up to 68 million customers. Deutsche Telekom cited 5G upgrades while the carrier works to determine root causes after a router related failure. FCC chair Ajit Pai said the agency would seek answers and accountability. Nev ille Ray later announced service restoration at 1 03 a m New York time.
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