Job market gains stall as virus hits recovery efforts
U S jobless claims fell slightly to 1.48 million last week with 700,000 more filing through gig-worker programs. Durable goods orders rose about 16 percent in May, but overall demand remains far below pre pandemic levels and private economists see a tepid rebound amid rising case counts nationwide. Structures like Macy's cut 4,000 corporate jobs while Disney delays July reopenings and Chuck E Cheese seeks Chapter 11 protection. Texas pauses reopenings as infections surge.
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Wall Street rises on bank investment rule easing
Financial shares lead gains as regulators plan to ease limits on banks investments boosting sentiment. The S P 500 climbs 1.1 percent with tech and health care also helping while the Dow adds 299.66 points and the Nasdaq reaches 10 017.00. Bond yields fall as investors weigh safety. The roundup covers Tyson Foods wrongful death suit in Iowa, relief payments to dead taxpayers, DeVos private school funding rule, Ohio foreclosure ruling, and sanctions bill on Hong Kong.
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Chuck E Cheese Files for Chapter 11 Bankruptcy
CEC Entertainment Inc. owner of Chuck E Cheese and Peter Piper Pizza filed for Chapter 11 protection as the chain faced long closed outlets during the coronavirus era. The company has reopened 266 of 555 company operated locations but faces uncertainty over birthday parties as restrictions lift.
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