NEW YORK (AP) — Stocks closed mostly higher on Wall Street following more signals that the economy is continuing to recover. The S&P managed to rise 0.1% today after giving up much of an earlier gain. Investors were encouraged to see that weekly unemployment claims fell to another pandemic low and that the U.S. economy grew at a solid rate during the first quarter. Banks and industrial stocks led the gains. Technology companies fell, pulling the Nasdaq slightly lower. Health care and household goods makers also lagged the broader market. The yield on the 10-year Treasury note rose to 1.60%.
WASHINGTON (AP) — The chief executives of the nation’s largest banks went in front of Congress for a second day today, facing questions ranging from inflation to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer. Rep. Maxine Waters, D-California focused most of her questioning on the potential tide of foreclosures this summer once government aid programs come to an end. In response, the bank CEOs who have mortgage businesses — Bank of America, Wells Fargo, Citigroup and JPMorgan Chase — all said they planned to continue offering flexibility to borrowers even past the expiration date.
DETROIT (AP) — Ford is recalling nearly 205,000 Transit Connect vans in the U.S. and Canada. The recall is to fix a problem that can stop the shift lever from moving the transmission to the correct gear. The recall covers vans from the 2013 through 2021 model years with 2.5-liter engines and Ford’s 6F35 transmissions. The company said today that a bushing that attaches the shifter cable to the transmission can degrade or fall off. Ford says it’s not aware of any crashes or injuries caused by the problem. Dealers will replace the bushing and add a protective cap. Owners will be notified starting the week of June 28.
NEW YORK (AP) — British banking giant HSBC says it is closing its U.S. retail banking business in order to refocus its efforts on wealth management. The bank will sell 80 East Coast branches to Citizens Bank and another 10 on the West Coast to Cathay Bank. HSBC says all deposits and bank accounts will be transferred to those two banks. Another 20 to 25 branches will be converted into wealth management centers, and any remaining branches will be closed.
LOS ANGELES (AP) — Vaccinated Californians will be eligible for $116.5 million in prize money. Gov. Gavin Newsom announced the massive pot of money today as part of an effort to encourage more people to get their shots. The state estimates 12 million eligible Californians have not yet been vaccinated. Ten people will win $1.5 million each on June 15, the state’s planned reopening date. That’s the largest prize announced so far in any state. Another 30 people will win $50,000 each, starting on June 4. And the next 2 million people to get shots will each get a $50 gift card.