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Facebook to label all rule-breaking posts – even Trump’s
OAKLAND, Calif. (AP) — Facebook says it will flag all “newsworthy” posts from politicians that break its rules, including those from President Donald Trump. CEO Mark Zuckerberg had previously refused to take action against Trump posts suggesting that mail-in ballots will lead to voter fraud. Twitter, by contrast, slapped a “get the facts” label on them. Facebook is also banning false claims intended to discourage voting, such as stories about federal agents checking legal status at polling places. The company also said it is increasing its enforcement capacity to remove false claims about local polling conditions in the 72 hours before the U.S. election.
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Stocks sink as virus cases jump, forcing states to backtrack
NEW YORK (AP) — Stocks closed sharply lower on Wall Street as the number of confirmed new coronavirus cases in the U.S. hit an all-time high, stoking worries that the reopening of businesses investors have been banking on to revive the economy will be derailed. The S&P 500 fell 2.4% Friday. Texas and Florida reversed course and clamped down on bars again in the nation’s biggest retreat yet. The two states joined the small but growing list of those that are either backtracking or putting any further reopenings of their economies on hold because of a resurgence of the virus, mostly in the South and West.
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US consumer spending up 8.2%, partly erasing record plunge
WASHINGTON (AP) — American consumers increased their spending by a record 8.2% in May, partly erasing huge plunges the previous two months, against the backdrop of an economy that’s likely shrinking by its steepest pace on record this quarter. Last month’s rebound in consumer spending followed record spending drops of 6.6% in March and 12.6% in April, when the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a recession.
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Trump administration to give Congress full virus loan data
WASHINGTON (AP) — After prodding from Democratic lawmakers, the Trump administration has agreed to give Congress — but not the public — complete data on the millions of small businesses that received loans from a $600 billion-plus coronavirus aid program. Senior administration officials told lawmakers they will provide full details on the roughly 4.6 million taxpayer-funded loans worth $512 billion awarded under the Small Business Administration’s Paycheck Protection Program. Their concession came with a warning to lawmakers not to divulge “confidential” loan information to the wider public.
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Amazon looks to self-driving future by acquiring Zoox
NEW YORK (AP) — Amazon says it is buying self-driving technology company Zoox, which envisions a future where people will request a ride on their phones and a car will pull up without a driver. But industry analysts are speculating that Amazon will use Zoox technology to build an autonomous package delivery service. Seattle-based Amazon did not disclose how much it is paying for Zoox, which was founded six years ago. The deal is another sign of Amazon’s ambitions. Since its inception 25 years ago as an online bookseller, the company has moved into cloud computing, health care and runs a chain of grocery stores.
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Democrats fail to override Trump veto on student loan policy
WASHINGTON (AP) — House Democrats have failed to override President Donald Trump’s veto of a measure that would have reversed the Education Department’s tough policy on loan forgiveness for students misled by for-profit colleges. The House voted 238-173 on Friday in support of the override measure, coming up short of the two-thirds majority needed to send it to the Senate. It’s a victory for Education Secretary Betsy DeVos, whose policy on student loan disputes was in jeopardy after Congress voted to reverse it in March. It now remains in place and will take effect July 1.
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American Airlines will book flights to full capacity
DALLAS (AP) — American Airlines said Friday that it will start booking flights to full capacity next week. The move comes as the United States sets records for new reported cases of the coronavirus. United Airlines already does not block any seats. But other major U.S. airlines including Delta and Southwest leave middle seats open or limit bookings to create space between passengers to minimize the risk of contagion. Almost all U.S. airlines require passengers to wear face masks, and in a few cases they have banned customers who refuse to comply. American says it will notify customers when a flight is likely to be full, and will let them change flights at no extra cost.
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Kanye West to bring Yeezy brand, but not sneakers, to Gap
NEW YORK (AP) — Kanye West is bringing his Yeezy brand to Gap. The rap superstar will design adult and kids clothing that will be sold at Gap next year. Yeezy is best known for its pricey sneakers that quickly sell out online, but Yeezy footwear won’t be sold at Gap. The retailer hopes the deal will keep it relevant with shoppers as its sales dwindle. For Yeezy, it could get the brand in front of more people, since the line will be sold at Gap’s more than 1,100 stores around the world.
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The S&P 500 fell 74.71 points, or 2.4%, to 3,009.05. The Dow Jones Industrial Average lost 730.05 points, or 2.8%, to 25,015.55. The Nasdaq dropped 259.78 points, or 2.6%, to 9,757.22. The Russell 2000 of smaller-company stocks shed 34.53 points, or 2.4%, to close at 1,378.78.
The Associated Press
