>>Stocks Close Higher, S&P 500, Nasdaq Hit Records
(New York, NY) -- Wall Street closed higher Friday to cap the holiday shortened trading week. Stocks rose with the S&P 500 and tech-heavy Nasdaq posting new records after the release of the June jobs report. The slightly better-than expected numbers helped raise expectations of a Federal Reserve rate cut in September. At the closing bell, the Dow Jones Industrial Average gained 67 points to 39-375. The S&P 500 added 30 points to 55-67. The Nasdaq climbed 164 points to 18-352.
>>Economy Added 206,000 Jobs In June
(Undated) -- The June jobs report came in just slightly better than expected. The Labor Department's report out today shows the economy added 206-thousand new jobs last month. That's better than the roughly 200-thousand projected, but down from the previous month. That number initially came in at 272-thousand, but was significantly revised to 218-thousand for May. Last month's unemployment rate ticked up from four-percent to four-point-one percent, making it the highest since late 2021.
>>Skydance, Paramount, Agree To Merger
(Santa Monica, CA) -- Skydance Media and Paramount Global are agreeing to merge. The announcement came late Sunday that Shari Redstone will sell her family's controlling stake in Paramount. The move comes as Paramount has been struggling with its traditional television business and looking to make cuts. A Skydance investor group will be putting up several billion dollars in the merger. The deal still faces regulatory approval.
>>Boeing To Plead Guilty To Criminal Fraud
(Arlington, VA) -- Boeing will plead guilty to criminal fraud over two fatal 737 Max airplane crashes, one in 2018 and one in 2019. The Justice Department said Sunday the aircraft maker violated a 2021 settlement that protected the company from prosecution. Boeing also agreed to pay a 243-million fine. An independent compliance monitor will oversee the company for three years. The company will also have to invest more than 450 million dollars for safety and compliance programs.
>>What To Watch In The Coming Business Week
(Undated) -- Coming up in the business week ahead, things start off Monday with word on consumer credit. On Tuesday, Fed Chairman Jerome Powell is scheduled to testify before the Senate Committee on Banking, Housing, and Urban Affairs. He'll be delivering the Federal Reserve's semi-annual monetary policy report. Powell returns the following day to do the same thing for the House Financial Services Committee. Weekly jobless claims are due Thursday with just a slight increase expected. The consumer price index - one of the most popular measures of inflation - will also be released. The week winds up Friday with the producer price index.
>>Abigail Disney Will Stop Donating To Dems Unless Biden Is Replaced
(Washington, DC) -- An heiress of Disney says she'll stop donating to Democrats unless President Biden is replaced on the Presidential ticket. Abigail Disney told CNBC she intends to stop any contributions to the party until Biden drops out, but said she means no disrespect. Disney said Biden is a good man and served the country admirably, but the stakes for this election are too high. She said if Biden doesn't remove himself, the Democrats will lose and the consequences will be dire. The Hill reports Disney is a big Democratic donor, having contributed almost two-million-dollars to candidates, committees and groups since 1992.
>>"Despicable Me 4" Dominates Weekend Box Office
(Hollywood, CA) -- "Despicable Me 4" is soaring to the top of the box office this weekend. Illumination's latest sequel in their hit animated franchise released on Wednesday, pulling in 122-point-six-million dollars over the holiday weekend. Hotly-anticipated Pixar sequel "Inside Out 2" finished second with 30-million dollars. "A Quiet Place: Day One" placed third with an estimated total of 21-million dollars. Meanwhile, A-24's newest film "MaXXXine" opened below expectations, only earning six-point-seven-million despite being the final installment of a popular horror trilogy. "Bad Boys: Ride or Die" rounded out the top five with six-point-five-million.
