Stocks break losing streak...Facebook cites progress against hate speech...Official arrested
NEW YORK (AP) — A rebound in technology companies and banks helped reverse an early slide for U.S. stocks Thursday, breaking a five-day losing streak. The S&P 500 index rose 28.62 points, or 1.1 percent, to 2,730.20. The Dow Jones Industrial Average gained 208.77 points, or 0.8 percent, to 25,289.27. The Nasdaq composite climbed 122.64 points, or 1.7 percent, to 7,259.03. The Russell 2000 index of smaller companies picked up 21.62 points, or 1.4 percent, to 1,524.12. Benchmark U.S. crude rose to near $56.50 a barrel. The dollar rose against the yen and fell against the euro.
NEW YORK (AP) — Facebook said it’s making progress on detecting hate speech, graphic violence and other violations of its rules, even before users see and report them. Facebook said that during the April-to-September period, it doubled the amount of hate speech it detected proactively, compared with the previous six months. The findings were spelled out Thursday in Facebook’s second report on enforcing community standards.
WASHINGTON (AP) — The Trump administration’s top environmental official for the Southeast has been arrested on Alabama state ethics charges related to a scheme to help a coal company avoid paying for a costly toxic waste cleanup. Trey Glenn was booked into a county jail in Birmingham on Thursday before being released on a $30,000 bond. Glenn was appointed last year as chief of the Environmental Protection Agency’s regional office in Atlanta, which oversees operations in eight states. Glenn is charged with multiple ethics violations. He says he is innocent.
WASHINGTON (AP) — The Federal Reserve announced Thursday that it plans to conduct a wide-ranging review next year of the strategies and tools it uses to achieve its congressionally mandated goals of maximum employment and price stability. The Fed said the review will also examine ways it communicates with the public. As part of the review, the Fed said it would sponsor a research conference on June 4-5 at the Federal Reserve Bank of Chicago. Other regional banks will host their own events.
NEW YORK (AP) — Amtrak says its $168 million operating loss this year was the smallest since 1973, its second full year in business. The government-owned railroad said Thursday it took in a record $3.4 billion in revenue in the 2018 fiscal year. Amtrak has been shrinking its annual operating losses in recent years and says it plans to eliminate them by 2021. Amtrak said ridership remained steady at 31.7 million passenger trips. It blamed the lack of growth on service disruptions such as a second summer of repairs at New York’s Penn Station. The railroad received about $1.9 billion in federal subsidies in the 2018 fiscal year.