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US SEC updates customer data hacking rules for Wall Street

(Reuters) – Wall Street’s top regulator on Thursday said it had updated rules to ensure investment companies and others work to detect and respond to hackers’ theft of customer data. The changes, approved unanimously by the five-member U.S. Securities and Exchange Commission, apply to rules first adopted in 2000. “Over the last 24 years, the nature, scale, and impact of data breaches has transformed substantially,” SEC Chair Gary Gensler said in a statement, adding that … Read more…

US FDIC chief faces 2nd day of penitence on Capitol Hill

By Douglas Gillison (Reuters) – U.S. Federal Deposit Insurance Corporation Chair Martin Gruenberg on Thursday faced a second day of grilling before lawmakers on Capitol Hill as he battles to survive the fallout from a sexual harassment scandal at his agency. Appearing alongside fellow top banking regulators from the Federal Reserve and U.S. Office of the Comptroller, Gruenberg reiterated his apologies to staff and acceptance of responsibility for leading an organization that had allowed serious … Read more…

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Putin and Xi pledge a new era and condemn the United States

By Bernard Orr, Guy Faulconbridge and Andrew Osborn BEIJING/MOSCOW (Reuters) – China’s Xi Jinping and Russia’s Vladimir Putin on Thursday pledged a “new era” of partnership between the two most powerful rivals of the United States which they cast as an aggressive Cold War hegemon that was sowing chaos across the world. Xi greeted Putin on a red carpet outside the Great Hall of the People in Beijing, where they were hailed by marching People’s … Read more…

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US Supreme Court upholds consumer finance watchdog agency’s funding mechanism

By John Kruzel WASHINGTON (Reuters) – The U.S. Supreme Court on Thursday upheld the Consumer Financial Protection Bureau’s funding mechanism in a challenge brought by the payday loan industry, handing a victory to President Joe Biden’s administration and a setback to the agency’s conservative critics. The 7-2 decision, authored by conservative Justice Clarence Thomas, reversed a lower court’s ruling that the CFPB’s funding design violated a provision of the U.S. Constitution called the “appropriations clause” … Read more…

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Factbox-Top takeaways from Putin’s trip to China

MOSCOW (Reuters) – Russian President Vladimir Putin made a state visit to China on Thursday where he was greeted by China’s Xi Jinping. What are the main takeaways from the visit? * Xi and Putin declare a “new era” partnership: In a joint statement, 7,000 words long in Russian, Xi and Putin pledged a “new era” of partnership between the two most powerful rivals of the U.S., which they cast as an aggressive Cold War … Read more…

Complaint dismissed against Trump hush-money judge who donated to Biden

By Karen Freifeld NEW YORK (Reuters) – The New York State Commission on Judicial Conduct has dismissed an ethics complaint against Justice Juan Merchan, who is overseeing the hush money criminal case against former U.S. President Donald Trump, a spokesperson for the judge said. \”Justice Merchan said the complaint, from more than a year ago, was dismissed in July with a caution,\” spokesperson Al Baker of the state Office of Court Administration said this week … Read more…

Hershey faces larger lawsuit over missing designs on Reese’s candies

By Jonathan Stempel (Reuters) – Hershey is facing a renewed, larger lawsuit claiming it misled consumers about the amount of artistic detail they would find on several Reese\’s peanut butter candies after opening the packaging. In a proposed class action on Friday, four Reese\’s consumers in southern Florida said they were \”very disappointed\” that the candies they bought late last year looked plain, and lacked the \”explicit carved out artistic designs\” shown on the packaging. … Read more…

Boeing supplier Spirit AeroSystems to lay off about 400 employees, memo says

(Reuters) -Spirit AeroSystems is laying off several hundred members of its workforce in Wichita, Kan., according to an internal memo, as the company deals with high debt and slowed production at Boeing, its key customer. \”The recent slowdown in the delivery rate on commercial programs compels a reduction to our workforce in Wichita,\” spokesman Joe Buccino said. \”In the coming weeks, we will inform affected employees. We are committed to implementing this transition in as … Read more…

The Dow’s climb to a record 40,000 points

By Saqib Iqbal Ahmed and Lewis Krauskopf NEW YORK (Reuters) – The Dow Jones Industrial Average, a laggard among the major U.S. stock indexes this year, got its moment in the spotlight on Thursday as it briefly broke above 40,000 points for the first time in its history. The record on the Dow – as well as fresh records on the S&P 500 and Nasdaq Composite earlier this week – come as investors grow more … Read more…

From Bear to Bull – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) April showers bring May flowers…..the bear scampered off, the bull charged in, and the market sizzled…just what the street needed. Friday finished convincingly, with all indexes on fire nudging new highs. After a dismal April, with stubborn inflation and constant negative inflation news there-of, May has had a spate of positive indicators. Corporate earnings, leveling of labor and wages have given investors indications that inflation trends are heading downward. … Read more…