NEW YORK (AP) — The S&P ticked further into record territory on Thursday after the Federal Reserve made a major overhaul to its strategy, one that could keep interest rates low for longer. The benchmark index rose 0.2%, to another all-time high, but it veered through a jumbled day of trading to get there. Prices for stocks, bonds and gold all made several U-turns after Fed Chair Jerome Powell said the Fed may continue efforts to prop up the economy even if inflation rises above its target level of 2% in some cases.
NEW YORK (AP) — The energy industry is assessing damage caused by storm surges and high winds as Hurricane Laura cut a dangerous path across the coastlines of Texas and Louisiana. Oil and gas producers evacuated more than half of their platforms and nearly all the rigs in the Gulf of Mexico. Companies had shut down refineries in the storm’s path. More than half of U.S. refining capacity is built along the Gulf Coast, where the storm made landfall.
CHICAGO (AP) — United Airlines says it will furlough up to 2,850 pilots this fall unless the federal government provides more coronavirus-relief money to the nation’s airlines. United said Thursday that pilots will be furloughed between Oct. 1 and Nov. 30. Travel hasn’t rebounded as quickly as hoped, and airlines have lost billions. The companies and their labor unions are lobbying Congress and the White House for another $25 billion to help cover payroll costs for six more months, through next March. That’s on top of $50 billion that Washington has already set aside in grants and loans. The Dow Jones climbed 160 points
NASHVILLE, Tenn. (AP) — The Tennessee Valley Authority has hired a new independent consultant to provide a fresh look into its executive compensation after President Donald Trump earlier this month blasted the CEO as being “ridiculously overpaid.” At a virtual meeting, the board announced that hiring the new consultant would be one of multiple steps taken after Trump put the agency in his crosshairs. Results of the review are expected before TVA’s November board meeting.
DOVER, Del. (AP) — Attorneys for the Boy Scouts of America are asking a Delaware bankruptcy judge to protect survivors of child sexual abuse from being misled by advertisements from law firms about their ability to file claims in the organization’s bankruptcy case. The judge in May established a Nov. 16 claims deadline and approved a process for notifying potential victims that includes a nationwide paid media campaign scheduled to begin Monday. But Boy Scouts of America attorneys say in a court filing this week that several law firms have engaged in their own advertising campaigns using false and misleading information to try to solicit abuse victims.