Dow hits 40,000 for first time

Through its long history, the Dow Jones Industrial Average has offered a way for people to get a quick read on how Wall Street is doing. But its importance is on the wane. Because it holds just 30 stocks and uses a quirky way to measure their impact on the stock market, the Dow has ceded its importance on Wall Street to other indexes. So even if the Dow’s topping the 40,000 level is cause for celebration, it doesn’t inherently mean much.

Court sides with Consumer Financial Protection Bureau

President Joe Biden says the Supreme Court’s rejection of a conservative-led attack that could’ve undermined the Consumer Financial Protection Bureau is “an unmistakable win” for consumers. The justices ruled Thursday the way the bureau is funded does not violate the Constitution. The bureau was created to regulate consumer finance including mortgages and car loans. Republicans and their financial backers oppose it.

Shoppers fuel Walmart’s strong first quarter

Walmart is reporting another quarter of strong results as its low prices pull in shoppers scouring for discounts with inflation stubbornly high. The nation’s largest retailer also offered an upbeat outlook, too. The nation’s biggest retailer reported profits of $5.10 billion, and revenue rose 6%. Both were better than expected. Walmart said that its customers are spending more on necessities, while cutting back on discretionary items like home furnishings.

FDIC chair grilled about toxic workplace

Federal Deposit Insurance Corp. Chairman Martin Gruenberg is sitting for a second day of grilling on Capitol Hill, this time at the Senate Banking Committee, after a damning report about the agency’s toxic workplace culture was released last week. The hearing Thursday largely focused on FDIC workplace culture and Gruenberg’s failures, according to the report, in preventing hundreds of instances of harassment and discrimination against employees. An independent review of the FDIC’s workplace culture released last week describes an environment that fostered “hostile, abusive, unprofessional, or inappropriate conduct.”

Facebook, Instagram face fresh EU scrutiny

The European Union opened fresh investigations into Facebook and Instagram over suspicions that they’re failing to protect children online, in violation of the bloc’s strict digital regulations for social media platforms. It’s the latest round of scrutiny for parent company Meta Platforms under the 27-nation EU’s Digital Services Act. The European Commission said it’s concerned that algorithmic systems used by Facebook and Instagram to recommend content could “exploit the weaknesses and inexperience” of children.