NEW YORK (AP) — The S&P jumped another 2.6% Friday after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed. Economists cautioned that it’s just one month of data and that many risks still loom on the long road to a full recovery. The Dow gained 829.16, or 3.2%, to 27,110.98. The S&P rose 81.58 points to 3,193.93 for its eighth gain in the last 10 days. The Nasdaq rose198.27, or 2.1%, to 9,814.08.
SACRAMENTO, Calif. (AP) — California is giving a Chinese manufacturer it contracted with for hundreds of millions of protective masks one more week to get federal certification after the company twice missed the deadline. California signed a nearly $1 billion contract in April with BYD for 200 million protective masks per month. But the company missed a May 31 deadline for certification from the National Institute for Occupational Safety and Health. On Friday, state officials decided to extend the deadline until June 12 rather than seek a refund of roughly a quarter-billion dollars the state paid up front. BYD already refunded the state $247 million.
NEW YORK (AP) — J.C. Penney says it is closing 154 stores nationwide in what it is calling the first phase of its efforts to shrink its footprint. The Plano, Texas-based retailer said it could take about 10 to 16 weeks to complete the closures. Penney filed for bankruptcy protection last month, making it the biggest retailer to do since the coronavirus pandemic forced non-essential stores to be shut down temporarily. As part of its bankruptcy reorganization, Penney said it planned to permanently close nearly a third of its 846 stores in the next two years. That would leave it with just over 600 locations.
WASHINGTON (AP) — President Donald Trump has rolled back protections at a marine conservation area off the New England coast. He signed an order Friday to allow commercial fishing in a stretch of water environmentalists say is critical for endangered right whales and other fragile marine life. The Northeast Canyons and Seamounts off the New England coast was the first national marine monument in the Atlantic Ocean, and one of just five marine monuments altogether. The conservation area comprises 5,000 square miles east of Cape Cod that contains vulnerable species of marine life such as endangered right whales and fragile deep sea corals. Environmental groups vowed to push back against the president’s actions.
SAN RAMON, Calif. (AP) — Pacific Gas & Electric’s proposal to pay $25.5 billion for a series of deadly Northern California wildfires ignited by its equipment is facing a final barrage of resistance from critics. The impassioned arguments unfolded Thursday during the closing phase of a two-week trial that will determine whether PG&E gets out of bankruptcy. PG&E needs to close the deal by June 30 to access a $21 billion wildfire fund created by the Legislature. Critics say the plan will do more to enrich savvy investors than help fire victims rebuild their lives.