NEW YORK (AP) — Stocks mostly fell in another day of wobbly trading on Wall Street today, as markets eased off the accelerator following their big rally. The S&P dipped 0.4% after bouncing between small gains and losses for much of the day, falling 11.25 points to 3,113.49. Markets have been trending upward this week, but caution remains as rising levels of coronavirus infections around the world raise worries that all the improvements could ultimately get upended. The Dow lost 170.37, or 0.6%, to 26,119.61. The Nasdaq composite was an outlier and rose 14.66, or 0.1%, to 9,910.53.
UNDATED (AP) — Hertz says it has put its plan to sell $500 million worth of stock on hold because the offering is being reviewed by the Securities and Exchange Commission. Trading in shares of the car rental company, which filed for bankruptcy protection last month, were halted before the announcement and then later resumed trading. Hertz said Monday that it received approval from the bankruptcy court to proceed with the stock sale, which is an unusual move for a company in the throes of a bankruptcy reorganization and as it poses a very risky proposition for investors.
NEW YORK (AP) — America’s painful struggles over racism have finally caught up with Aunt Jemima, that ubiquitous fixture served up at breakfast tables for 131 years. Quaker Oats announced today that it will retire the Aunt Jemima brand, saying the company recognizes the character’s origins are “based on a racial stereotype.” Other brands are also reconsidering racist stereotypes in their branding. The owner of the Uncle Ben’s rice says the brand will “evolve” in response to concerns about racial stereotyping.
PANAMA CITY (AP) — The Panama Canal is reporting a 21% drop in the number of ships crossing the waterway in May amid the coronavirus pandemic, compared to projections for traffic. Just 937 ships used the canal last month after 260 cancellations. The Canal administrator said today that many of the cancellations involved giant LNG and LPG tankers that carry liquified gas, mostly from the United States to Asia. Crossings by cruise ships and car carriers also declined. The administrator says recovery in traffic may be slow, but some analysts predict a more rapid rebound.
UNDATED (AP) — Netflix CEO Reed Hastings and his wife, Patty Quillin, are donating $120 million toward student scholarships at historically black colleges and universities. The couple is giving $40 million to each of three institutions: The United Negro College Fund, Spelman College and Morehouse College. The organizations said it is the largest individual gift in support of student scholarships at HBCUs. Hastings has a history of supporting educational causes, including charter schools. He launched a $100 million education fund in 2016, beginning with money toward college scholarships for black and Latino students.