GEICO apologizes, reverses course after inviting Linda Sarsour to speak at company event
Property and casualty insurer GEICO landed in hot water with several Jewish advocacy groups this week after inviting pro-Palestinian activist and accused antisemite Linda Sarsour to headline a company event.
Following backlash, the company owned by Warren Buffett’s
Berkshire Hathaway apologized and said it had scrapped the event.
Stocks at a glance
Senate confirms Ketanji Brown Jackson for SCOTUS
Per Fox News’ Chad Pergram, the vote was 53-47 with all Democrats voting yes, along with three Republicans: Sens. Lisa Murkowski (R-AK), Susan Collins (R-ME) and Mitt Romney (R-UT).
Rite Aid shares tank on Deutsche Bank downgrade
Judge Jackson expected to be confirmed to the Supreme Court
Fox News congressional correspondent Chad Pergram reports from Capitol Hill on the Ketanji Brown Jackson Supreme Court confirmation vote.
IEA announces release of additional 60 million barrels of oil
An excerpt from a White House statement reads:
“Today after around the clock diplomacy by the United States and our allies and partners, the International Energy Agency announced a historic collective release with member countries outside of the United States releasing an additional 60 million barrels. Together with the United States’ commitment, this will add a combined global amount of 240 million barrels.”
Sports stars talk Bitcoin at conference
NFL stars Aaron Rodgers and Odell Beckham Jr., along with tennis legend Serena Williams, on Thursday discussed the future of cryptocurrency investments at the Bitcoin 2022 conference.
Rodgers discussed Bitcoin as a “defense” against the Fed and recent record-high inflation.
“The Fed keeps printing trillions of dollars, and the best defense against inflation, I believe, is Bitcoin,” Rodgers said during a Thursday morning panel discussing Cash App, a mobile payment app that allows users to buy and sell Bitcoin. “I got involved in the rabbit hole years ago and once you get to the other side, there’s no turning back.”
Fed’s Bullard warns central bank still seems ‘behind the curve’ on inflation
St. Louis Federal Reserve President James Bullard said Thursday the U.S. central bank remains well behind in its fight to cool the hottest inflation in four decades.
Bullard was the lone dissenter in March, when the Fed voted to hike the benchmark federal funds rate by 25-basis points for the first time since 2018, bringing to an end the ultra-easy monetary policy put in place to prop up the economy throughout the COVID-19 pandemic. He believed the central bank needed to more aggressively raise rates by a half percentage point and begin unwinding its nearly $9 trillion balance sheet.
Stocks trading lower following Fed comments
Weekly jobless claims total 166,000
The number of Americans filing for unemployment benefits dropped to the lowest level since 1968 last week.
Data from the Labor Department released Thursday showed 166,000 people filed claims in the week ended April 2, well below the 200,000 forecast by Refinitiv analysts.
Stock futures tread carefully following Fed comments
Buffett’s Berkshire Hathaway adds stake in HP; shares jump almost 10%
Oil prices choppy after emergency reserve release
Gas prices continue to slide
The average price for a gallon of gasoline in the U.S. slipped on Thursday to $4.153, according to the latest numbers from AAA. The price on Wednesday was $4.164. The previous record high was $4.33, set on Friday March 11, 2022.