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The Supreme Court appears poised to reject student loan forgiveness
WASHINGTON (AP) — Conservative justices in the Supreme Court majority seem likely to overturn President Joe Biden’s plan to wipe out or reduce student loans for millions of Americans. Chief Justice John Roberts led his conservative colleagues Tuesday in questioning the government’s authority to broadly cancel federal student loans over the COVID-19 emergency. The plan has so far been blocked by Republican-appointed judges in lower courts. The Biden administration says 26 million people have applied and 16 million have been approved to forgive up to $20,000 in federal student loans. The program is estimated to cost $400 billion over 30 years.
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Railroads urged to examine track detectors after Ohio crash
OMAHA, Neb. (AP) — Federal regulators are urging freight railroads to review the way they operate and maintain the trackside detectors that are supposed to detect overheated bearings in the wake of the Ohio fiery derailment and several other recent bearing failure accidents, to re-examine. are suspected to be the cause. The safety advisory issued by the Federal Railroad Administration on Tuesday doesn’t tell railroads exactly what to do, but it encourages them to make sure these detectors are inspected often enough and that the railroads have safe standards for when to run a train. stop after overheating. lower triggers a warning. More than three dozen railcars came off the rails near East Palestine, Ohio, on Feb. 3, and the ensuing fire containing toxic chemicals forced evacuations.
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Biden will nominate Julie Su as the next US Secretary of Labor
WASHINGTON (AP) — President Joe Biden has named Julie Su, the current deputy and former California official, as his next labor secretary. She would replace outgoing incumbent former Boston mayor Marty Walsh. Su, a civil rights attorney and former chief of California’s labor department, was at the center of negotiations late last year between labor and freight carriers to avert an economically debilitating strike. theft. Biden called her a “champion for workers” in a statement. Walsh announced earlier this month his intention to leave the administration to lead the National Hockey League Players’ Association.
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China says TikTok ban reflects US uncertainties
BEIJING (AP) — China says the US government’s ban on TikTok, a Chinese-owned video-sharing app, reflects Washington’s insecurities and is an abuse of state power. State Department spokesman Mao Ning said the US “must stop suppressing the business and provide an open, fair and non-discriminatory environment for foreign companies in the United States.” TikTok is used by two-thirds of American teens, but there are concerns in Washington that China could use its legal and regulatory powers to obtain personal user data or spread misinformation or stories in China’s favor. On Monday, Canada announced that it would join the US in banning TikTok from all government-issued mobile devices.
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Financing computer chips requires security, working conditions
WASHINGTON (AP) — The Department of Commerce is opening the application process for computer chip makers to access $39 billion in government aid to build new factories and expand production. Companies seeking the funds must demonstrate how they plan to train a local workforce, with companies receiving $150 million or more also required to provide affordable and accessible childcare for employees. The funding is part of the CHIPS and Science Act, which President Joe Biden signed into law last August. The grants, loans and loan guarantees are aimed at sharpening the U.S. lead in military technology and manufacturing and minimizing supply chain disruptions.
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Wall Street ends a hair-raising February with another dip
NEW YORK (AP) — A cold February for Wall Street ended with more losses. The S&P 500 fell 0.3% on Tuesday to record a 2.6% loss for the month. The Dow Jones Industrial Average and the Nasdaq also slid higher, losing months. After a warm start to the year, fueled by hopes that inflation was coming down, the stock market turned this month. A stream of data showed that inflation and the economy as a whole remain more resilient than expected. That forced investors to raise their predictions about how high the Federal Reserve will raise interest rates.
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FDA panel narrowly backs Pfizer RSV vaccine for older adults
WASHINGTON (AP) — Federal health advisers have narrowly backed an experimental vaccine from Pfizer that could become the first vaccine to protect older adults against the respiratory disease known as RSV. A panel of advisors from the Food and Drug Administration voted 7-4 in favor of the injection’s safety and effectiveness for people age 60 and older. The recommendation is not binding and the FDA will make its own decision on the vaccine. For most healthy people, RSV is a cold-like nuisance. But the virus can be dangerous for young children and the elderly. Pfizer and GlaxoSmithKline each seek FDA approval for two new vaccines to protect older Americans from infection.
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Consumer confidence drops again in February
WASHINGTON (AP) — Consumer confidence fell for a second straight month as stubborn inflation and concerns about a possible slowing economy weighed on Americans. The Conference Board reported on Tuesday that the consumer confidence index fell to 102.9 in February from 106 in January. The business research group’s Current Situation Index – which measures consumers’ assessments of current business and labor market conditions – rose from 151.1 last month to 152.8. The government’s expectations index – a measure of consumers’ six-month outlook for income, business and working conditions – fell from 76 in January to 69.7 in February.
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The S&P 500 fell 12.09 points, or 0.3%, to 3,970.15. The Dow Jones Industrial Average fell 232.39 points, or 0.7%, to 32,656.70. The Nasdaq composite fell 11.44 points, or 0.1%, to 11,455.54. The Russell 2000 index of smaller companies rose 0.72 points, or less than 0.1%, to 1,896.99.