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Wall Street
The scary Monday started with aplunge abroad reminiscent of 1987s crash swept around the world and pummeled Wall Street withmore steep losses.
Now, worries are rising the Fed may have kept its main interest rate at a two-decade high for too long.
Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following their tough April.
Wall Street returned to record heights and capped a punishing, two-year round trip dogged by high inflation and worries about a possible recession.
WHAT'S HAPPENING
The Dow jumped 512 points, or 1.4%, to top 37,000 and surpass its prior peak of 36,799.65 set at the start of last year.
Fed officials have said they expect at least one more increase this year and then for the benchmark rate to stay elevated through at least early 2024.
The GOP House Speaker could provide some clarity and give details on Republicans plan to do something on their own without Biden.
Lawmakers are trying to decide whether the federal government should bail out a failed bank that mostly served the wealthy and powerful.
The bank, which served tech workers and venture capital-backed companies, was the second-biggest bank failure in U.S. history after the 2008 collapse.
Stocks struggled all year as inflation was made worse by Russia's war in Ukraine, and amid fears of a recession.
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