US stocks finished higher after rallying all day. Both the S&P 500 and the Nasdaq Composite logged their fourth straight day of gains. For the Dow it was the third up day, and the first time it finished above 26,000 points since early March.
Market sentiment was boosted by a much better than expected ADP employment report, which shored up hopes that the worst might be over for America’s battered labor market.
Gary Jones, the former president of the United Auto Workers union, pleaded guilty to conspiring with other high-level UAW officials to embezzle more than $1 million in dues money, among other charges.
Jones faces 46 to 57 months in prison under the plea agreement submitted Wednesday, which also includes charges of racketeering activity and tax evasion.
He’s the highest-ranking official caught up in a scandal that began in 2019, following a wide-ranging federal probe into alleged corruption involving the union and at least one of the nation’s unionized automakers: Fiat Chrysler.
In April 2019, UAW Vice President Norwood Jewell pleaded guilty to accepting, arranging and approving illegal payments from Fiat Chrysler executives to union higher-ups. A total of 14 UAW and Chrysler officials have pleaded guilty or received convictions.
Jones served as UAW president from June 2018 until he was forced to resign in November 2019 given the growing scandal. He left his post a week after the union concluded a costly 6-week strike against General Motors.
In his plea Wednesday, he admitted he and other senior UAW officials improperly used union funds to pay for personal expenses including golf clubs, private villas, cigars, golfing apparel, green fees at golf courses, and high-end liquor and meals costing over $750,000.
Two major banks with ties to Hong Kong have indicated they will support China’s controversial effort to introduce a national security law for the semi-autonomous city.
HSBC’s Asia-Pacific CEO Peter Wong has signed a petition in support of the implementation of the law, according to post by HSBC China on Chinese social media.
Another bank, Standard Chartered, said in a statement that “we believe the national security law can help maintain the long-term economic and social stability of Hong Kong.”
Both banks are based in the United Kingdom but do considerable business in both Hong Kong and mainland China.
The new law would drastically broaden Beijing’s power over Hong Kong, which last year was roiled by anti-government protests calling for greater democracy and more autonomy. Political leaders in the United States and Britain have criticized the planned law, arguing it threatens to undermine the city’s special status.
