The daily business briefing: November 23, 2016

1. Stocks push deeper into record territory, with Dow hitting 19,000

U.S. stocks extended their post-election rally on Tuesday, with the Dow Jones Industrial Average breaking the 19,000 barrier for the first time. All three of the benchmark stock indexes closed at record levels for the second straight day. The Dow ended up by 67 points or 0.35 percent, closing at 19,024. The S&P 500 gained 4.8 points or 0.22 percent, and the Nasdaq Composite rose by 17.5 points, or 0.33 percent. The small-cap Russell 2000 index also hit another record high. The markets simmered down early Wednesday, with S&P 500 futures edging lower as investors grew cautious ahead of the Thanksgiving holiday.

Reuters Bloomberg

2. Facebook tests censorship tool, aiming to return to China

Facebook is developing a software tool that could block posts from users' news feeds in specific areas in a bid to help the social network get back into China, three current and former Facebook employees told The New York Times. Facebook has been blocked in China since 2009 due to the government's tough censorship policies. Facebook and other U.S. internet companies generally comply with foreign government requests to block certain content after it has been posted, but the new software would allow a third party to monitor popular stories shared elsewhere and keep them from appearing locally. The employees said the software is experimental and might never be used. Facebook said it had not decided on its approach to returning to China.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The New York Times

3. Judge blocks Labor Department rule expanding overtime

A federal judge in Texas on Tuesday blocked a Labor Department rule that would double the salary level for workers entitled to time-and-a-half pay for work beyond 40 hours in a week. The rule had been scheduled to take effect Dec. 1. It would have extended mandatory overtime pay to four million workers by doubling the maximum a worker can earn and still be eligible for overtime to $47,476. U.S. District Judge Amos Mazzant issued an emergency injunction, siding with 21 states and a coalition of business groups who argued that the rule is not compatible with a federal law governing overtime.

Reuters Politico

4. Housing market strengthens as employment picture improves

U.S. existing home sales increased in October to their highest level in nearly a decade as low mortgage rates and an improving employment market put home purchases within reach for more Americans. "You have to be pretty confident to buy a house," said Chris Rupkey, chief economist at MUFG Union Bank in New York. The data marked the latest in a series of recent signs that economic growth was picking up, although a recent post-election surge in mortgage rates could discourage home sales in coming months.

Reuters

5. Trump says there is no reason he can't keep his businesses while president

President-elect Donald Trump told editors and reporters at The New York Times on Tuesday that he was under no obligation to cut ties to his business empire when he takes office on Jan. 20. Trump, a billionaire real-estate developer, acknowledged that the Trump brand "is certainly a hotter brand than it was before" his campaign and election. He reaffirmed his plan to separate himself from his businesses, which he is putting under the control of his children. Some critics have called on Trump to liquidate his holdings to avoid the appearance of conflicts of interest, but Trump said "the law's totally on my side" when it comes to holding onto his companies. "The president can't have a conflict of interest," he said.

The New York Times