The Dow Jones Industrial Average rebounded after a tumultuous run last week, jumping nearly 670 points by the time markets closed Monday afternoon. The index surged nearly 3 percent in part thanks to Microsoft, the top-performing stock of the day.
The gains suggest the market is recovering after President Trump last week announced tariffs targeted at China, which sparked fears of a trade war between the world's two biggest economies. The Dow had closed down roughly 400 points Friday, good for its "lowest level since November," CNBC noted.
But investors "have apparently recognized that a trade war is in no one's best interests and therefore extremely unlikely," market strategist Jeremy Klein told CNBC in explaining the rebound. The S&P 500 also saw a more than 2 percent bump Monday, while the Nasdaq composite jumped 2.6 percent. Kimberly Alters
Capitol Police arrested 70 people on Thursday during protests against the Trump administration's immigration policies.
The protesters were arrested inside the Russell Senate Office Building, with Capitol Police saying they were unlawfully demonstrating in the rotunda. Thursday was the Catholic Day of Action to oppose immigration policies like detaining migrants in overcrowded facilities without adequate necessities. The Sisters of Mercy traveled from Chicago to Washington, D.C., for the protests, and one nun, 90-year-old Sister Pat Murphy, was arrested.
The situation in immigrant detention centers is "immoral," Murphy told ABC News during a phone interview. "These are our brothers and sisters and they are part of the human family," she said, adding, "I mean, any person with any human compassion would reach out. What is going on is, it's just abominable. It's a horrific situation that's happening right now." Murphy, who has been with Sisters of Mercy for 71 years, said it's not fair that people are "being punished because our immigration system is broken, it's shattered, it doesn't exist." Catherine Garcia
President Trump will most likely nominate attorney Eugene Scalia to be the next Labor secretary, three people familiar with the matter told Politico.
Scalia is the son of the late Supreme Court Justice Antonin Scalia, and is a partner at the law firm Gibson, Dunn & Crutcher. In 2006, he represented Walmart in the retail giant's fight against a Maryland law that would have forced the company to spend more money on employee health care.
Last week, Labor Secretary Alexander Acosta stepped down following outrage over a 2008 plea deal he arranged with sex offender Jeffrey Epstein in Florida. Acosta's deputy, Patrick Pizzella, will step into the role on Friday. Catherine Garcia
The Environmental Protection Agency announced on Thursday it will not ban the use of chlorpyrifos, a pesticide associated with health problems in children.
During the Obama administration, the EPA produced scientific studies showing chlorpyrifos could damage brain development in children and prohibited its use, but in 2017, Scott Pruitt, then the agency's administrator, reversed course. This led to a legal battle, and in April, a federal appeals court told the EPA it had to make a final decision on the ban by July. In a statement, the agency said there is not enough data to show that an unsafe amount of pesticide residue is left in or on treated foods.
Sold under the name Lorsban, chlorpyrifos cannot be used in homes, but can be used by farmers, who spray it on more than 50 nut, fruit, vegetable, and cereal crops, The New York Times reports. Since the legal battle began, several states, including California and New York, have announced they are looking into banning chlorpyrifos. Catherine Garcia
The U.S. Navy has "destroyed" an Iranian drone in the Strait of Hormuz, President Trump announced Thursday afternoon.
The U.S.S. Boxer was sailing in the strategic strait when the drone came within 1,000 yards of it and ignored "multiple calls to stand down," Trump told reporters. It then took "defensive action" and used electronic jamming to down the drone, Trump continued.
The attack comes after Iran's Islamic Revolutionary Guard Corps on Thursday claimed responsibility for seizing a foreign tanker that went missing this past weekend in the Strait of Hormuz, The Washington Post notes. It's the latest international incident in the waterway that connects the Persian Gulf with the rest of the world, and also comes amid rising tensions between the U.S. and Iran. Iran shot a U.S. drone in that area last month, but while America says it was in international airspace, Iran claimed it was flying in Iranian territory. Kathryn Krawczyk
Toys 'R' Us is getting a reboot.
The retailer, which closed all its locations in the U.S. in 2018 after the company filed for bankruptcy, is being relaunched by Tru Kids Brands with the opening of two new stores this year, CNN reports. One of the new locations will be in Houston, Texas, while the other will be in Paramus, New Jersey, and the company's aim is to open 10 new stores by the end of 2020, The Washington Post reports.
But Toys 'R' Us won't be coming back without some major changes, as Tru Kids Brands has reworked the stores' design so they're more "fun and interactive" as to "better fit within today's retail environment," CEO Richard Barry told the Post. The two new locations will be smaller — 6,500-square feet compared to about 40,000 square feet before — and they'll emphasize open areas for children to play in, the Post notes. The stores will also sell fewer toys than before, CNN reports. Previously, lenders had teased a "new and re-imagined" Toys 'R Us on the horizon.
Ahead of this relaunch, though, The Associated Press notes that it's unclear "how much support the new model will get from suppliers, who were burned by Toys 'R' Us' quick demise." The company in 2018 announced it would close all of its stores in the United States six months after filing for bankruptcy, resulting in the loss of more than 30,000 jobs, per The Washington Post.
For Toys 'R' Us kids in Texas and New Jersey, the new locations will open this fall. Brendan Morrow