Wall Street continued its remarkable rocket ride yesterday following a shockingly small 2.8 million drop in private payrolls for May that suggested a fairly quick to return to hiring as states reopen
— WSJ’s Justin Lahart: “The U.S. economy didn’t deteriorate as badly in May as it did in April. That is a far cry from saying that it is getting better. The Institute for Supply Management on Wednesday said that its index for nonmanufacturing activity climbed to 45.4 last month from 41.8 in April. That came on top of its report Monday that its manufacturing index had climbed to 43.1 from 41.5. Anything under 50 indicates worsening activity.
"They sidestepped state crackdowns by joining with out-of-state banks to offer loans and now are bypassing ad bans put in place by Google, which calls their offerings ‘dangerous financial products,’ and Facebook Inc., a Wall Street Journal investigation found.”— Bloomberg’s Christopher Maloney: “Aggregate prepayment speeds are expected to show a decline in the next report, and that would be good news for mortgage investors.
“Vulnerable people were by far the hardest hit: Nine percent of account holders paid 84 percent of the overdraft fees, according to the review, which focused on banks with assets of more than $1 billion. Those customers tended to carry low balances, averaging less than $350.”— WSJ’s Chip Cutter and Theo Francis: “Hundreds of U.S.
"Big-company CEOs had their richest paydays ever in 2019, a Wall Street Journal analysis shows. But in March and April many took large cuts to their salaries after the deadly virus crippled global commerce. For 2020, few so far changed the equity awards that make up the bulk of executive compensation and the value of which is tied to the stock market.”
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