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Live news: US stocks close at record highs and oil climbs
US stocks closed at record highs, as traders began to turn their attention to two major economic events later this week.
The S&P 500 rose 0.3 per cent, with utilities and energy sectors the benchmark index’s best-performing sectors. The Nasdaq Composite increased 0.4 per cent, with five Magnificent Seven stocks advancing.
Oil prices climbed. International benchmark Brent crude rose 2.5 per cent to $81.63 a barrel, its biggest one-day gain since March.
On Wednesday, traders will watch for US inflation data from May, and an interest rate decision from the Federal Reserve. Traders do not expect the US central bank to cut rates, but they will be paying close attention to an updated “dot plot”, which will provide guidance on Fed officials’ long-term outlook on interest rates.
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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement
The widow and the daughter of Maurice Pierce, one of the four men wrongfully accused in the 1991 Texas yogurt shop murders, have confirmed they signed a multimillion-dollar settlement with the city of Austin.
Kimberli and Marisa Pierce spoke with correspondent Erin Moriarty in a new episode of the podcast “48 Hours: Case by Case.” Moriarty has reported on the yogurt shop murders for over 30 years.
Maurice Pierce’s widow Kimberli made clear that their priority has never been financial compensation. “It’s blood money for us. He died for this money,” Kimberli Pierce said. “It’s about the reform and the changes that need to happen, not only in Austin, but apparently across the country.”
They also went into great detail about what they believe happened when Maurice Pierce was shot and killed by police in 2010.
Maurice Pierce was one of four men, along with Michael Scott, Robert Springsteen and Forrest Welborn, who were wrongfully accused in the murders of four teenage girls in Austin on Dec. 6, 1991. Eliza Thomas, Amy Ayers, and sisters Jennifer and Sarah Harbison were tied up, shot and left inside the yogurt shop as it was set ablaze.
The four men were exonerated in February after investigators linked another man, Robert Eugene Brashers, to the killings. The city of Austin subsequently offered a $35 million settlement. Because Maurice Pierce died in 2010, his share of $10 million will go to Kimberli and Marisa Pierce.
Eight days after the killings, 16-year-old Maurice Pierce was arrested at a mall, carrying a .22, the same caliber handgun connected to the crime. Kimberli Pierce said police told Maurice Pierce that his gun was the murder weapon. He responded by mentioning his friend Forrest Welborn. Maurice Pierce was then wired up and sent to speak with Welborn, but investigators ultimately determined that Welborn and the others knew nothing about the murders, and no charges were filed at that time.
Marisa Pierce has said there was no evidence when her father was questioned, “only a detective and a narrative, a narrative so completely false. It feels evil.”
Nearly eight years later, in 1999, all four men were arrested after Scott and Springsteen confessed to the murders. They later recanted, saying they had been coerced. Springsteen and Scott were tried and convicted, but later those convictions were overturned on constitutional grounds. A subsequent DNA test excluded all four men. Maurice Pierce was never convicted but spent three years in jail before his release in 2003.
Kimberli Pierce said her husband came home a hardened man. She believes police continued to harass Maurice and their family after his release. In 2010, Maurice Pierce was stopped for a routine traffic stop, fled on foot, and was shot and killed by an Austin police officer who said Pierce had stabbed him with a knife.
Marisa and Kimberli Pierce told “48 Hours” that they intend to review the circumstances surrounding the night of Maurice Pierce’s death. Marisa Pierce revealed in new, emotional detail that she was on the phone with her father at the time. She believes he panicked and was only trying to get away, not to hurt anyone. She described her father’s last breaths: “And in those last moments, he had just said I’m sorry, I don’t think you’re gonna see me again, and I love you.”
“48 Hours” reached out to the Austin Police Department about the Pierces’ allegations of harassment and their questions about Maurice Pierce’s death in 2010. The police department said they had no additional comment.
For the Pierce family, the settlement is a starting point, not an end point. They have put forward seven proposed reforms they hope the city of Austin will approve, including appointing a child advocate whenever a minor is questioned, prohibiting deceptive interrogation tactics, educating juveniles about their rights and establishing accountability measures to address tunnel vision in police investigations.
In a statement shared with “48 Hours,” the Pierces wrote: “Real justice is not only about acknowledging harm after the fact but about creating safeguards that prevent future families from enduring the same pain.”
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The Maine Town That Actually Wants a Data Center
This year, Maine nearly became the first state to pass a statewide moratorium on new data centers. But before the law could take effect, supporters of an A.I. data center project in the small town of Jay rallied to fight the ban — and won. So why do residents there want one? We traveled to Jay to find out.
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The Supreme Court says the U.S. can turn away asylum seekers at the border
The U.S. Supreme Court
Drew Angerer/AFP via Getty Images
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Drew Angerer/AFP via Getty Images
The U.S. Supreme Court on Thursday handed the Trump administration a tool that could make it far more difficult for asylum seekers to enter the United States.
Asylum is a form of legal protection available to people fleeing persecution in their home countries if they meet certain criteria. Under U.S. law, an asylum seeker who “arrives in” the U.S. is entitled to apply for asylum and generally cannot be removed from the country until their asylum application is processed.
By a 6-3 vote, the high court ruled that federal law allows the government to stop asylum seekers from physically setting foot in the country, effectively keeping them from applying for asylum.
The Obama administration was the first to try stemming the flow of asylum seekers that way. But the lower courts blocked the policy on grounds that it violated federal law by denying asylum to people who otherwise would have qualified for it, had they been permitted to literally put one foot over the border.
The Trump administration, however, sought to revive the policy, contending that the lower court’s ruling “deprives the Executive Branch of a critical tool for addressing border surges and preventing overcrowding at ports of entry.” And on Thursday, the Supreme Court agreed.
Writing for the majority, Justice Samuel Alito ruled that because asylum seekers are not in the U.S. when they are turned away at the border, they did not “arrive in” the country. Therefore, he continued, the legal protections for asylum seekers have not kicked in.
Writing for the liberal dissenters, Justice Sonia Sotomayor noted that Border Patrol agents speak with all immigrants at legal entry points and speaking with an agent is effectively the first step in “arriving in” the U.S.
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