While you were sleeping, we compiled the biggest stories of the day in one place. Each story has a quick and easy summary, so you're prepared for whatever the day brings. Just click on the links if you want to know more!
1. The latest on the formula shortage
The Senate passed a bill aimed at easing the baby formula shortage for families participating in a government assistance program known as WIC, which accounts for about half of all formula purchases in the U.S.
WIC vouchers can generally only be used to purchase one brand of infant formula, which encourages the manufacturer to offer big discounts to secure a state’s business. The bill makes it possible for families to redeem the WIC vouchers for whatever formula brand is available.
President Joe Biden invoked the Defense Production Act to speed the production of infant formula and has authorized flights to import supplies from overseas. Also, the largest formula plant in the U.S., which closed due to contamination concerns will begin to reopen.
2. Wall Street stocks slip near a bear market
The S&P 500, the benchmark for many index funds, is coming off of its biggest drop in nearly two years. It fell another 0.9% and is down nearly 19% from the record high it set early this year.
That's just shy of the 20% point that defines a bear market. The last bear market happened just two years ago, following the outset of the virus pandemic.
Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to pay for a wide range of stocks, from high-flying tech companies to traditional automakers.
3. Tough night for South Florida in the playoffs
The Boston Celtics dominated the first half to roll past the Miami Heat 127-102 on Thursday night and tie the Eastern Conference finals at a game apiece.
In hockey news, the Florida Panthers were upset by an almost last second goal. Ross Colton scored with just under four seconds remaining, giving the Tampa Bay Lightning a 2-1 victory in Game 2 of the Eastern Conference semifinals.
The stunning finish puts the Lightning up 2-0 in the best-of-seven series that heads to Tampa for Game 3 on Sunday.
4. Nick Saban vs Jimbo Fisher: This time in a war of words
Texas A&M University head coach Jimbo Fisher may have once worked for University of Alabama head coach Nick Saban, but there's no lingering friendliness.
It all started when Saban took aim at Texas A&M and their historically good signing class by saying they "bought every on their team" with the newly allowed NIL rules.
Fisher responded by calling Saban a narcissist and went on to cryptically say, "some people think they're God. Go dig into how God did his deal, you may find out a lot of things about a guy you don't want to know."
5. Things to do in our area this weekend
The weekend's events have many options from honoring heroes, to live music and even some laughs. See the full list at the link above.
Comedian Craig Robinson, best known from Knocked Up and The Office, has five shows at the Palm Beach Improv over the next few days.
If you're looking for a free event the Treasure Coast Songwriters Festival and Building Bridges to Ukraine - SongFest for Vets III are happening this weekend.
Today's Forecast
Repeated rounds of heavy rainfall could lead to flooding this afternoon
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On This Day In History
On ay 20, 1996, the U.S. Supreme Court votes six to three to strike down an amendment to Colorado’s state constitution that would have prevented any city, town, or county in the state from taking any legislative, executive, or judicial action to protect the rights of gays and lesbians.
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