Stocks End Higher, Closing Out Best Week Since February | Business News

Stocks End Higher, Closing Out Best Week Since February | Business News

By ALEX VEIGA, AP Business Writer

Technology companies led a rally on Wall Street that powered the S&P 500 to an all-time high and gave the index its best weekly gain since February.

The S&P 500 rose 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, enough to recoup its losses from a day earlier. The benchmark index closed higher four of the last five days, finishing 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher for the week.

The Dow Jones Industrial Average rose 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and the Nasdaq composite gained 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, both recovering from declines in the early going. Smaller-company stocks lagged the broader market, leaving the Russell 2000 index 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower.

A late wave of buying solidified the gains for the market, which had wavered between small gains and losses in morning trading after the government reported another big rise in inflation last month.

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The Bureau of Labor Statistics said prices for U.S. consumers jumped 6.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November compared with a year earlier. Surging costs for food, energy, housing and other items have left Americans enduring their highest annual inflation rate since 1982. Core prices, which exclude food and energy, rose 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year over year.

Still, markets were relieved to see that the report was in line with expectations.

“Many have felt the effects of inflation in their day-to-day, so this likely isn’t a huge shocker to the market,” said Mike Loewengart, managing director, investment strategy at E-Trade.

The S&P 500 rose 44.57 points to 4,712.02, a new high. It set its previous record high on Nov. 18.

The Dow gained 216.30 points to 35,970.99. The tech-heavy Nasdaq rose 113.23 points to 15,630.60. The Russell 2000 fell 8.40 points to 2,211.81. The indexes all posted weekly gains.

The latest inflation data comes ahead of the Federal Reserve’s two-day meeting of policymakers next week. Rising inflation has prompted the central bank to speed up the pace at which it trims its bond purchases, which have helped keep interest rates low.

Federal Reserve Chair Jay Powell has suggested the central bank could move more quickly to pare back, or taper, the amount of bonds it’s been purchasing each month to keep long-term interest rates low.

Analysts say the elevated inflation figures ramp up the pressure on the Fed to follow through on Powell’s comments. Many investors also expect the Fed to start raising interest rates from current ultra-low levels starting in the middle of next year.

“The inflation print from this morning will reinforce the Fed’s resolve to accelerate tapering. With the strength in the economic recovery, it is time to take the crutches away,” said Anu Gaggar, global investment strategist for Commonwealth Financial Network.

Apart from a decline Thursday, stocks have bounced back this week following two weeks of volatile trading that left the S&P 500 with back-to-back weekly losses. The index has now recovered most of the losses after the discovery of the omicron variant of COVID-19 was announced last month. It’s now up 25.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the year.

Investors’ worries over omicron eased this week amid encouraging signs that the variant may be less dangerous than delta. Pfizer said this week that its lab tests suggest the drugmaker’s COVID-19 boosters provide protection against the new strain.

More than 70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the stocks in the S&P 500 rose, with technology companies doing most of the heavy lifting. Business software maker Oracle surged 15.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the biggest gain in the S&P 500 after reporting strong quarterly results. Microsoft and Apple each rose 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Makers and sellers of household goods also helped lift the S&P 500. Costco climbed 6.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while Coca-Cola rose 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Energy futures closed higher. The price of U.S. crude oil rose 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. That helped give a modest boost to energy sector stocks in the S&P 500. Devon Energy rose 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The yield on the 10-year Treasury note fell to 1.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 1.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just before the inflation report came out. The yield on the two-year note dropped to 0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Stock market news live updates: December 14, 2021

Stock market news live updates: December 14, 2021

Stock futures were up on Monday following declines during the earlier trading session for all three major U.S. indexes as investors set their sights on a prolific week in Washington that includes the Federal Reserve’s final policy-setting meeting of 2021 and the release of new prints on retail sales, housing starts and other economic data.

Contracts on the S&P 500 edged higher, turning positive after the blue-chip index retreated from a rally last week that helped the index post its sharpest gains since February. Research from Goldman Sachs showed the S&P 500 is powered by five stocks that have accounted for 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its return since the end of April. Microsoft, Google, Apple, Nvidia and Tesla account for more than one-third of the S&P 500’s 26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} return this year, according to Goldman.

Futures for the Dow and Nasdaq were also up. 

Traders are awaiting a decision from the Fed on how quickly the central bank will tighten monetary policy amid a backdrop of fresh inflation numbers that reflected the fastest annual increase in nearly four decades. The Labor Department’s Consumer Price Index (CPI) soared 6.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November compared to last year, according to figures published last week.

The Federal Open Market Committee (FOMC) is scheduled to hold its two-day policy-setting meeting starting on Tuesday, followed by the release of the monetary policy statement and remarks from Federal Reserve Chair Jerome Powell Wednesday. An updated Summary of Economic Projections outlining individual members’ outlooks for economic conditions and interest rates is set to accompany the statement.

The Fed has been under pressure to control rising inflation levels, as investors watch for clues of a faster taper that could set the stage for earlier rate hikes.

“Because inflation expectations do appear to be adaptive, our view is that the longer inflation stays elevated, the greater the risk that consumers adjust their behaviors in a way that contributes to persistently elevated inflation” wrote PIMCO economist Tiffany Wilding in a recent note to clients.

“We believe the Fed will want to manage this risk by shortening the time over which it winds down its purchases of U.S. Treasuries and agency mortgage-backed securities (MBS), aiming to end the program in March 2022, while also signaling a June rate hike is likely,” said Wilding.

PIMCO managing director and portfolio manager Sonali Pier also separately told Yahoo Finance Live that the firm expects to see two hikes in 2022, three hikes in 2023, and potentially four in 2024, with the Fed trying to bring the policy rate to neutral.

“Amid proliferating signs of solid growth and a robust job market, various measures depict a deeply troubled economy,” wrote Oxford Economics senior economist Bob Schwartz in a new report. “Households are downbeat, according to sentiment surveys, and the so-called ‘misery index‘ that adds together inflation and unemployment hovers around recession levels.”

Markets await a trove of fresh economic data this week. November retail sales, out on Wednesday, are expected to rise by 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus estimates. And November housing starts are forecasted to see a month-over-month increase of 3.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Meanwhile, Morgan Stanley projects the U.S. unemployment rate will drop to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2022.

“It’s stunning to see how much the rate has fallen in the last five months,” Morgan chief U.S. economist Michael Feroli told Yahoo Finance Live. “We expect that pace of decline to slow, but it doesn’t take much to get below 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, even with a tick up in the labor participation rate which has been depressed over the last year and a half.”

6:00 p.m. Monday ET: Stock futures edge higher

Here were the main moves in markets in late trading on Monday:

  • S&P 500 futures (ES=F): +5.50 points (0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,674.25

  • Dow futures (YM=F): +46.00 points (0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,691

  • Nasdaq futures (NQ=F): +10.75 points (0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,092.75

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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Personal finance education belongs in PED standards

Personal finance education belongs in PED standards

As the New Mexico Public Education Department (NMPED) revamps the state’s K-12 social studies standards, it is imperative we ensure all students are provided with the skills necessary for navigating life after they graduate. One essential element should be personal finance education.

We commend the PED for its work to bring the state’s social studies standards into the 21st century. However, we believe the department’s proposal would be greatly strengthened by the inclusion of personal finance standards.

Our neighboring states, among them Arizona, Colorado, Texas and Utah, have adopted standards to ensure their students learn the financial skills required for personal and professional success. In fact, New Mexico is currently one of only five states that has not incorporated personal finance into our K-12 education standards.

Personal finance standards will make sure New Mexico’s students learn how to make a budget, open an account at a bank or credit union, save and invest for their futures, and avoid high-cost debt.

During the most recent legislative session, Dixon co-sponsored and Figueroa strongly supported a legislative effort led by Reps. Moe Maestas, D-Albuquerque, and Willie Madrid, D-Chaparral, to make personal finance a graduation requirement. The bill received strong bipartisan support, passing the House unanimously before running out of time in the Senate.

That effort, and adding personal finance to the education standards, builds on Maestas’ successful 2007 reform that required financial literacy to be offered as an elective in New Mexico’s high schools. Unfortunately, only about 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of students currently complete that course.

Adopting strong personal finance standards lays the foundation for guaranteeing that all students of all backgrounds are receiving equitable instruction, and are provided the skills necessary for financial planning and decision-making when they enter the workforce or post-secondary institutions.

In October 2018, researchers at the University of New Mexico released a report showing that two of every three private-sector workers in New Mexico have no money saved for retirement. Nearly 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} have less than $10,000 saved. This continues to weigh heavily on the wallets of many New Mexicans. Should there be another pandemic, or major recession, our state will be better off if we have prioritized teaching our state’s students about savings, investing, costs of borrowing and how credit works.

Addressing personal finance will make the school curriculum more relevant and ensure that students who do not learn how to manage their personal finances at home are not left behind. This material also helps us fight cycles of generational poverty, which has plagued our state for decades. The skills developed by students will be shared with their family members, who could also gain from this information.

Personal finance education also supports the findings from the Martinez/Yazzie lawsuit by providing students – especially low-income, Native American, English language learner, and those with disabilities – the skills and knowledge necessary to be college- and career-ready. The ruling found the state failed to meet this obligation and we must ensure we do our part in providing students a sufficient education.

We hope PED will adopt robust personal finance standards within the current revision to the social studies standards. We owe it to NM’s future generations.

Will travel insurance cover you if you catch COVID abroad? What to look for in your policy to make sure your vacation is protected

Will travel insurance cover you if you catch COVID abroad? What to look for in your policy to make sure your vacation is protected
SAN FRANCISCO (KGO) — The new travel restrictions announced Thursday may be just the beginning of tightened rules — not only in the United States, but other countries too. If you’re traveling in the next few weeks, especially abroad, experts say be ready for more limits, even border closures that can disrupt your trip.

So will travel insurance cover you?

This may be a time to get some insurance. There are specific COVID-19 policies that cover everything from a potential quarantine, to medical expenses to canceled tours. And with the new rule requiring a negative test result within 24 hours to come back home, experts say plan now.

RELATED: How omicron COVID-19 variant is changing holiday travel plans

Globetrotters were just beginning to come out of isolation, when the new variant brought a fresh set of travel restrictions. And experts say be ready for even more rules during the holiday travel rush ahead.

Travel insurance CEO Omar Kaywan says some countries may enact new restrictions, or even close borders if the new variant spreads.

“We are walking into the next six weeks of complete uncertainty. There’s a lot of last-minute decisions that are being made, a lot of restrictions are being put in place by many countries,” he says.

VIDEO: Travelers react to ‘stress’ of new omicron variant, possibility of new restrictions

New rules already require passengers to show a negative COVID test within 24 hours of their flight back to the U.S.

“This is something that they need to plan, and they need to start as soon as possible, wherever their destination is to book their appointments ASAP, because this is a requirement. and you will not be essentially getting on a plane coming back home, if you don’t have your proof of negative COVID-19 test,” Kaywan says.

A positive result could mean being stranded overseas in quarantine. Border restrictions may mean losing money for tours, lodging and transportation.

However, many companies offer specific COVID-19 travel insurance.

If you’re going overseas, check for policies that cover:

  • Expenses in case you are quarantined
  • Medical coverage if you get sick from COVID
  • Cancelations for lodging, tours transportation and airfare
  • Finally, look for policies that let you cancel for any reason, such as not wanting to travel during a COVID surge.

“From what we’ve seen in the last couple days people are continuing with their travel plans and they’ll see how it goes and what it’s going to end up being,” Kaywan says.

One thing that’s still to be announced: what type of rapid test will be acceptable within that 24-hour window. 7 On Your Side will keep checking so you’re ready if you’re traveling over the holidays.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

Have a question for Michael and the 7 On Your Side team? Fill out the form HERE! 7OYS’s consumer hotline is a free consumer mediation service for those in the San Francisco Bay Area. We assist individuals with consumer-related issues; we cannot assist on cases between businesses, or cases involving family law, criminal matters, landlord/tenant disputes, labor issues, or medical issues. Please review our FAQ here. As a part of our process in assisting you, it is necessary that we contact the company / agency you are writing about. If you do not wish us to contact them, please let us know right away, as it will affect our ability to work on your case. Due to the high volume of emails we receive, please allow 3-5 business days for a response.

Copyright © 2021 KGO-TV. All Rights Reserved.

There have never been more food jobs, Marcus Wareing tells restaurant recruits

There have never been more food jobs, Marcus Wareing tells restaurant recruits
 (Evening Standard)

(Evening Standard)

Michelin-starred chef Marcus Wareing said there have never been more jobs available in the restaurant industry as he backed our Christmas appeal to help upskill unemployed youngsters to get them into the workplace.

The Masterchef judge said the large number of vacancies in hospitality offered opportunities, but “the key is knowing how to get those jobs”.

He added: “Because of Brexit there are more vacancies than ever. I have never, ever, ever seen a time like the staff shortage we have now. Every single chef, every single manager and every single hotelier is saying exactly the same thing.”

Mr Wareing was speaking at Marcus, his restaurant in the Berkeley Hotel in Knightsbridge, as he met the latest cohort of unemployed people being trained by Springboard, an organisation that helps young people be “work ready” for careers in the hospitality industry.

Springboard is one of the charities we are funding in our £1 million Skill Up Step Up campaign in partnership with Barclays LifeSkills. The new recruits were on a three-week course that will culminate with interviews for jobs with catering company Compass.

Mr Wareing, 51, gave a rousing speech to encourage them, and revealed that his son, a student at Durham University, has chosen to work in McDonald’s rather than in the Marcus kitchen. He said: “Do you know what McDonald’s gives you? It gives you a career…my son went there because he wanted life skills, he wanted to see a different side.”

Referring to his kitchen at Marcus, he said: “This here is posh, this is luxury, that kitchen is a Formula One car, it’s the crème de la crème of kitchens. Not all kitchens are like that. I worked hard to build that kitchen, it didn’t just arrive here. I had to pay for it and build it. I started off in the lowest kitchens.”

Referring to staff shortages, he said restaurants had started poaching staff and paying “humungous” amounts of money for people to work for them. Others are having to open for fewer hours to enable them to keep running.

Springboard recruit Chisom Thomas, 19, said he was surprised to hear Mr Wareing’s son had turned down the Marcus kitchen for McDonald’s. But Mr Wareing said “from a job offer and career point of view, they offer a lot”.

He spoke about the importance of working hard, describing himself as “a young man from Southport who worked hard at his career. That’s it. I don’t believe I am gifted, I just worked hard at an industry and a job that I absolutely love.” He said the recruits would have no reason not to have a job once they had completed the Springboard course, telling them: “There’s a job for everyone somewhere, you just have to go and find it. Don’t be afraid to bang on those doors. I have a daughter and two sons and I say exactly the same to them.” Temi, 27, who hopes to become a pastry chef, said Mr Wareing’s encouragement was exactly what she wanted to hear after being rejected from several jobs. “I needed that, I really did.”

Bokuma Ebengo, 34, a carer who studied health and social care management, said she, too, was inspired. “Cooking is my passion,” she said. The mother of two wants to become a chef.

Mr Wareing emphasised the importance of continuing to learn throughout adult life, saying: “I still have a lot of food I want to learn, a lot of flavours I haven’t tasted and a lot of people I want to meet. I am excited about the future.”

As the recruits left his restaurant, it was obvious they were just as excited, now they are being helped by Springboard.

Read More

Skill Up Step Up campaign: Let’s get to work

Skill Up Step Up: Our £1million kickstart to get youngsters ready for work

Skill Up Step Up: Cross-party backing for our appeal to get youngsters into work

Skill Up Step Up: ‘I’m living proof there’s no single path to a career’ – Nadhim Zahawi

Skill Up Step Up: From council estate to $1m sales of watches – designer praises ‘crucial’ get-to-work appeal

Skill Up Step Up campaign: ‘I want to do social work and help others — but I need you for that’

Business News for Dec. 9, 2021

Business News for Dec. 9, 2021

WASHINGTON — Lawmakers of both parties came out swinging in a hearing on Wednesday with Adam Mosseri, the head of Instagram, expressing deep skepticism and anger toward the company for not doing enough to protect young users.

In a hearing held by a Senate subcommittee on consumer protection, lawmakers grilled Mr. Mosseri on internal research leaked by a whistle-blower that showed Instagram had a toxic effect on some teenagers. They pressed him to commit to share data with researchers on algorithmic ranking systems and to support legislation for stronger privacy and security protections for children online.

Even Instagram’s announcements this week on new safety tools for children were too little and too late, they said.

“Facebook’s own researchers have been warning management, including yourself, Mr. Mosseri, for years,” said Senator Richard Blumenthal, Democrat of Connecticut and chairman of the subcommittee. “Parents are asking, what is Congress doing to protect our kids and the resounding bipartisan message from this committee is that legislation is coming. We can’t rely on self-policing.”

The hearing is part of a growing effort in Washington to rein in the power of Silicon Valley’s biggest companies. Antitrust regulators are seeking to break up Google and Meta, the parent company of Facebook and Instagram, and lawmakers have introduced dozens of data privacy, speech and competition bills.

Calls for legislative changes have intensified in recent weeks, after a whistle-blower at Facebook leaked internal research that said Instagram led one out of three teenagers to feel worse about their body image and for as many as 16 percent of some teenagers in Britain to have thoughts of suicide. The documents obtained by the whistle-blower, Frances Haugen, often contradicted public statements made by Meta officials, who have long underplayed or rebutted criticism that Instagram harms the mental and emotional well-being of younger users.

“You better tell the truth,” Senator Amy Klobuchar, a Democrat of Minnesota, told Mr. Mosseri. “You’re under oath.”

Mr. Mosseri, 38, was appearing before Congress for the first time. He is a longtime executive at Facebook and is considered a close lieutenant of the company’s chief executive, Mark Zuckerberg. He joined the company in 2008 as a designer and gradually rose in the ranks to run the News Feed, a central feature of the Facebook app. In October 2018, he was named head of Instagram, weeks after the sudden resignations of the app’s founders, Kevin Systrom and Mike Krieger.

He told lawmakers that Instagram often had a positive role in the lives of teenagers, such as by helping them establish connections during difficult times. He tried to direct attention at rivals, noting that more teenagers use TikTok and YouTube. He also acknowledged the skepticism among members of Congress toward Meta.

“I recognize that many in this room have deep reservations about our company,” Mr. Mosseri said. “But I want to assure you that we do have the same goal. We all want teens to be safe online.”

On Tuesday, Instagram announced new safety features for children. Mr. Mosseri mentioned those changes in the hearing, which include tools like a “take a break” function that is meant to help limit time spent online. (TikTok has a similar function that appears when users are spending too much time on the app.)

But Senator Marsha Blackburn of Tennessee, the ranking Republican member of the subcommittee, said even the basic promises of privacy and security from the company had failed users.

This week, her staff set up an experimental account for a fictional 15-year-old and were surprised to find the profile automatically set to public exposure. Instagram says teenage accounts automatically default to the private setting.

Mr. Mosseri acknowledged the error and said Ms. Blackburn’s office exposed a flaw in Instagram’s controls that sets teenage accounts that were created on a web browser — and not on a mobile app — to public. “We will correct that,” Mr. Mosseri said.

Mr. Blumenthal’s office has received hundreds of calls and emails from parents about their negative experiences with Instagram, he has said. One parent recounted how her daughter’s interest in fitness on Instagram led the app to recommend accounts on extreme dieting, eating disorders and self-harm.

Mr. Blumenthal has homed in on the algorithms, which he called “800-pound gorillas in black boxes,” that push such recommendations.

Lawmakers, including Mr. Blumenthal and Ms. Blackburn, have proposed stronger data privacy rules aimed at protecting children and greater enforcement of age restrictions. They have also called for young users to be able to delete information online. Lawmakers have pursued similar legislation before, with little success. Though lawmakers often show bipartisan unity in the hearings, dozens of data privacy bills have been stymied by intense industry lobbying and partisan disagreement over how stringent laws should be.

Senator John Thune, a Republican of South Dakota, has introduced a bill that would force companies to reveal more about their algorithmic ranking system. He asked if Instagram would allow users to rank their content chronologically, instead of through opaque decisions based purely on engagement.

Mr. Mosseri said the company was working on the feature, which could be available next year.

Though Mr. Mosseri repeated his support for regulations, he demurred when asked about specific proposals. He said he hadn’t read a bill introduced by Mr. Blumenthal and other lawmakers that could hold Meta liable for hosting harmful content. He wouldn’t commit to give up completely on the idea of building a version of the Instagram app for users under the age of 13. And he didn’t directly answer questions as to whether victims should be able to sue Meta for hosting sex-trafficking content.

Child advocacy groups said Mr. Mosseri failed to provide any greater assurances that Instagram would prioritize child safety.

“Today’s hearing was just more of the same: evasions, empty promises, and too-little, too-late gestures aimed at forestalling congressional action instead of meaningfully addressing Instagram’s harmful business model and design choices,” said Josh Golin, executive director of Fairplay.

Leaders of the subcommittee said they would hold additional hearings, which may include more executives of Meta. Mr. Blumenthal said Mr. Mosseri’s vague commitment for “directional” support on laws “doesn’t cut it.”

“This industry has said it is in favor of government regulation but they have opposed specific measures with armies of lawyers and lobbyists and tons of money,” Mr. Blumenthal said.