From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.

MARKETS KEEP GAINS:  The markets closed out an uneven week of trading with mixed results Friday but still managed to make up for last week's losses. Now that all 50 states have begun reopening to some degree, investors see signs of hope for an economic recovery in the U.S. during the second half of the year. Plus promising reports on COVID-19 vaccine trials pushed stocks up much of the week. However, fears that reopening businesses too quickly could lead to a resurgence of coronavirus cases, rising unemployment, U.S. friction with China, and moves made by Beijing to limit political opposition in Hong Kong tempered some of that enthusiasm.

UNEMPLOYMENT CRISIS: Jobless claims continue to climb. The Labor Department reported on Thursday that another 2.4 million people filed for unemployment benefits the previous week. Almost 39 million people have applied for benefits since the pandemic began closing businesses in March, with the unemployment rate now at 14.7 percent. Painful cuts continued this week with rideshare service Uber announcing it will lay off 3,000 employees on top of the 3,700 roles it had already cut. On Sunday, Federal Reserve Chair Jerome Powell warned in an interview that the unemployment rate could hit a peak of 20 to 25 percent in May or June.

AIRLINES CHART PATH FORWARD: U.S. airlines are reporting small but notable upticks in passengers ahead of Memorial Day Weekend. Delta says demand for beach destinations and activity “out west” grew and it's adding more flights to allow for social distancing on planes. Meanwhile, United unveiled new cleaning and safety protocols it hopes will put passengers’ minds at ease, including sneeze guards at check-in and touchless kiosks

FACEBOOK ALL-TIME HIGH: Shares of Facebook hit an all-time high, a day after the social media giant announced Facebook Shops, a new e-commerce platform meant to make it easier for users to sell on both Instagram and Facebook proper. Facebook’s stock has been on fire lately, helped by a strong balance sheet and access to a third of the world’s eyeballs.

WFH FOREVER?: More technology firms are telling their employees they can work from home indefinitely. Shopify, the Canadian e-commerce giant, and Facebook are the latest to jump on the bandwagon, following Twitter and Square. Facebook CEO Mark Zuckerberg predicted as much as half of his workforce may eventually work remotely, away from crowded, expensive metropolises — but noted that salaries won't look the same for employees working in high-cost areas versus those in areas with lower costs of living.

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Michigan Judge Sentences Walmart Shoplifters to Wash Parking Lot Cars
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
State Department Halts Plan to buy $400M of Armored Tesla Vehicles
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Goodyear Blimp at 100: ‘Floating Piece of Americana’ Still Thriving
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Is U.S. Restaurants’ Breakfast Boom Contributing to High Egg Prices?
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
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