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The Dow Jones Industrial Average closed at a record high Monday, erasing the last of its pandemic losses, after a second drug company announced encouraging progress on developing a coronavirus vaccine. The Dow Jones closed at 29,950, topping the previous record set back in February. The Dow Jones has completed a long comeback after losing nearly 35% of its value over the course of six weeks during the onset of the coronavirus pandemic. While the Dow rallied at the end of spring and start of summer, the markets were sluggish in their recovery until the start of November. The S&P 500 added to the record high it reached last Friday. The Dow rose 1.6% and the S&P 500 added 1.2% after Moderna said its COVID-19 vaccine appears to be 94.5% effective, according to preliminary data. It comes just a week after Pfizer and BioNTech gave similarly encouraging numbers about their own vaccine candidate. Stocks of companies that would benefit the most from the economy climbing out of its recession led the way higher. 1032

The FBI raid on President Donald Trump's personal attorney Michael Cohen sought information that included payments allegedly made to keep women silent about affairs with Trump more than a decade ago.A source familiar with the matter told CNN Tuesday that a focus of the raid was to seek records on the deal set up between ex-Playboy Playmate Karen McDougal and a company that reportedly paid her amid the 2016 presidential campaign cycle to keep her account from publication. 483

The funeral for Aretha Franklin will be held August 31 in Detroit, according to the singer's publicist, Gwendolyn Quinn.The service, for family and friends, will be held at 10 a.m. ET that day at Greater Grace Temple.Public viewings will be held August 28 and 29 from 9 a.m. to 9 p.m. at the Charles H. Wright Museum of African American History in Detroit, Quinn said.Franklin will be entombed at Woodlawn Cemetery in Detroit.The legendary soul singer died Thursday from advanced pancreatic cancer. She was 76. 518

The European Union is to propose ending twice-yearly clock changes after a large-scale public survey, European Commission President Jean-Claude Juncker said Friday.According to Juncker, more than 80% of EU citizens want to abolish daylight saving time and instead remain on the time used during summer instead.At the moment, each EU member state puts clocks forward one hour on the last Sunday of March and back again on the last Sunday in October."This debate about summertime, wintertime has been around for many years here," Juncker told German broadcaster ZDF."Many people are contributing to this debate. We did a survey, a public survey. Millions responded and think that in the future we should have summertime all year round. So that's what will happen.""The people want this; we will do this," he said.For any change to go into effect, legislation must be drafted and win approval from the 28 member nations and the European Parliament.One of the chief critics of daylight saving time has been Finland, which has one of the most northerly capital cities in the EU.Over 70,000 Finns signed a petition last October to urge the government to move away from daylight saving time.For Finland, the plan is also complicated by the fact it shares borders with non-EU states Russia, Belarus and Ukraine, all of which scrapped daylight saving time in 2011.Those in favor of the time change say the extra light in the morning during standard time and and additional evening light in summer can help prevent road accidents.The-CNN-Wire 1540

The China tariffs are back on.On Tuesday, the White House said the administration would proceed with its proposal to impose 25 percent tariffs on billion worth of goods from China, and place new limits on Chinese investments in US high-tech industries.The decision comes after top administration officials have tried to dampen fears of a trade war.Treasury Secretary Steven Mnuchin said a trade war with China was "on hold" less than 10 days ago. And Commerce Secretary Wilbur Ross is expected in Beijing on Saturday to help ease trade tensions between the two major trading partners.Beijing has previously pledged to retaliate against the 25 percent tariffs.In a brief statement, the White House said the president plans to take "multiple steps" to protect domestic technology and intellectual property from certain "discriminatory and burdensome trade practices by China."The latest step follows a March report by the US Trade Representative Office, which undertook a seven-month investigation of China's handling of technology transfers and intellectual property, according to the White House's statement."The United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology, the White House said in a statement.The final list of covered imports subject to tariffs will be announced by June 15. Those tariffs will take effect "shortly thereafter."Proposed investment restrictions will be announced by June 30 and also take effect at a later date.The-CNN-Wire 1603