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Year-to-date U.S. corporate bankruptcies as of May 30 rose to 286, from 138 in the year-ago period, according to data from S&P Global Market Intelligence. That's the highest figure for the first five months of the year since the 402 bankruptcies between January 1 and May 30 of 2010, S&P said. In May, 54 companies filed bankruptcies, up from 29 in May of 2022. Some of the more prominent names in May include bankruptcies of Vice Media, and Monitronics International, the parent of Brinks Home Security. Monitronics marked one of 11 companies in 2023 with liabilities of more than $1 billion and one of three of that size in May including Kiddie-Fenwall Inc. and Envision Healthcare Corp.
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U.S. stock indexes edged higher in cautious trading on Tuesday as investors awaited May inflation data and the Federal Reserve's policy meeting next week. The Dow Jones Industrial Average DJIA gained 10 points, leaving it nearly flat at 33,573, while the Nasdaq Composite COMP finished 0.4% higher. The S&P 500 SPX ended at 4,283, still on the verge of exiting its bear-market run. While the broader U.S. stock market remained quiet Tuesday, the small-cap stocks surged with the Russell 2000 index up 2.8% to its highest close since March, according to Dow Jones Market Data. Meanwhile, regional bank shares jumped with the Invesco KBW Regional Banking ETF KBWR advancing 5.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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