NASDAQ Soars Pass Previous High, Jobless Claims Fall, 243 People Charged in Medicare Fraud.

NASDAQ peaked at 5143.32 today

Today the Nasdaq composite rise to beat its previous intraday high of 5132.52 after Yellen's press conference reassured many anxious investors. The previous high was recorded back on March 10, 2000 during the dotcom bubble. Among the biggest gainers are several biotechnology companies such as Biotie Therapies ADS (BITI) and Adamas Pharmaceuticals (ADMS). The Nasdaq also closed on a record high of 5132.95.

Economy still recovering despite sub 300,000 unemployment claims

The US Labor Department stated on Thursday that the number of jobless claims fell below 300,000 in May - usually an indication of an improving labor market.
The economy added 280,000 jobs last month which is partially responsible for the lower number of claims. However, the economy is still recovering. Unemployment, being at 5.5%, is still higher than what the Fed considers to be a normal rate given the current economic conditions even though some have given up looking for jobs. Wages have also stagnated for the past few months, usually a sign of declining growth.

$712 million dollars defrauded from Medicare system

The United States Justice Department charged 243 people today for defrauding the Medicare system through false billing. Attorney General Loretta Lynch announced the charges today, calling it one of the biggest fraud cases of its kind. The defendants include "doctors, patient recruiters, home health-care providers, pharmacy owners, and others, said Lynch. They were accused of crimes such as money laundering, violating anti-kickback laws, and conspiracy to breaking health laws. Unfortunately, health care fraud is not uncommon. Since 2007, the Justice Department has charged thousands of people for falsely billing the Medicare program for over $7 billion. Thankfully, the government has mobilized task forces to tackle the issue. More than $3 billion of taxpayer were recovered in fiscal year 2014 as prosecutors opened over 900 cases.

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Published on Jun 18, 2015
By Adam Colgate

Copyrighted 2020. Content published with author's permission.

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