Morning Report: Americans are still behind on rent

Over 5 million American households are still struggling to pay overdue rent. As of February, renters in the U.S. continued to owe nearly $11 billion in debt. The average amount owed is over $2 thousand dollars. Support for rent control policies has gained traction nationwide, but economists are against the idea. They argue that rent control would deter developers from building more houses, which would only worsen the housing supply crisis in the United States.

Eleven big banks came to the rescue of First Republic Bank. Among them were Chase Bank, Bank of America, Citi, and Wells Fargo. Each put $5 billion into the struggling bank. First Republic’s stock had plunged nearly 60% since Monday and more than 70% since the start of the year.

Wall Street got a boost and the DOW added 371 points. The NASDAQ gained 2.5%.

The average U.S. mortgage inched back down this week after five straight weeks of gains. Mortgage buyer Freddie Mac says the average on the benchmark 30 year rate slid back to 6.6%. The average rate a year ago was 4.1%.

Dollar General is planning to imvest $100 million into its stores this year. The primary focus will be in staffing. The CEO says the hefty investment will further enhance “store standards and the in-store experience”. The investment is projected to help Dollar General garner more sales and capture additional market share.