Why do investors love to hate ‘social justice’?
On the first day of the U.S. stock market’s annual All-American week, it was clear why investors love hating social justice: The Dow Jones Industrial Average rose more than 5% on Thursday and set a new record high.
The Dow had surged more than 10% in the last six months, and it’s now up more than 6% this year.
It was up by more than 50% during the same period in 2016.
But that gains were driven by stocks with names like Uber, Facebook, Apple and Google that are increasingly targeted by critics of diversity and inequality.
On Thursday, many of those names were up for the annual annual All American Awards, honoring companies for achievements in social justice, with names including Amazon, Nike, Facebook and Twitter all being up for awards.
The day before, a top Democrat said that the company should be punished for not providing a better diversity and inclusion policy to all employees.
Rep. Al Green of Texas said Amazon is not only failing its employees, but its customers as well.
The company has faced criticism for its history of hiring women and minorities, and the company has acknowledged that its diversity policies are often a problem.
But some of those complaints are coming from within the company, and some are coming directly from employees.
The stock price for Amazon rose about 5% after the stock went public Thursday, rising more than 8% the previous day.
But the company’s shares fell more than 2% Thursday, while its benchmark S&P 500 index declined 0.2%.
Some of the problems are not new.
Amazon is the third-largest U.K. company, with about one-fifth of its business made up of online retailers.
The company has also faced criticism over its hiring practices.
Amazon also has been under fire for a gender pay gap that some say is larger than the gap at other tech companies, such as Google.
In 2018, Amazon had a negative net income of $2.7 billion.
That was the biggest loss in Amazon’s history, and its stock dropped about 5%.
The company’s stock price has rallied a little more since then, and analysts say that it could see some gains this year as it seeks to make its earnings public.
In a separate issue, an employee filed a lawsuit against Amazon alleging sexual harassment and other violations of Title VII of the 1964 Civil Rights Act.
The lawsuit, filed Thursday, claims that a former employee, identified as Jane Doe #2, suffered harassment at work and retaliation after she filed a complaint with the company.
The woman alleged that when she was in her late 20s, she worked as a human resources manager for Amazon and she had her phone number, which was shared with the manager.
The woman said she was harassed, propositioned and repeatedly called a “bitch.”
The lawsuit claims that when Jane Doe was terminated for bringing the complaint, she was told that her complaint would “never be taken seriously.”
Jane Doe #3 also alleged that Amazon had an ongoing sexual harassment policy and retaliated against her when she brought the issue to their attention.
Amazon did not immediately respond to a request for comment.
In addition, the company is under scrutiny for its hiring policies and its use of robotics in warehouses.
The New York Times published an investigation into its use and training of robots in warehouses in December.