Even after the pandemic forced a statewide shutdown of elective medicine, the Mayo Clinic managed to make money between April and June and is now considering a giveback of millions in federal funds that helped hospitals struggling with the spread of COVID-19.

Financial results released this week detail the surprising financial turnaround at Mayo, and could bolster concerns that funding in the federal CARES Act wasn’t well targeted to the clinics and hospitals with the greatest needs.

Dennis Dahlen, the clinic’s chief financial officer, said the $303 million in federal funds that started arriving in April were critical as Mayo was trying to pay workers and make investments for the pandemic — all while experiencing a dramatic halt to many revenue-generating procedures.

The pandemic didn’t hit as hard as expected, however, and Mayo generated enough income that the clinic might return up to $130 million of the federal assistance.

“We

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Major market indices ended the week higher Friday, pulled up by investors’ confidence in an economic recovery and Big Tech.

The Dow Jones Industrial Average was up 210 points, or 0.76%, to 27,950. The S&P 500 edged toward another record close, up 0.40%, while the Nasdaq was up 0.51%.

The market responded to encouraging economic data, including that existing U.S. home sales surged a record-breaking 24.7% in July compared with June, according to the National Association of Realtors. That jump is the strongest monthly gain in the survey’s history, which dates back to 1968.

Apple’s  (APPL)  stock rose more than 5% and Tesla  (TSLA) – Get Report closed above $2,000 a share. Nvidia  (NVDA) – Get Report closed up 4.4.7%.

On Thursday evening, Joseph R. Biden Jr. accepted the Democratic presidential nomination. Biden served eight years as vice president and dozens of years in

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Walmart Inc. gave some of the credit for its stellar fiscal second-quarter earnings to government financial aid that landed in shoppers’ pockets during the coronavirus pandemic, but the lack of progress in Congress on another economic package is forcing analysts to forecast a pullback in coming months in consumer demand.

Walmart
WMT,
-1.63%

reported adjusted earnings per share of $1.56 on Tuesday, far exceeding the FactSet consensus forecast for $1.25. Revenue of $137.74 billion was up from $130.38 billion last year and ahead of the FactSet consensus for $135.57 billion. U.S. same-store sales rose 9.3% with general merchandise and food leading the way.

“[M]y sense is that the… order of tailwinds that impacted the business were: one, stimulus; two, eating at home; three, being at home and all the things that you wanted to do to have the indoors and outdoors be more pleasurable,” Doug McMillon, Walmart’s chief executive, said

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