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The Justice Department has closed investigations into stock trading by Sens. Dianne Feinstein of California, Kelly Loeffler of Georgia and Jim Inhofe of Oklahoma, according to people familiar with notifications sent to the senators. The senators came under scrutiny for transactions made in the weeks before the coronavirus sent markets downhill. The developments indicate that federal law enforcement officials are narrowing their focus in the stock investigation to Sen. Richard Burr, R-N.C, the former Senate Intelligence Committee chairman. Agents showed up at his Washington-area home about two weeks ago with a warrant to search his cellphone. (Jalonick and Tucker, 5/27)

Burr's trades, which were worth up to $1.7 million, have drawn the most scrutiny, and he remains under investigation. The FBI executed a search warrant for his cellphone earlier this month — a major step in the probe. It meant investigators were able to show a federal judge probable cause that a crime had been committed and that there was likely evidence of that crime on Burr's phone. The decision to seek a warrant was approved at the highest levels of the Justice Department given the sensitivities involved in an investigation into a sitting senator. (Lucas, 5/26)

The closure of the investigation into Ms. Loeffler could give her a boost as she struggles to keep her seat in Georgia. Ms. Loeffler, who was appointed by Georgia Gov. Brian Kemp to replace retired Sen. Johnny Isakson, is trailing another Republican, Rep. Doug Collins, in recent polls. Mr. Collins has criticized Ms. Loeffler over the trades, but she said last week that she had no plans to drop out of the race. “Today’s clear exoneration by the Department of Justice affirms what Senator Loeffler has said all along—she did nothing wrong,” a spokesman for Ms. Loeffler said. (Viswanatha, 5/26)

The senators all sold significant amounts of stock before the coronavirus pandemic decimated the financial markets. The market plunge began in late February and after the Senate received briefings on the coming pandemic. Although the DOJ investigations have run their course for the trio of senators, that does not necessarily mean the Securities and Exchange Commission’s inquiries are halted, according to Jacob S. Frenkel, a former senior counsel in the SEC’s enforcement division. (Marquette, 5/26)