Stocks mostly lower…Deliberations begin in banking trial…Arrests in cybercrime case
NEW YORK (AP) – Stocks are wobbling and trading mostly lower as investors worry that growing costs for critical materials along with rising interest rates will affect profit growth. U.S. bond yields are rising again and setting four-year highs while oil prices are at three-year highs. Stock indexes in Europe and Asia also fell after U.S. indexes took a steep drop the day before.
NEW YORK (AP) – Almost two-thirds of the stocks on the New York Stock Exchange have been trading lower today. Banks took some of the largest losses. Technology, health care and industrial companies also declined. Those stocks tend to do better in times of faster economic growth.
WILMINGTON, Del. (AP) – Jury deliberations have begun in the federal fraud and conspiracy case against four former executives of the only financial institution to be criminally charged in connection with the federal bank bailout program. Jurors in Delaware began deliberating around midday after attorneys for the former Wilmington Trust executives finished closing arguments and prosecutors offered a brief rebuttal.
DETROIT (AP) – General Motors is adding a shift at a Tennessee factory that makes GMC and Cadillac SUVs, putting about 700 people to work. But there may not be any new hires in Spring Hill south of Nashville. Some laid-off workers at the factory will be rehired and others furloughed from an Ohio factory could relocate. GM spokeswoman Kim Carpenter says the company is still working on a staffing plan for the third shift, which begins in September.
THE HAGUE, Netherlands (AP) – An international police operation has taken down what investigators are calling the world’s biggest provider of Distributed Denial of Service attacks. Those attacks are aimed at making online services unavailable by overwhelming them with traffic from multiple sources. Authorities say administrators were arrested in Britain, Croatia, Canada and Serbia. They say computers were seized in the Netherlands, the United States and Germany.