Stocks tumble…Mortgage rates fall…Union sues GM
NEW YORK (AP) – Stocks are tumbling on Wall Street after Apple reported a slowdown in iPhone sales over the holidays in China. The rare warning of disappointing results from Apple sent a shudder through the market and reinforced fears among investors that the world’s second-largest economy is weakening. The Dow Jones Industrial Average was down more than 675 points in morning trading. It recovered some of that in the afternoon but remains sharply lower.
WASHINGTON (AP) – Long-term mortgage rates have fallen this week. Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage declined to 4.51 percent from 4.55 percent last week. The key 30-year rate averaged 3.95 percent a year ago. The average rate for 15-year fixed-rate loans edged down to 3.99 percent this week from to 4.01 percent last week.
DETROIT (AP) – The United Auto Workers union is accusing General Motors of violating a national contract by using temporary workers instead of employing full-timers who were laid off from its factories. The union has filed a federal lawsuit in Cleveland alleging that GM has temporary workers at its pickup truck plant in Fort Wayne, Indiana. The lawsuit says GM has about 1,000 workers on layoff from several factories who should be working at the plant. The UAW says its contract with GM requires it to hire the laid-off workers.
MOBILE, Ala. (AP) – Airbus says it will fulfill two new aircraft orders at an expanding manufacturing operation on the U.S. Gulf Coast. The European aircraft maker says 120 passenger aircraft ordered by JetBlue Airways and the start-up airline Moxy will be built in a new factory near the company’s existing plant in Mobile, Alabama. The company says construction on the plant will begin later this month.
NEW YORK (AP) – A federal judge has temporarily blocked a New York City law that would force home-sharing platforms Airbnb and HomeAway to reveal detailed information about their business. Judge Paul Engelmayer says the law that was due to take effect Feb. 2 appears to violate Fourth Amendment protections against unreasonable searches and seizures. Lawyers for the city and the companies will gather additional evidence before the judge makes a final ruling.