Stocks edge higher…Durable goods orders fall…British prime minister to resign
NEW YORK (AP) – Stocks are slightly higher in morning trading on Wall Street, but remain on track for a third straight week of losses. Technology stocks are rebounding after leading yesterday’s sell-off. The market has been swaying between gains and losses all week as investors face the prospect that the trade war between the U.S. and China will drag on longer than anticipated.
WASHINGTON (AP) – Orders to U.S. factories for large manufactured goods fell sharply last month, pulled down by lower demand for commercial aircraft and cars. The Commerce Department says orders for durable goods – items meant to last at least three years – fell 2.1%, after rising 1.7% in March. Orders also fell steeply in February.
LONDON (AP) – British Prime Minister Theresa May has announced that she will step down as U.K. Conservative Party leader in two weeks, admitting defeat in her attempt to take Britain out of the European Union. May says she will quit as head of the governing party on June 7 but stay as caretaker prime minister until the new leader is chosen. The new Conservative leader will become prime minister without the need for a general election, and will take up the task of trying to secure Britain’s exit from the EU.
HARRISBURG, Pa. (AP) – Pennsylvania’s treasury department is accusing about a dozen large financial firms of inflating the price of bonds issued by Fannie Mae and Freddie Mac over seven years. A federal court filing by Pennsylvania Treasurer Joe Torsella cites what his office says is evidence from a “cooperating co-conspirator” in a U.S. Department of Justice investigation into price-fixing in the secondary market for bonds issued by government-controlled companies.
CAPE CANAVERAL, Fla. (AP) – SpaceX has launched 60 little satellites, the first of thousands that founder Elon Musk plans to put in orbit for global internet coverage. The recycled Falcon rocket blasted off from Cape Canaveral, Florida, late yesterday. Musk says all 60 flat-panel satellites were deployed and online a few hundred miles above Earth. He says 12 launches of 60 satellites each will provide high-speed internet coverage throughout the U.S. Twenty-four launches will serve most of the populated world and 30 launches the entire world.