Stocks veer lower…May budget deficit hits record…GM to spend $150 million on pickups in Flint
NEW YORK (AP) – Stocks are veering lower in afternoon trading on Wall Street, led by drops in technology companies and banks. Energy companies are also lower as the price of crude oil continues to decline. Investors shifted money into safer holdings after more than a week of aggressive buying. Consumer staples and utilities are among the biggest gainers.
WASHINGTON (AP) – The federal government’s budget deficit in May rose to a record $207.8 billion, 41.5% higher than a year ago. But much of that increase reflected the impact of calendar quirks that shifted $55 billion in June benefit payments into May. June 1 fell on a Saturday, which meant that benefit payments for June were paid out in May. The budget deficit is expected to climb sharply this year with the Trump administration forecasting it will top $1 trillion.
FLINT, Mich. (AP) – General Motors says it will spend $150 million so it can make more heavy-duty pickup trucks at its Flint, Michigan, assembly plant. The money will be used to improve the factory’s conveyor system and for other equipment to boost output. The factory builds heavy-duty Chevrolet Silverado and GMC Sierra pickups which are all-new for the 2019 model year.
LONDON (AP) – British lawmakers have failed in their latest attempt to ensure the U.K. can’t leave the European Union without a divorce deal. The House of Commons voted 309-298 against setting aside a day later this month for an attempt to pass legislation preventing a no-deal Brexit. Some of the 10 lawmakers vying to replace Theresa May as Britain’s prime minister are vowing to take Britain out of the EU as scheduled on Oct. 31, with or without a withdrawal agreement.
FRANKFURT, Germany (AP) – Volkswagen says it is buying a stake in Swedish battery cell producer Northvolt AB and plans a joint factory in Germany ahead of increased production of electric vehicles next year. Wolfsburg-based Volkswagen said Wednesday that it would invest around 900 million euros ($1 billion) to acquire an initial 20 percent stake in Northvolt.