Stocks sink…Mattress Firm files Chapter 11…Debut of SpaceX, Boeing crew capsules delayed
NEW YORK (AP) – Stocks are sinking in afternoon trading on Wall Street as investors continue to worry about rising bond yields and interest rates. The Labor Department said the economy continues to add jobs at a strong pace, which makes it more likely rates will keep rising. Wall Street is concerned that spiking interest rates could eventually slow the economy. The yield on the 10-year Treasury note has soared over the last three days and hasn’t been this high since mid-2011. Bond prices are falling as investors sell them.
HOUSTON (AP) – The nation’s largest mattress retailer is filing for bankruptcy protection and plans to close up to 700 stores around the country. Houston-based Mattress Firm filed for Chapter 11 bankruptcy protection today in federal court in Delaware. According to court documents, Mattress Firm has more than $1 billion in liabilities and has more than 50,000 creditors. It owes its largest creditor, mattress maker Simmons Manufacturing Co., nearly $65 million. The company has more than 3,000 stores in the U.S. and in recent years had been aggressively expanding as it purchased competitors
LAWRENCE, Mass. (AP) – The U.S. senators from Massachusetts say the natural gas company at the center of the explosions north of Boston last month was “woefully unprepared” for the unfolding disaster. Democratic senators Elizabeth Warren and Ed Markey say a review of internal Columbia Gas documents found the utility didn’t have adequate safety and response measures in place before the Sept. 13 incident. One person was killed and 25 injured when more than 80 natural gas explosions and fires rocked Lawrence, North Andover and Andover.
CAPE CANAVERAL, Fla. (AP) – The debut of SpaceX and Boeing crew capsules is off until next year. SpaceX is shooting for a January shakedown of its Dragon capsule, without anyone on board. Boeing is aiming for a March trial run of its Starliner capsule, also minus astronauts. Those tests would be followed by flights with crews next summer. SpaceX is targeting June and Boeing, August. That would be eight years after astronauts last rocketed into orbit from the U.S.
CHICAGO (AP) – New contract agreements have been reached at four more downtown Chicago hotels, nearly a month after strikes began at about two dozen locations. Workers union Unite Here Local 1 and Hyatt Hotels say the new deals reached yesterday include three of the company’s hotels and meet the union’s major demand of year-round health insurance for employees who are laid off during slower months. The fourth agreement was with the Holiday Inn Mart Plaza.