Stocks mostly lower…Inflation expected to climb…Mortgage rates highest in years
NEW YORK (AP) – U.S. stocks are mostly lower, making wide swings as investors react to the market’s big decline a day earlier and a report that showed relatively tame inflation, which came as a relief. Banks and health care companies are taking some of the worst losses while technology companies are slightly higher after a series of big losses. Stocks had their biggest losses in eight months Wednesday, and tech was the hardest-hit sector.
WASHINGTON (AP) – Economists say they think inflation will accelerate further in coming months, reflecting a strong economy being propelled by tax cuts and employment gains. The government reported today that consumer prices edged up a slight 0.1 percent in September as energy prices retreated after a big gain in August.
WASHINGTON (AP) – Long-term U.S. mortgage rates leaped this week to their highest levels in seven years amid global anxiety over rising interest rates that has gripped financial markets. Costs for would-be homebuyers are climbing. Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages jumped to an average 4.90 percent this week from 4.71 percent last week. The average rate on 15-year, fixed-rate loans rose to 4.29 percent this week from 4.15 percent last week.
WASHINGTON (AP) – If Tesla CEO Elon Musk wants to return as chairman, shareholders will have to vote on it. The requirement is detailed in a court brief filed by Tesla and the Securities and Exchange Commission. The brief was required by a federal judge who must approve a securities fraud settlement reached with Musk and the company last month. Musk and Tesla agreed to pay $20 million each and make concessions to settle an SEC lawsuit alleging Musk duped investors with statements about a plan to take the company private.
ATLANTA (AP) – Airlines have been pouring money into amenities that making flying nicer for high-paying customers. Economy-class passengers, meanwhile, endure cramped quarters and higher fees for extra services. The strategy might anger budget travelers, but it makes sense for the airlines, judging from Delta’s latest financial results. Delta reported a surprisingly large third-quarter profit today, and a key reason was the huge jump in revenue from first- and business-class tickets.