Stocks broadly higher…Mortgage rates tick higher…Budget deficit increases to $1.07 trillion
NEW YORK (AP) – Stocks are higher in afternoon trading on Wall Street after the U.S. and China made goodwill gestures ahead of trade talks expected to take place next month. Technology companies, which are particularly impacted by the trade war, led the gains. PayPal rose 3.3%. Consumer-focused stocks also showed solid gains. Hasbro rose 2.8%. Energy was the only declining sector following a drop in oil prices.
WASHINGTON (AP) – U.S. long-term mortgage rates rose this week yet remained at historically low levels. Mortgage buyer Freddie Mac says the rate on the 30-year, fixed-rate mortgage increased to 3.56 percent from 3.49 percent last week. A year ago, the 30-year rate stood at 4.6 percent. The average rate for 15-year, fixed-rate home loans rose to 3.09% from 3% last week.
WASHINGTON (AP) – The U.S. government’s budget deficit increased by $169 billion to $1.07 trillion in the first 11 months of this budget year as spending grew faster than tax collections. The Treasury Department reports that the deficit for August totaled $200 billion, compared to $214 billion in August 2018.
WASHINGTON (AP) – The Senate has confirmed President Donald Trump’s nomination of Michelle Bowman to serve a full 14-year term on the seven-member Federal Reserve board. Bowman was approved today on a 60-31 vote. The board currently has two vacancies. Trump has not yet submitted his nominations to Congress.
SEATTLE (AP) – A member of a sophisticated international hacking group that targeted businesses in 47 states to steal credit and debit card records has pleaded guilty to hacking and wire fraud charges and faces up to 25 years in prison. 34-year-old Ukrainian Fedir Hladyr, was a member of a hacking group called FIN7 which launched attacks against hundreds of U.S. companies to steal financial information between 2015 and 2019. Prosecutors said the group used phishing emails that contained malware to compromised computers.