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September 24, 2019
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September 24, 2019
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Stocks rise … Consumer confidence drops … Trump administration hikes pay level for OT exemption

NEW YORK (AP) – Stocks are higher in morning trading on Wall Street after Treasury Secretary Steven Mnuchin confirmed that China-U.S. trade talks are set to resume in two weeks’ time. Technology stocks are the early market leaders, while consumer-focused stocks are also up.
WASHINGTON (AP) – Consumer confidence fell sharply in September. The Conference Board says its index fell to 125.1 in September from a revised August reading of 134.2. Consumers’ assessments of both current economic conditions and expectations for the next six months slipped. The trade war with China and a global slowdown have contributed to uncertainties about the U.S. economy, which is now in its 11th year of expansion. While the pullback in confidence was greater than economists expected, it remains at a healthy level.

 

WASHINGTON (AP) – Home prices continue to rise, but the pace is slowing as modest sales are forcing sellers to keep costs in check. The S&P CoreLogic Case-Shiller 20-city home price index moved up 2% in July from a year ago. Several formerly hot housing markets, such as Seattle and San Francisco, have noticeably cooled this year.

 

WASHINGTON (AP) – The Trump administration has issued a rule that will make overtime pay available to 1.3 million additional workers. The Labor Department is raising the salary level that companies will have to pay to exempt workers from overtime to $35,308 a year. That’s up from just under $24,000. However, the proposal replaces a more generous one advanced by former President Barack Obama.

 

BERLIN (AP) – German prosecutors have charged Volkswagen’s CEO and its chairman Hans Dieter Poetsch, along with a former CEO, with market manipulation in connection with the diesel emissions scandal that erupted in 2015. Prosecutors accuse the men of deliberately informing markets too late about the huge costs to the company that would result from the scandal. Volkswagen calls the allegations “groundless.”

 

AP-WF-09-24-19 1426GMT