Stocks fall…Consumer spending, compensation rise…Keystone pipeline leaks oil in North Dakota
NEW YORK (AP) – Stocks are broadly lower in morning trading on Wall Street as investors shift to a more cautious stance following another record high for the market. Banks are leading the declines after bond yields made a significant move lower. Industrial and energy companies are also among the biggest losers in the early going. Technology stocks fell, too, despite solid gains from iPhone maker Apple following its encouraging earnings report. Facebook rose sharply following its surprisingly good third-quarter results.
WASHINGTON (AP) – American consumers modestly stepped up their spending in September, but their incomes grew fast enough to let them save more, too. The Commerce Department says consumer spending rose 0.2% last month, matching August’s increase. Incomes grew 0.3% lifting the U.S. savings rate to 8.3% in September, the highest since March. A measure of inflation closely watched by the Federal Reserve was flat in September, even excluding volatile food and energy prices.
WASHINGTON (AP) – Annual wages and benefits for U.S. workers continued to rise at a modest pace in the third quarter, even as unemployment stays near a half-century low. The Labor Department says that growth in pay and benefits for all U.S. workers rose 2.8% in the July-September quarter, compared to the same period in 2018. That’s a slightly quicker pace than the second quarter’s 2.7% growth. Wages and salaries, which make up the bulk of employment costs, rose 0.9% while benefits rose 0.5%.
WASHINGTON (AP) – A cybersecurity firm says Chinese hackers with a history of state-sponsored espionage have intercepted the text messages of thousands of foreigners in a targeted operation. FireEye says hackers penetrated a telecommunications provider and planted eavesdropping software. It says some of the known targets were high value but none was a U.S. official. FireEye says the hackers belong to a group known as APT41 and the spyware captured messages that referenced politicians and military organizations at odds with the Chinese government.
BISMARCK, N.D. (AP) – North Dakota regulators say the Keystone pipeline leaked more than 383,000 gallons of oil in the northeastern part of the state. Calgary-based TC Energy says in a statement that the pipeline leak affected about 22,500 square feet of land near Edinburg, in Walsh County. The company says the spill has been contained and its cause is unknown. North Dakota regulators say some wetlands were affected, but not any sources of drinking water.