Stocks sink…Mortgage rates dip…No decision from OPEC on production cuts
NEW YORK (AP) – Stocks are sharply lower in afternoon trading on Wall Street, though off their lows of the day. The Dow Jones Industrial Average had been down more than 600 points. Traders continue to shovel money into bonds, a signal that they see weakness in the economy ahead. The yield on the 10-year Treasury note fell to 2.86 percent from 2.92 percent on Tuesday, which is a large move.
WASHINGTON (AP) – Long-term mortgage rates are lower this week amid a steep decline in stock prices. Mortgage giant Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage dipped to 4.75 percent from 4.81 percent last week. The key rate stood at 3.94 percent a year ago. The rate on 15-year fixed-rate loans declined this week to 4.21 percent from 4.25 percent last week.
VIENNA (AP) – Saudi Arabia’s energy minister says OPEC nations have not yet been able to decide upon a possible production cut, and he is expressing skepticism about when an agreement will be reached. As he left a day-long meeting in Vienna where an agreement was expected to have been reached, Khalid al-Falih told reporters “we’re still deliberating.” OPEC countries will meet tomorrow with Russia to negotiate its contribution to the overall cuts.
WASHINGTON (AP) – The Environmental Protection Agency is proposing to roll back another coal regulation, this one for new coal plants. The agency’s acting administrator, Andrew Wheeler, says he plans to ease a 2015 rule that would have required cutting-edge carbon capture techniques for new coal plants. Wheeler says the rollback will remove what he calls “excessive burdens” on the energy industry.
WASHINGTON (AP) – National security adviser John Bolton says in an interview with NPR that he knew in advance of the pending arrest in Canada of an executive for a Chinese tech company. The arrest of Meng Wanzhou, who is suspected of trying to evade U.S. trade curbs on Iran, could further complicate a trade stand-off between Beijing and Washington. She is the chief financial officer of Huawei (wah-way) Technologies, and the daughter of its founder.