Stocks mixed…Durable goods orders rise…Mortgage rates edge higher
NEW YORK (AP) – A steep sell-off in Facebook is leading a slide in technology stocks, and that’s been a drag on stock indexes in early trading. Investors hammered shares in the social media giant after it reported slower revenue growth in the second quarter. The technology sector’s losses came amid gains in consumer goods companies, banks and industrial stocks.
WASHINGTON (AP) – Orders for long-lasting U.S. factory goods rose in June after declining for two months, a sign manufacturing is still growing despite a series of global trade disputes. The Commerce Department says durable goods orders rose 1 percent in June. Excluding the volatile transportation category, orders increased 0.4 percent, the fifth straight monthly gain.
FRANKFURT, Germany (AP) – The European Central Bank is stressing that interest rates will stay low well into next year even as the U.S. Federal Reserve is expected to keep raising rates in coming months. The central bank for the 19 countries that use the euro left its key rates and monetary stimulus settings unchanged at a meeting today at its headquarters in Frankfurt, Germany.
WASHINGTON (AP) – Long-term U.S. mortgage rates edged up slightly this week, reaching their highest levels since late June. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages rose to 4.54 percent from 4.52 percent last week. Long-term loan rates have been running at their highest levels in seven years.
NEW YORK (AP) – New York’s Metropolitan Transportation Authority is pushing forward with plans to increase transit fares next year. MTA Chairman Joe Lhota proposed two 4-percent fare hikes during a board meeting yesterday, with one taking place in 2019, and the other in 2021. MTA officials say the hikes are necessary to stave off budget deficits and decreased ridership.