Stocks mixed…Mortgage rates rise…Indian recalls motorcycles that can start themselves
NEW YORK (AP) – Stocks are mixed in early trading on Wall Street. Technology companies and makers of consumer products are falling. Banks are climbing along with bond yields, and energy companies are up as crude oil prices hit their highest level in more than three years.
WASHINGTON (AP) – Long-term mortgage rates are higher this week. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages rose to 4.47 percent from 4.42 percent last week. This benchmark rate averaged 3.97 percent a year ago. The average rate on 15-year, fixed-rate loans rose this week to 3.94 percent from 3.87 percent.
DETROIT (AP) – There may be a ghost in about 3,300 Indian brand motorcycles. The engines can start by themselves because of a faulty switch. The Minnesota company is recalling 11 models from the 2018 model year. Documents posted by the National Highway Traffic Safety Administration say corrosion in the switch can cause an electrical short, which can start the engine if the key fob is nearby. The agency says if the engine starts while the bike is in an enclosed space, people could be exposed to carbon monoxide.
FORT DIX, N.J. (AP) – The pharmaceutical-industry entrepreneur vilified for jacking up the price of a life-saving drug has been placed in a low-security federal prison in New Jersey. Martin Shkreli (SHKREL’-ee) was moved yesterday from the Brooklyn Metropolitan Detention Center in New York to the Federal Correctional Institution at Fort Dix. Shkreli was found guilty in August of lying to investors in two failed hedge funds and cheating them out of millions. He was sentenced last month to seven years in prison for securities fraud and fined $75,000.
PHILADELPHIA (AP) – Two black men arrested at a Philadelphia Starbucks say they were just waiting for a business meeting – and a week later still wonder how that could escalate into a police encounter that left them fearing for their lives. Rashon Nelson and Donte Robinson have met with the CEO of Starbucks and are pushing for meaningful change so what happened to them doesn’t happen to anyone else. They spoke to The Associated Press in their first interview since video of their April 12 arrests went viral.