Financial News

Tuesday, May 11th
May 10, 2021
AP-NC Newswatch
May 10, 2021
Financial News

 

 

Stocks mixed…Pipeline could return soon…Back to work?

 

NEW YORK (AP) – Stocks have been mixed in afternoon trading as a fall in technology stocks was offset by a rise in banks and other financial stocks. The S&P 500 was down 0.2% after wobbling between small gains and losses. The Dow Jones Industrial Average was up 0.7% and the Nasdaq fell 1.6%, dragged lower by the Big Tech companies that dominate that index like Apple, Google, Facebook and Amazon.

 

WASHINGTON (AP) – The operator of a major U.S. pipeline hit by a cyberattack says it hopes to have service mostly restored by the end of the week. Colonial Pipeline offered that update after revealing that it had halted operations because of a ransomware attack. The FBI has linked the attack to a criminal gang. The cyberattack is raising concern that supplies of gasoline, jet fuel and diesel could be disrupted in parts of the East Coast if the outage lasts several more days.

 

WASHINGTON (AP) – The Treasury Department is launching its $350 billion program to distribute aid to state and local governments. It will give the U.S. economy an added boost after relatively modest hiring in April. The aid is part of President Joe Biden’s larger $1.9 trillion coronavirus relief package that became law in March. Administration officials say payments could begin to go out in the coming days to eligible governments, allowing state, local, territorial and tribal officials to offset the economic damage from the pandemic.

 

STOWE, Vt. (AP) – States are pushing the unemployed to return to work to help businesses large and small find the workers they need to emerge from the COVID-19 recession. Some argue the generous unemployment benefits offered when the economy crashed are making it too easy for people to not return to work. Now some states are reinstating a requirement that anyone who collects unemployment must look for work.

 

UNDATED (AP) – Attorneys general from across the U.S. have written to Facebook CEO Mark Zuckerberg urging him to drop company plans for a version of Instagram for children under the age of 13. The attorneys general say they’re concerned about social media’s effects on the physical and emotional well-being of children. That includes the potential for increased cyberbullying, possible vulnerability to online predators, and what they called Facebook’s “checkered record” in protecting children on its platforms.