S&P heads for fall…Yellen wants increase…Still holdouts
NEW YORK (AP) – Technology companies are leading a broad sell-off in stocks on Wall Street, putting the S&P 500 on track for its biggest drop since May. The benchmark index fell 1.9% and the tech-heavy Nasdaq fell 2.6%. The center of Wall Street’s action was again in the bond market, where a swift rise in Treasury yields is forcing investors to reassess whether prices have run too high for stocks, particularly the most popular ones.
WASHINGTON (AP) – Treasury Secretary Janet Yellen is sounding an urgent call for Congress to raise the U.S. government’s borrowing limit, a day after Senate Republicans blocked consideration of a bill that would have done so. Yellen was testifying to a Senate committee at a hearing to update Congress on the impact of the vast financial support programs the government enacted after the viral pandemic paralyzed the economy 18 months ago. If the debt limit isn’t raised, Yellen warned, “the full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession.”
NEW YORK – Pfizer has submitted research to the U.S. Food and Drug Administration on the effectiveness of its COVID-19 vaccine in children as it moves closer to seeking approval for expanded use of the shots. The drugmaker and its partner, Germany’s BioNTech, say they expect to request emergency use authorization of their vaccine in children ages 5 to 11 “in the coming weeks.” The companies also plan to submit data to the European Medicines Agency and other regulators.
NEW YORK (AP) – Businesses that have announced vaccine mandates say some workers who had been on the fence have since gotten inoculated against COVID-19. But many holdouts remain – a likely sign of what is to come once a federal mandate goes into effect. Even before President Joe Biden’s Sept. 9 announcement that companies with more than 100 workers would have to require vaccinations, dozens of companies, including Amtrak, Microsoft, United Airlines and Disney, issued ultimatums to most workers. And smaller companies in New York, San Francisco and New Orleans have been required to implement mandates for customers and workers.
LONDON (AP) – Prime Minister Boris Johnson has sought to reassure the British public that a fuel-supply crisis snarling the country and creating long lines at gas stations is “stabilizing.” Johnson said in a televised interview, “We are starting to see the situation improve.” His government, though, said it would be a while before gas supplies return to normal. Many gas stations around Britain shut in the past few days because they ran out of fuel. The government says a shortage of truck drivers triggered the crisis and it has put army troops on standby to help get gas to stations. Health care organizations and teachers’ groups have called for essential workers to be given priority