Financial News

Annie Beatrice Coldiron Spencer Booth
April 5, 2022
AP-NC Newswatch
April 6, 2022
Financial News

 

Financial News:

 

Tech stocks lead indexes lower…Eyes on Fed

NEW YORK (AP) – Stocks are lower in morning trading on Wall Street and bond yields are higher as investors try to estimate how quickly the Federal Reserve will pull back on its support for the economy and switch to fighting inflation. The S&P 500 fell 1.2%, the Dow Jones Industrial Average fell 0.7% and the Nasdaq fell 1.3%. Technology companies are taking some of the biggest losses. The yield on the 10-year Treasury rose to 2.61%. Investors will be looking closely at minutes released later in the day from the Fed’s latest policy meeting for more clues about its next steps.

 

WASHINGTON (AP) – Treasury Secretary Janet Yellen is telling a House panel that Russia’s actions in Ukraine “will have enormous economic repercussions in Ukraine and beyond.” Yellen says in prepared remarks that globally, “spillovers from the crisis” are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from COVID-19. Yellen’s appearance before the House Financial Services committee is part of her annual testimony on the state of the international financial system.

 

WASHINGTON (AP) – The United States has announced sanctions targeting Russian President Vladimir Putin’s two adult daughters and says it’s toughening penalties against Russian banks in retaliation for “war crimes” in Ukraine. The moves against Sberbank and Alfa Bank prohibit assets from touching the U.S financial system and bar Americans from doing business with those institutions. In addition to sanctions aimed at Putin’s adult daughters, Mariya Putina and Katerina Tikhonova, the U.S. is targeting Prime Minister Mikhail Mishustin and the wife and children of Russian Foreign Minister Sergey Lavrov. Meanwhile, the Justice Department says it has charged a Russian oligarch with sanctions violations and that officials have taken down a cybercrime operation controlled by a Russian military intelligence agency.

 

WASHINGTON (AP) – The Supreme Court has reinstated, for now, a Trump-era rule that had curtailed the power of states and Native American tribes to block pipelines and other energy projects that can pollute rivers, streams and other waterways. The justices agreed to halt a lower court judge’s order throwing out the rule and sending it back to the Environmental Protection Agency. Four justices said they disagreed with the majority. The Biden administration has said it intends to rewrite the rule. Work on a revised rule has begun, but the administration has said a final rule isn’t expected until spring 2023. The Trump-era rule will remain in effect in the meantime.

 

PARIS (AP) – France’s bureau that investigates air crashes and aviation safety says it is looking into a “serious incident” involving an Air France flight from New York’s JFK airport that suffered flight control problems on approach to landing in Paris. The BEA says it has opened a safety investigation and that the so-called “black box” flight data and cockpit voice recorders are being analyzed. In a tweet, the bureau said the Boeing 777 plane suffered flight control issues on its final approach to Paris’ Charles de Gaulle airport yesterday. A website maintained by aviation enthusiasts posted audio of what it said were radio exchanges with pilots wrestling with the aircraft before finally landing trans-Atlantic flight AF011.