Financial News

Monday, May 16th
May 13, 2022
AP-NC Newswatch
May 13, 2022
Financial News

 

Financial News:

 

Stocks rally, but still heading for another losing week

NEW YORK (AP) – Stocks are rallying on Wall Street, but not enough to claw back all the losses the market has taken in this volatile week. The S&P 500 was up 2.2% in afternoon trading, but is still on track for its 6th straight losing week, something that hasn’t happened since 2011. The Dow Jones Industrial Average rose 1.2% and the Nasdaq rose 3.6%. Technology stocks led the gains. Bond yields rose significantly. The yield on the 10-year Treasury rose to 2.93%. Twitter sank after Tesla CEO Elon Musk said he was putting his deal to acquire the social media company on hold. Tesla’s stock rose.

 

CHICAGO (AP) – United Airlines and its pilots’ union say they have a tentative agreement on a new contract. Neither side released details of the deal, but the heads of United and the Air Line Pilots Association are both calling it an industry-leading contract. The deal is notable because it happens while tension between labor and management is rising in the airline industry. Pilots at American, Southwest and Alaska have been especially critical of their companies as they negotiate new contracts. Pilots have leverage because they are in short supply across the industry, especially at smaller, regional airlines.

 

ATLANTIC CITY, N.J. (AP) – Americans have bet more than $125 billion on sports with legal gambling outlets in the four years since a U.S. Supreme Court ruling cleared the way for all 50 states to offer it. Tomorrow is the anniversary of the decision in a case brought by New Jersey, Now, two-thirds of the states in the country have legalized sports betting. In just four years, the industry has worked itself into the daily lives of millions of Americans, from those who plunk down their money to those not interested in sports – or gambling – at all who are bombarded with ads for sports betting during their favorite programs.

 

BOSTON (AP) – A group of Christian, Hindu, Buddhist and Jewish leaders is asking Starbucks to stop charging extra for vegan milk alternatives. The interfaith coalition says the practice amounts to a tax on people who’ve embraced plant-based lifestyles. The group is pushing the coffee chain to end the surcharges, calling them “unethical and unfair.” Starbucks outlets in the United States typically charge 50 cents to a dollar more for drinks made with plant-based milks. Seattle-based Starbucks did not immediately respond to a request for comment by The Associated Press.

 

ANN ARBOR, Mich. (AP) – Two University of Michigan researchers are putting the “pee” in peony. Rather, they’re putting pee ON peonies. Environmental engineering professors Nancy Love and Krista Wigginton are regular visitors to the Ann Arbor school’s Nichols Arboretum, where they’ve been applying urine-based fertilizer to the heirloom peony beds ahead of the flowers’ annual spring bloom. It’s all part of an effort to educate the public about their research showing that applying fertilizer derived from nutrient-rich urine could have environmental and economic benefits. Love is co-author of a study published in the Environmental Science & Technology journal that found urine diversion and recycling led to significant reductions in greenhouse gas emissions and energy.