Financial News

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May 23, 2018
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May 23, 2018
Financial News

 

 

 

Stocks mostly lower…Crowded flights…Bonus points for buying some products

 

NEW YORK (AP) – Stocks are mostly lower, led by declines in banks as bond yields move lower. Bank of America lost 1.8 percent Wednesday, while JPMorgan Chase gave up 1.2 percent. European markets fell after a measure of the region’s business sector fell to an 18-month low in May. Target slid 5 percent after reporting that investments in its operations cut into its first-quarter profit.

 

NEW YORK (AP) – President Donald Trump’s personal lawyer, Michael Cohen, is distancing himself from an associate in the taxi industry who pleaded guilty to tax fraud. Evgeny Freidman was dubbed the Taxi King of New York for managing cab fleets for investors including Cohen. Freidman pleaded guilty Tuesday to pocketing $5 million in passenger fees that were supposed to fund public transportation. Cohen tweeted today that he was “one of the thousands” of licensed taxi operators who turned to management companies.

 

NEW YORK (AP) – Twitter says it’s adding special labels to tweets from some U.S. political candidates ahead of this year’s midterm elections. Twitter says the move is to provide users with “authentic information” and prevent spoofed and fake accounts from fooling users.

 

UNDATED (AP) – Planes will be packed as Americans head out on summer vacations this year. Airlines for America, a trade group that represents most major U.S. carriers, forecast Wednesday that 246.1 million passengers – about 2.7 million a day – will fly on a U.S. airline between June 1 and Aug. 31. That would be a 3.7 percent increase from last year’s record.

 

NEW YORK (AP) – Credit card companies are taking the next step in using their points programs to influence what millions of customers buy. American Express is piloting a program that will allow merchants to reward customers for purchasing specific items at their stores. At the online merchant Boxed, AmEx is giving bonus rewards points to customers who buy Dove soap, Planters nuts, Cheerios cereal and a handful of other items.

 

 

AP-WF-05-23-18 1803GMT