Stocks mixed…Durable goods orders fall…Weinstein arraigned on sex crime charges
NEW YORK (AP) – Stocks are mixed in early trading on Wall Street. Energy companies and oil prices are sinking on reports that OPEC countries plan to produce more oil soon. Falling bond yields are putting pressure on banks, while helping dividend-payers like household goods makers. Gap is tumbling after it had a weak first quarter as its namesake brand continued to struggle.
WASHINGTON (AP) – Orders for long-lasting manufactured goods fell in April amid weaker demand for aircraft. The Commerce Department says U.S. orders for durable goods – manufactured items meant to last at least three years – fell 1.7 percent from March. The figure was pushed down by a 29 percent plunge in orders for civilian aircraft. But orders for civilian capital goods excluding aircraft, a key category that tracks business investment, rose 1 percent in April after dropping 0.9 percent in March.
NEW YORK (AP) – Harvey Weinstein has been arraigned on rape, criminal sex act and other sex charges stemming from encounters with two women. The former powerhouse movie producer stared grimly as he appeared in a Manhattan court this morning. He agreed to post $1 million cash bail, wear an electronic monitor and not travel beyond New York and Connecticut. Weinstein didn’t enter a plea. His lawyer says Weinstein vehemently denies the charges and will fight to get them dismissed.
DETROIT (AP) – Fiat Chrysler is recalling 4.8 million vehicles in the U.S. because in rare circumstances, drivers may not be able to turn off the cruise control. The company is warning owners not to use cruise control until the cars, SUVs and trucks can be fixed with a software update. The recall includes 15 Jeep, Dodge, Chrysler and Ram models from six model years. Models in other countries also are affected.
BEIJING (AP) – China says U.S. Commerce Secretary Wilbur Ross will arrive in Beijing on June 2 for more talks on settling a sprawling dispute over technology policy and China’s trade surplus with the United States. An announcement by the official Xinhua (shihn-wah) News Agency says the two sides will “continue negotiations on Chinese-U.S. economic and trade issues” but gave no details.