|
LIRR strike shuts down nation's busiest commuter train line, union says 'we're far apart' GothamistNorth America's largest commuter rail system shuts down as workers strike Toledo BladeOfficials outline contingency plans ahead of midnight LIRR strike deadline Spectrum News NY1Long Island Rail Road, America's largest commuter railroad, is on strike CNN
|
|
Users turn to jailbreaking their older Kindles as Amazon ends support TechCrunch5 E-Readers To Replace Your Old Kindle With Before Amazon Ends Support bgr.comI jailbroke my old Kindle, but I found a safer way to add books - for free ZDNETAmazon Is Shutting Down Support for Older Kindles Soon. Here's How You Can Save Yours PCMagWe're calling on Amazon to stop its plan to junk older Kindles PIRG
|
|
I lost my flight attendant job when Spirit shut down. I've had to manage my emotions and am hopeful I'll find new work soon. Business InsiderMeet the pilots flying Spirit Airlines' yellow jets to the desert CNBCSpirit Was the Only Airline in Town. Now What? The New York TimesThe World's Highest-Flying Repo Men Are Collecting Spirit Airlines' Jets WSJ
|
|
Long Island Rail Road Strike Shuts Down Busiest U.S. Passenger Rail Service The New York TimesLIRR strike shuts largest railroad in nation as unions, MTA fail to reach deal | Live updates ABC7 New YorkLong Island Rail Road, America's largest commuter railroad, is on strike CNNOfficials outline contingency plans ahead of midnight LIRR strike deadline Spectrum News NY1
|
|
Thursday marked another day of choppy trading for stocks as investors considered a round of data that showed the U.S. economy remained resilient even in the face of the Federal Reserve's aggressive rate-hike campaign.
SEE MORE 16 Dividend Kings for Decades of Dividend Growth
Ahead of this morning's open, data from the Labor Department showed weekly jobless claims fell for a fifth straight week, underscoring strength in the labor market. Additionally, the Commerce Department said retail sales rose 0.3% month-over-month in August, beating economists' expectations for a slight decline in consumer spending.
"This [retail sales] report is not good for the Fed's goals of slower inflation," says José Torres, senior economist at Interactive Brokers. "The Fed would like to see consumers slow down their spending and debt accumulation to slow down inflation. Higher rates provide an incentive to save, not to spend, and that's part of the reason why tighter monetary policy brings down demand and inflation." As such, Torres says the market is not only expecting a 75 basis-point rate hike at next week's Fed meeting, but one at the November meeting too. (A basis point is one-one hundredth of a percentage point.)
Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.
By the close, the market had taken a decisive turn lower as the 10-year Treasury yield jumped 3.5 basis points to 3.447%. The tech-heavy Nasdaq Composite suffered the worst of it, slumping 1.4% to 11,552. However, the S&P 500 Index (-1.1% to 3,901) and the Dow Jones Industrial Average (-0.6% at 30,961) also ended solidly in the red.
|
|
