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Stocks mixed...Fed chair favors gradual rate hikes...EPA says a little radiation may be healthy

October 2, 2018

NEW YORK (AP) — Stock indexes are mixed in afternoon trading on Wall Street as retailers and car companies lose ground but technology companies edge higher. Stitch Fix, an online clothing seller, plunged more than 30 percent after its user totals fell short of analysts’ forecasts. Pepsi fell after warning that the strong dollar will hurt its results. Mining companies rose along with the prices of gold and other metals.

BOSTON (AP) — Federal Reserve Chairman Jerome Powell says he sees no need to drop the central bank’s gradual approach to raising interest rates. In remarks prepared for a speech in Boston, Powell says the current combination of steady, low inflation and very low unemployment show the country is going through “extraordinary times.” He says the central bank is trying to make sure it doesn’t raise rates too quickly and push the country into a recession or move too slowly and set off higher inflation.

WASHINGTON (AP) — The Trump administration is quietly trying to weaken radiation rules, relying on scientific outliers who argue that a little radiation damage is actually good for you — like a little bit of sunlight. That proposed change would be a departure from decades-old guidance that any exposure is a cancer risk. Supporters of the proposal argue the government’s current no-tolerance rule for radiation forces unnecessary spending for handling exposure.

MOONACHIE, N.J. (AP) — The Environmental Protection Agency has announced a $332 million cleanup plan for one of the country’s most contaminated freshwater sites. Officials say more than 100 companies have verbally agreed to help pay for remediating Berry’s Creek, which snakes around the western border of MetLife Stadium and the Meadowlands sports complex in New Jersey. A mercury processing plant operated on the site for more than 40 years, until the mid-1970s. The creek runs through an area where Superstorm Sandy caused extensive flooding in 2012.

WASHINGTON (AP) — About 225 million mobile devices across the U.S. will receive a test emergency alert tomorrow. It’s the first nationwide test for a wireless phone emergency alert. It will be sent at 2:18 p.m. Eastern time. The Federal Emergency Management Agency says it’ll sound like an Amber Alert or flood warning. The subject will read: “Presidential Alert.” The text will say: “THIS IS A TEST of the National Wireless Emergency Alert System. No action is needed.” A test of broadcast systems will happen two minutes later.

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