US stocks skidding ...US construction spending grew just 0.1 percent in February ... Supreme Court rules dies with car dealerships in OT case
NEW YORK (AP) — U.S. stocks are skidding this morning after China raised import duties on U.S. pork, apples and other products. Tyson Foods is among the biggest losers on Wall Street. Investors are also selling retailers and other companies that focus on consumers, including Amazon. At 10:28 a.m. Eastern Time, the Dow was down 118 points, to 23,982. The S&P 500 fell 26 points, to 2,615. And the Nasdaq slumped 104 points, to 6,960. The Russell 2000 index of smaller-company stocks dipped 11 points, to 1,517.
WASHINGTON (AP) — U.S. manufacturers say they expanded at a slower pace in March. The Institute for Supply Management, a trade group of purchasing managers, reports that its manufacturing index slipped to 59.3 last month from February’s reading of 60.8, which had been the highest since 2004. Any score above 50 signals growth. The categories of new orders, production and employment each fell in March for manufacturers, even though the underlying numbers remained positive.
WASHINGTON (AP) — The Supreme Court says that car dealerships are not required under federal law to pay overtime to their service advisers, the employees that greet customers and assess their service and repair needs. The case is important to the more than 18,000 dealerships in the United States who employ more than 100,000 service advisers. In the case before the high court, service advisers at a Mercedes Benz dealership in Encino, California argued they should be paid overtime.
SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor is defying the federal control board overseeing the island’s troubled finances. Ricardo Rossello says he will submit a fiscal plan to the board on Thursday that will not contain any layoffs, reductions in pensions or a labor reform. The announcement late Sunday defies the board’s demands that the U.S. territory implement a labor reform and a 10 percent cut to a pension system facing nearly $50 billion in liabilities.
NEW YORK (AP) — The National Transportation Safety Board is “unhappy” about Tesla’s decision to release information in a fatal crash investigation involving its Autopilot system. A vehicle using the semi-autonomous system crashed into a concrete lane divider in California last week, killing the driver. Tesla said data shows the driver did not have his hands on the wheel, as recommended, and received several warnings from the system before the crash.