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Stocks retreat...Next Fed chair?...Cracks in tax cut support...Manafort vendors

October 30, 2017

NEW YORK (AP) — Stocks have retreated from their record highs. Investors are waiting to learn who the next head of the Federal Reserve will be, what several of the world’s biggest central banks will decide on interest rates, and whether Apple and other big U.S. companies can keep piling their profits higher. Shares of Sprint and T-Mobile tumbled as several news reports cast doubt on a long-expected deal between the two wireless carriers. The Dow fell 85 points. The Nasdaq lost 2 points The S&P slipped 8 points.

WASHINGTON (AP) — Jerome “Jay” Powell, a member of the Federal Reserve’s board, is President Donald Trump’s leading candidate to replace Janet Yellen as the head of the nation’s central bank, with an announcement planned for Thursday. That’s according to senior administration officials. Powell is said to be the president’s top choice for the job but that the decision still isn’t final.

WASHINGTON (AP) — Another deep crack has opened in the support for President Donald Trump and the Republicans’ tax-cutting plan. A powerful lobbying group, the National Association of Home Builders, has withdrawn its blessing for the GOP’s top legislative priority just as its details are set to be revealed. House Republicans from high-tax states, others with strong conservative views, and defenders of 401(k) retirement savings plans are threatening to break ranks.

NEW YORK (AP) — The Kushner Cos. says it is cooperating with a request from the Maryland attorney general for information about its operations in the state following media reports critical of the firm’s treatment of tenants at apartments it owns in Maryland. The Kushner Cos. was sued last month by two tenants alleging that it had charged them illegal fees. The suit described the charges as part of a fee-churning scheme that keeps renters under constant fear of eviction.

WASHINGTON (AP) — Federal court papers show business was very good for some of the 19 vendors allegedly patronized by indicted former Trump campaign manager Paul Manafort. According to the documents, Manafort paid $12 million to the vendors between 2008 and 2014 from foreign bank accounts he didn’t disclose. The purchases listed include $7,500 custom-made suits, Range Rovers, antique rugs and a $112,000 audio-visual system in his Hamptons home.

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