Stocks up...Fed raises rates...Uber settles with states over data breach
NEW YORK (AP) — Stocks are modestly higher after the Federal Reserve announced that it’s raising its benchmark rate for the third time this year. Bond prices are also higher, sending yields lower. Health care companies are among the stocks rising.
WASHINGTON (AP) — The Federal Reserve is raising a key interest rate for the third time this year in response to a strong U.S. economy, and signaling it will likely maintain a pace of gradual rate hikes. The Fed is lifting its short-term rate — a benchmark for many consumer and business loans — by a quarter-point to a range of 2 percent to 2.25 percent. It’s the eighth hike since late 2015. The central bank is sticking with its previous forecast for a fourth rate increase before year’s end and for three more in 2019.
CHICAGO (AP) — Uber has agreed to pay $148 million and take steps to tighten data security, after the ride-hailing company failed for a year to notify drivers that hackers had stolen their personal information. Illinois Attorney General Lisa Madigan announced the settlement Wednesday between Uber Technologies Inc. and all 50 states and the District of Columbia.
WASHINGTON (AP) — Internet companies are hoping to avoid a patchwork of state laws on consumer data privacy. They’re supporting a federal proposal that could negate those state laws, including a recently enacted one in California. Executives from Google, Amazon, Twitter, Apple and AT&T were asked at a Senate hearing today if they’d support federal privacy protections that pre-empted “inconsistent” state laws. All said “yes,” with a few qualifications.
BEIJING (AP) — China has announced tariff cuts on imports of construction machinery and other goods, but took no action to address the U.S. complaints about its technology policy that are fueling an escalating trade battle. China also gave no indication the reductions would apply to U.S. goods, on which Beijing has imposed additional taxes of 5 to 25 percent. The tariff cut, effective Nov. 1, applies to more than 1,500 types of goods including construction equipment, industrial machinery, paper products and building materials.