Stocks rally...Fed chair: Economy healthy, rate hikes aren’t automatic...Ford shuffles workers
NEW YORK (AP) — Stock indexes are surging in afternoon trading on Wall Street, with the Dow Jones industrial average gaining more than 500 points. Traders are welcoming remarks by Federal Reserve Chairman Jerome Powell, who hinted that the Fed might be willing to raise interest rates at a slower pace next year. Software maker Salesforce is leading a rally in technology companies. Health care stocks are also higher.
NEW YORK (AP) — Federal Reserve Chairman Jerome Powell is painting a bright picture of the U.S. economy. And he appeared to suggest today that the Fed might consider a pause in its interest rate hikes next year to assess the impact of its credit tightening. Speaking to the Economic Club of New York, the Fed chairman also said that while some corporate debt loads have reached riskier levels, “we do not see dangerous excesses in the stock market.”
DETROIT (AP) — Ford is shuffling workers at its factories so it can make more full-size SUVs. The company says the moves will increase production of Lincoln Navigators and Ford Expeditions. Ford plans to add 500 jobs at the Kentucky Truck Plant in Louisville that makes the SUVs. It will add 500 at a factory in suburban Detroit that produces SUV and truck transmissions. Some 500 workers at the Louisville Assembly Plant who make the Ford Escape small SUV will be diverted to make big SUVs. About 650 workers at a car factory near Detroit will move to the transmission plant or other openings.
WASHINGTON (AP) — The Justice Department says two Iranian computer hackers have been charged in connection with multimillion-dollar cybercrime and extortion scheme that targeted U.S. government agencies and businesses. The two were charged in an indictment unsealed today in New Jersey. Prosecutors say the two men created ransomware that encrypted data on the computers of more than 200 victims. The victims included the cities of Atlanta and Newark, New Jersey. Authorities say the hackers were able to make about $6 million.
NEW YORK (AP) — Facebook is expanding a feature that shows people local news and information, including missing-person alerts, road closures, crime reports and school announcements. Called “Today In,” the service shows people information from their towns and cities from such sources as news outlets, government entities and community groups. Facebook launched the service in January with six cities and expanded that to 25, then more. “Today In” is now expanding to 400 cities in the U.S. and a few others in Australia.