Stocks surge higher...Fed official says central bank may cut back on bonds...Target buys tech company
NEW YORK (AP) — Stocks are rallying as the tensions between the U.S. and North Korea that flared last week appeared to ease. Technology companies and banks are making some of the largest gains as stocks bounce back from their losses with some of the biggest gains the market has seen this year.
MILWAUKEE (AP) — A British cybersecurity researcher credited with helping curb a recent worldwide ransomware attack pleaded not guilty today to federal charges accusing him of creating malicious software to steal banking information three years ago. Marcus Hutchins entered his plea in Wisconsin federal court, where prosecutors charged him and an unnamed co-defendant with conspiring to commit computer fraud in the state and elsewhere. He’s free on $30,000 bail, but with strict conditions.
NEW YORK (AP) — A top Federal Reserve official is suggesting that the Fed will likely announce next month that it will begin trimming back its bond portfolio — a step that could lead to slightly higher rates on mortgages and other loans. In an interview with The Associated Press, New York Federal Reserve Bank President William Dudley says he thinks the Fed has adequately prepared investors for a reduction in the portfolio, which swelled after the 2008 financial crisis as the Fed bought bonds to reduce long-term rates.
NEW YORK (AP) — Target is buying a delivery logistics company to help it offer same-day delivery service to in-store shoppers. Software made by San Francisco-based Grand Junction connects retailers with about 700 delivery companies around the country that pick up items from distribution centers and take them to customers. Expanding delivery and making it faster have been key areas retailers have focused on to attract shoppers who are looking for convenience.
LONDON (AP) — Budget airline Ryanair is calling on British airports to curb alcohol sales following sharp increases in the number of incidents involving disruptive passengers. The carrier wants a ban on alcohol sales before 10 a.m. and wants bars and restaurants to limit the number of drinks to two per customer. Ryanair’s Kenny Jacobs says it’s unfair “that airports can profit from the unlimited sale of alcohol to passengers and leave the airlines to deal with the safety consequences.”