Stocks tumble...Retail group: Annual retail sales to rise 3.8 to 4.4 percent...Tyson Foods announces bonuses
NEW YORK (AP) — Stocks are sinking again in afternoon trading on Wall Street, though the major indexes are off their lows of the day. The Dow Jones industrial average was down more than 650 points at midday. Technology companies and banks are falling the most.
NEW YORK (AP) — The nation’s largest retail trade group says retail sales will increase 3.8 percent to 4.4 percent this year compared with last year. The National Retail Federation says sales will be helped by an improving economy as well as the major tax reform, which means tax cuts for workers and retailers. The outlook comes after the retail industry enjoyed the biggest sales increase for the holiday shopping season since 2010.
SPRINGDALE, Ark. (AP) — Tyson Foods says more than 100,000 employees will receive bonuses as a result of company savings due to the overhaul of federal tax laws. The Arkansas-based company says full-time employees who don’t receive an annual bonus will get $1,000 and part-time workers who receive no annual bonus will get $500. Tyson President and CEO Tom Hayes said in an email to employees the company expects to save over $300 million in taxes. He said the remaining funds will be used in areas such as improving training and education.
SAN FRANCISCO (AP) — Canadian Prime Minister Justin Trudeau is visiting San Francisco with two agendas. He is pitching Canada as a destination for American tech firms amid increasing unease over U.S. immigration policies. Trudeau is also reminding California of its longstanding trading relationship with Canada, despite President Donald Trump’s threat to pull out of the North American Free Trade Agreement. Experts say thousands of jobs in the tech sector would be disrupted if NAFTA fell apart.
SACRAMENTO, Calif. (AP) — The California Assembly has overwhelmingly passed a resolution opposing the Trump administration’s push to renew oil drilling off the Pacific coast. The Assembly is also asking U.S. Interior Secretary Ryan Zinke (ZIN’-kee) to remove California from the proposed leasing plan. The U.S. Bureau of Ocean Emergency Management has proposed six sales of drilling rights off the California coast and a seventh off Oregon and Washington between 2020 and 2023.