Stocks turn higher...Commission nullifies newsprint tariffs...NFL player accused of insider trading
Aug. 29, 2018
NEW YORK (AP) — Stocks are moving higher in afternoon trading on Wall Street after a shaky start. Technology and consumer-focused companies are rising, while retailers including Dick's Sporting Goods, Express and Chico's FAS are falling. The Nasdaq and the S&P 500 index are at record highs and on pace for a four-day winning streak.
WASHINGTON (AP) — The U.S. International Trade Commission has nullified the tariffs put into place for imported newsprint by finding American producers weren't harmed by imports from Canadian paper mills. The ruling is a victory for the U.S. newspaper industry, which complained that the rising cost of newsprint made it harder to operate and required them to trim the size of papers or lay off employees. Dozens of lawmakers from both parties had urged the ITC to reject a complaint that alleged dumping and subsidies had harmed U.S paper mills.
PHILADELPHIA (AP) — Federal prosecutors in Philadelphia say Cleveland Browns linebacker Mychal Kendricks used insider tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals. Prosecutors say Kendricks' co-defendant, a trader at an unnamed firm, was paid $10,000 in kickbacks as well as perks like tickets to Philadelphia Eagles games. Kendricks played for the Eagles before signing with the Browns in June. An NFL spokesman says the league is reviewing the situation.
ATLANTA (AP) — Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation. The Atlanta Hawks and the insurance company have announced a 20-year deal on the naming rights for the arena, which is currently in the final phase of its renovation. The arena is expected to reopen in October. The Hawks had played in Philips Arena since its opening in 1999.
NEW YORK (AP) — The store isn't dead for Home Depot, Kohl's, Best Buy or Target. Many traditional chains have posted strong sales, both online and at stores, as people are in a mood to spend. Experts credit a booming economy and companies' own efforts to try to Amazon-proof their businesses. That means making their stores more pleasant, updating their websites and speeding up delivery booming economy market.