Mixed trading day on Wall Street ... Consumers-Credit Card Companies ... Trump-Steel Tariffs
NEW YORK (AP) — Gains in technology and materials companies were mostly outweighed by losses elsewhere on Wall Street, leaving major indexes mixed at the closing bell. Facebook rose 1.4 percent today, while Microsoft gained 0.7 percent. Banks, health care and real estate companies fell. The Standard & Poor’s 500 index rose 2 points, while the Dow Jones industrial average slipped 5 points and the Nasdaq composite increased 23 points.
. NEW YORK (AP) — Consumers could band together to sue their banks or credit card companies under a federal rule issued today that’s likely to face resistance from Congressional Republicans and the White House. The Consumer Financial Protection Bureau decided to ban most types of mandatory arbitration clauses, which require credit card or bank customers to use a mediator when they have a dispute — often giving up their right to sue in court.
WASHINGTON (AP) — President Donald Trump pledged during the campaign to help U.S. factory workers by slapping tariffs on foreign steel. But his long-awaited decision on the issue is running behind schedule and administration officials are leaving plenty of wiggle room on what direction he’ll take. Commerce Secretary Wilbur Ross initially hoped to finish a report on tariffs last month, but his department has been holding off as the Pentagon weighs in about impact of steel tariffs on national security.
SEATTLE (AP) — Seattle’s highest earners would become the only Washington state residents to pay an income tax under a proposal that is designed to open a broader discussion about whether the wealthy pay their fair share in the city. The Seattle City Council is deciding whether to impose a new 2.25 percent income tax on the city’s highest earners. Personal income in excess of $250,000 for individuals and in excess of $500,000 for those filing joint tax returns would be taxed at that rate.
WASHINGTON (AP) — American consumers increased their borrowing in May at the fastest pace in six months, reflecting a sharp rebound in the category that includes credit cards. The Federal Reserve reports that total consumer borrowing rose by $18.4 billion in May, the strongest gain since a $25.1 billion increase in November. In addition, April’s gain of $8.2 billion, the weakest increase in nearly six years, was revised up to a more respectable increase of $12.9 billion.