Stocks fall...Mortgage rates edge lower...Nike reacts to Ronaldo allegations
NEW YORK (AP) — Stocks are falling as interest rates in the U.S. continue to rise. The S&P 500 index has been on track for its biggest drop in more than three months as internet and technology companies fall, and the Nasdaq has been having its worst day in six months. The yield on the 10-year Treasury note is rising further after hitting a seven-year high a day ago.
WASHINGTON (AP) — Long-term U.S. mortgage rates edged slightly lower this week, taking a pause after five straight weeks of increases. Costs for would-be homebuyers have been climbing, and the key 30-year rate has been running at its highest levels in more than seven years. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages ticked down to 4.71 percent this week from 4.72 percent last week. The average benchmark rate has risen from 3.85 percent a year ago.
LONDON (AP) — Nike has told The Associated Press that it’s “deeply concerned by the disturbing allegations” facing soccer star Cristiano Ronaldo. The emailed statement from the media department for the U.S. sportswear firm follows the filing of a lawsuit in Las Vegas by a woman who alleges that she was raped by Ronaldo in 2009. Ronaldo has denied the claims.
DUBAI, United Arab Emirates (AP) — Bahrain says Kuwait, Saudi Arabia and the United Arab Emirates have pledged $10 billion to support its island kingdom. The kingdom said it would restructure its finances to save $2.1 billion annually. Bahrain, just off the coast of Saudi Arabia, long has relied on the largess of its wealthy neighbors to support it despite being the first Arab nation in the Persian Gulf to strike oil.
UNDATED (AP) — The executive who guided classic American whiskeys Jim Beam and Maker’s Mark through the transition of being acquired by a Japanese company four years ago has announced he’ll step down as CEO of spirits company Beam Suntory next spring. Beam Suntory says its top executive, Matt Shattock, will hand over CEO duties to Albert Baladi next April. Baladi currently serves as Beam Suntory’s chief operating officer and president of North American operations.