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US stocks drop on worries about banks

NEW YORK (AP) — U.S. stocks fell on Thursday, hurt by drops for midsized banks as worries flare about the loans they’ve made. The S&P 500 slid 0.6% in its latest up-and-down day after erasing a morning gain. The Dow Jones Industrial Average dropped 301 points, or 0.7%, and the Nasdaq composite lost 0.5%. Zions Bancorp. tumbled 13.1% after the bank said its profit for the third quarter will take a hit because of a $50 million charge-off related to loans made to a pair of borrowers. Zions said it found “apparent misrepresentations and contractual defaults” by the borrowers and ...

Stellantis to invest $13B to expand its US operations

Stellantis says it will invest $13 billion over the next four years to expand its manufacturing capacity in the United States, a move that the automaker says will increase its domestic vehicle production by 50% and add more than 5,000 jobs. The world’s fourth-largest carmaker said Tuesday the investment will support the introduction of five new vehicles, including a Dodge Durango to be built in Detroit and a midsize truck to be assembled in Toledo. The new jobs will be spread across plants in Illinois, Ohio, Michigan and Indiana. Stellantis, which was created 4½ years ago from the ...

GM to take a $1.6 billion hit as tax incentives for EVs are slashed and emission rules ease

General Motors will record a negative impact of $1.6 billion in its next quarter after tax incentives for electric vehicles were slashed by the U.S. and rules governing emissions are relaxed. Shares fell less than 2% before the opening bell Tuesday. The EV tax credit ended last month. The clean vehicle tax credit was worth $7,500 for new EVs and up to $4,000 for used ones. Meanwhile, the Environmental Protection Agency has been working on easing rules aimed at cleaning up auto tailpipe emissions as the Trump administration move to undo incentives for automakers to go electric. ...

Slowdown in US hiring suggests economy still needs rate cuts, Fed’s Powell says

WASHINGTON (AP) — A sharp slowdown in hiring poses a growing risk to the U.S. economy, Federal Reserve Chair Jerome Powell said Tuesday, a sign that the Fed will likely cut its key interest rate twice more this year. Powell said in a speech in Philadelphia that despite the federal government shutdown cutting off official economic data, “the outlook for employment and inflation does not appear to have changed much since our September meeting,” when the Fed reduced its key rate for the first time this year. Fed officials at that meeting also forecast that the central bank would ...

Wall Street veers upward after Trump softens his criticism of China

NEW YORK (AP) — And back up goes Wall Street. U.S. stocks rallied Monday after President Donald Trump said “it will all be fine,” just days after he sent the market reeling by threatening much higher tariffs on China. The S&P 500 jumped 1.6% in its best day since May and recovered just over half its drop from Friday. The Dow Jones Industrial Average climbed 587 points, or 1.3%, and the Nasdaq composite leaped 2.2%. “Don’t worry about China,” Trump said on his social media platform Sunday. He also said that China’s leader, Xi Jinping, “doesn’t want Depression for his ...

Rock around the rink

CORTLAND — Brian Bathory never imagined he’d be getting back on roller skates after a few close calls as a kid. The Masury man said he attended a birthday party at a skating rink when his three kids were younger and decided to give it another try. He recently visited Cortland Roller Rink with son, Aiden, 14, and said the exercise and social interaction drew him back in. “I skated as a kid a couple of times, and I fell a couple of times, and I was like, ‘I’m not doing this,’” he said, explaining he had a change of heart because “Of all the things it’s good for, ...