Latest Banking and credit News

Penney: We haven't hired advisers for in-court restructuring

Jul. 19, 2019 7:05 PM EDT

NEW YORK (AP) — J.C. Penney, looking to soothe rattled investors, said Friday it hasn't hired any advisers to prepare for an in-court restructuring or bankruptcy. The company's statement came after a report said Penney was hiring experts to help restructure its debt. Reuters reported Thursday that Penney...

AP FACT CHECK: Trump challenges Fed with dubious theory

Jul. 19, 2019 6:14 PM EDT

WASHINGTON (AP) — President Donald Trump is flipping interest-rate theory on its head as he tries to blame the Fed for holding back growth. Trump went after the Federal Reserve on Friday after advancing a dubious argument this week that blue-collar workers have gained the most from the strong stock market....

How major US stock indexes fared Friday

Jul. 19, 2019 4:54 PM EDT

U.S. stocks pulled further back from their records on Friday to cap the weakest week for the S&P 500 since May. Indexes sloshed between small gains and losses for much of the day before turning lower in the afternoon after Iran said it seized a British oil tanker, the latest escalation of tensions between...

Reined-in rate-cut expectations, Iran tensions hit S&P 500

Jul. 19, 2019 4:48 PM EDT

NEW YORK (AP) — U.S. stocks pulled further back from their records on Friday to cap the weakest week for the S&P 500 since May. Indexes sloshed between small gains and losses for much of the day before turning lower in the afternoon after Iran said it seized a British oil tanker, the latest escalation...

Markets Right Now: Stocks give up an early gain, close lower

Jul. 19, 2019 4:10 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks gave up an early gain and are closing broadly lower, giving the market its first weekly loss after two weeks of gains. Indexes set record highs on Monday but then wobbled for the rest of the week. Traders...

Lebanese losing faith as politicians fumble over economy

Jul. 19, 2019 3:21 PM EDT

BEIRUT (AP) — For days, Lebanese TV stations have been blanketed with live coverage as lawmakers held heated debate over a controversial austerity budget meant to salvage the flailing economy, with protests outside parliament and critics denouncing its focus on tax hikes and wage cuts. Mohammed Badran,...

Labor nominee Scalia has long record of opposing regulations

Jul. 19, 2019 3:08 PM EDT

WASHINGTON (AP) — Eugene Scalia has a decades-long record of challenging Labor Department and other federal regulations, as well as a famous last name. The combination proved irresistible to President Donald Trump. Trump selected Scalia Thursday to be his new labor secretary. If formally nominated and...

American Express 2Q profits rise 9%, beating expectations

Jul. 19, 2019 8:44 AM EDT

NEW YORK (AP) — American Express posted a 9% gain in second-quarter profits on Friday, helped by more of its cardmembers carrying a credit card balance and increased spending on its namesake cards. The New York company said it earned a profit of $1.76 billion, or $2.07 a share. That's up from earnings of...

Oil price rises on Mideast tensions, stock markets cautious

Jul. 19, 2019 7:07 AM EDT

BANGKOK (AP) — The price of oil rose on Friday after the U.S. said it had destroyed an Iranian drone near the Persian Gulf, where a lot of the world's oil is shipped through. Stock markets were largely stable as investors monitor earnings and the ongoing trade talks between China and the U.S. Energy prices...

US average long-term mortgage rates rise; 30-year at 3.81%

Jul. 18, 2019 2:39 PM EDT

WASHINGTON (AP) — U.S. long-term mortgage rates rose this week after three weeks of holding steady, tipped higher by expectations that the Federal Reserve could reduce interest rates soon. Mortgage buyer Freddie Mac said Thursday the average rate on the benchmark 30-year mortgage increased to 3.81% from...