Thursday, October 1, 2020 2:48 PM EST
By The Associated Press, AP
NEW YORK (AP) — Stock indexes are slightly higher in afternoon trading on Wall Street after an early rally lost some steam. A report this morning indicated the pace of layoffs across the country may have slowed last week. Other economic reports were mixed. Hopes have been rising and falling in recent days that a deal can be reached in Washington to get more cash to Americans, restore jobless benefits for laid-off workers and deliver assistance to airlines and other industries hit particularly hard by the pandemic.
SILVER SPRING, Md. (AP) — Average rates on long-term mortgages edged down slightly this week, remaining at historically low levels. Mortgage buyer Freddie Mac says the average rate on the 30-year home loan fell to 2.88% from 2.90% last week. One year ago, the rate averaged 3.65%. The average rate on the 15-year fixed-rate mortgage also fell, to 2.36% from 2.40% last week.
WASHINGTON (AP) — A Senate panel has moved to compel testimony from the CEOs of social media giants Facebook, Google and Twitter, as lawmakers opened a new front in rhetorical battles over hate speech, misinformation and perceived political bias on internet platforms a month before the presidential election. The Senate Commerce Committee voted to authorize subpoenas for Facebook CEO Mark Zuckerberg, Sundar Pichai of Google and Twitter’s Jack Dorsey, to force them to appear at a planned hearing if they don’t agree to do so voluntarily. The unanimous vote marks the start of a new bipartisan initiative against Big Tech companies, which have been under increasing scrutiny in Washington.
UNDATED (AP) — Boeing says it will build all of its larger 787 jetliners in South Carolina and shut down an assembly line in the Seattle area next year. Boeing says it’s making the move to preserve cash while demand for new planes is down because of the coronavirus pandemic. The company isn’t saying whether jobs will be eliminated. The 787 is a twin-aisle plane used mostly for international routes. Boeing started building the plane in Everett, Washington, in 2007 and opened another plant in North Charleston, South Carolina, in 2010. Boeing announced this summer that it was studying the possibility of combining all 787 production at one location.
DUBAI, United Arab Emirates (AP) — The Dubai-based construction company that helped build the world’s tallest building and other engineering marvels in the United Arab Emirates says it will liquidate. The announcement marks the final step for Arabtec Holding in a long collapse from the country’s economic crisis a decade ago hastened by the coronavirus pandemic. Arabtec made the announcement today after emails circulated among developers suggesting the firm’s end had come. Despite trying to claw its way out of the chaos left by Dubai’s 2009 financial crisis, the firm ended last year with hundreds of millions of dollars in debt and losses.