NEW YORK (AP) — Stocks are falling sharply in early trading on Wall Street, after major stock indexes tumbled in Europe on concerns about the stability of one of Portugal’s largest financial firms. The Dow Jones industrial average plunged more than 170 points in the first 20 minutes of trading, and was down more than 120 an hour after the open. Investors are retreating into their traditional safe havens in times of market turmoil: U.S. government bonds and gold.
WASHINGTON (AP) — In a sign that the U.S. job market continues to improve, the number of new unemployment claims is near its lowest level in seven years. The Labor Department says weekly applications dropped by 11,000 last week to a seasonally-adjusted 304,000. The less volatile four-week average dipped 3,500 to 311,500, the second-lowest reading since August 2007.
WASHINGTON (AP) — Wholesale stockpiles have risen at the weakest pace in five months as companies kept their supplies in line with slower sales. The Commerce Department says wholesale stockpiles grew half a percent in May, down from a 1 percent surge in April. Sales at the wholesale level rose 0.7 percent, down from 1.3 percent in April. Auto sales jumped 1.1 percent while sales of computers and electrical equipment fell.
WASHINGTON (AP) — Average rates on fixed mortgages have edged up slightly this week, remaining near historically low levels. Mortgage buyer Freddie Mac says the nationwide average rate for a 30-year loan has risen to 4.15 percent from 4.12 percent last week. The average for the 15-year mortgage increased to 3.24 percent from 3.22 percent. Rates are slightly lower than they were at the same time last year.
BEIJING (AP) — Secretary of State John Kerry says it doesn’t appear that any sensitive material was compromised in a hacking attack on the U.S. government earlier this year, but an investigation is continuing. The New York Times says Chinese hackers broke into the computer networks of the Office of Personnel Management in March with the intention of accessing the files of tens of thousands of federal employees who had applied for top-secret security clearances. Kerry was asked about the report following talks in China that included a discussion of cyberhacking.
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