Stock Market

Auto worker strike continues, stock market posts worst week in a month


Stock market today: Wall Street’s worst week in a month closes out with more losses

NEW YORK (AP) — Wall Street closed out its worst week in a month with more losses. The S&P 500 fell 1.3% Friday. The Dow lost 286 points, and the Nasdaq composite dropped 1.5%. The stock market has been under pressure from the bond market, where the yield on the 10-year Treasury briefly touched 5% Thursday evening for the first time since 2007. High yields make borrowing more expensive for everyone, and they slow the economy while dragging on investment prices. The 10-year yield eased Friday, but only after hanging near 4.99% in the morning. Crude oil prices fluctuated, and gold’s price rose.

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Head of auto workers union says strikes will continue in drive to gain better offers from companies

DETROIT (AP) — United Auto Workers President Shawn Fain said Friday that while Detroit’s automakers have increased their wage and benefit offers, he believes the union can gain more if it holds out longer in its contract talks. In a Facebook Live appearance, Fain didn’t announce any more factories to add to those that have been on strike for up to five weeks. But he warned that the UAW could announce such an expansion of its strikes at any time, depending on how much progress it makes in its negotiations with the automakers.



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