Tech, health care push stocks into second straight drop
Technology and health care companies drove U.S. stocks to a lower finish Monday as the market fell for a second straight day following a run of record highs.
The selling came amid growing speculation on Wall Street that an unexpectedly strong pickup in U.S. employment growth last month may keep the Federal Reserve from aggressively cutting its benchmark interest rate.
Many investors still expect a cut of a quarter percentage point, but fewer are now expecting a half-point reduction.
The S&P 500 fell 14.46 points, or 0.5%, to 2,975.95. The index is now about 0.7% below its all-time high set Wednesday.
Bourbon spill from fire making way to Ohio River
Bourbon that leaked from a fire that destroyed a Jim Beam barrel warehouse in Kentucky is making its
way to the Ohio River.
State environmental officials say they’re assessing wildlife impacts and doing fish kill counts along the waterways near the Woodford County facility.
The Kentucky Energy and Environment Cabinet said in a release on social media that an “alcohol plume” from the bourbon runoff in the Kentucky River is approximately 23 miles long.
The cabinet says the bourbon should dissipate very quickly once it reaches the much larger body of water.
Officials estimate about 45,000 barrels of bourbon were destroyed in the fire that started July 2.
The fire was extinguished over the weekend.
Amazon Minnesota warehouse workers plan ‘Prime Day’ strike
Workers at an Amazon warehouse in suburban Minneapolis say they’ll hit the online retail and entertainment giant with a brief strike next Monday.
They’re targeting “Prime Day” – one of Amazon’s biggest days of the year – in a continuing push to improve pay and working conditions for the Shakopee facility’s heavily East African workforce.
Workers at Amazon’s Minnesota facilities began complaining last year about harsh working conditions, increasing workloads, safety and limited advancement opportunities.
But they say management has failed to address their concerns.
So they’ve called for a six-hour stoppage that will overlap the morning and evening shifts on Prime Day.
British Airways fined after customer data is exposed
British Airways is facing a $229 million fine over a breach that compromised information on half a million customers – the biggest penalty to date under new, tougher regulations and one that is likely to be seen as a test case for companies that fail to secure big data caches.
Britain’s Information Commissioner proposed the fine on Monday, months after BA revealed it had been the victim of a hack.
The scam diverted customers to a fake website where credit card details were harvested by the attackers.
“People’s personal data is just that – personal. When an organization fails to protect it from loss, damage or theft it is more than an inconvenience,” Information Commissioner Elizabeth Denham said. “That’s why the law is clear – when you are entrusted with personal data you must look after it.”
— Wire services