Stocks edge higher, held back by Netflix losses
NEW YORK (AP) — Stocks are edging mostly higher in afternoon trading on Wall Street but the gains are being tempered by were Netflix losses. The streaming entertainment giant lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. The S&P 500 rose 0.3%, the Dow Jones Industrial Average rose 1% and the Nasdaq fell 0.7%. IBM added 7.5% after reporting results that beat analysts’ estimates. Health care companies, banks and a mix of household product makers made solid gains. Bond yields fell and crude oil prices slipped.
WASHINGTON (AP) — Treasury Secretary Janet Yellen and Ukraine’s finance minister walked out of a Group of 20 meeting today as Russia’s representative started talking. Several finance ministers and central bank governors also left the room, according an official familiar with the meetings. Some ministers and central bank governors who attended virtually turned their cameras off when Russia spoke. The move comes during the International Monetary Fund and World Bank spring meetings in Washington. The brutal effects of Russia’s war against Ukraine have taken center stage, and Treasury officials said earlier this week that Yellen would try to avoid contact with Russian officials.
WASHINGTON (AP) — The heads of the International Monetary Fund and the World Bank are warning that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food prices. World Bank President David Malpass said at a press conference today that there is “a huge buildup of debt, especially in the poorest countries.” As interest rates rise, he said, debt pressures are mounting on developing countries, “and we need to move urgently towards solutions.‘’
MONROE, Ga. (AP) — Foes trying to derail a $5 billion electric truck plant east of Atlanta are dominating a state process to gather input on environmental concerns. Georgia state officials took oversight of plans for Rivian Automotive’s proposed 7,500-job plant after opponents overwhelmed Morgan County planning officials. The first meeting of one of the oversight committees was Monday in Monroe. The electric vehicle manufacturer in December announced a plant that would make up to 400,000 vehicles a year. Opposition to the plant has been heavy from area residents who say the plant will spoil their rural quality of life.
SANTA FE, N.M. (AP) — New Mexico workplace safety regulators say they have issued the maximum possible fine against a film production company for firearms safety failures on the set where a cinematographer was fatally shot in October by actor and producer Alec Baldwin. New Mexico’s Occupational Health and Safety Bureau on Wednesday announced the nearly $140,000 fine against Rust Movie Productions and distributed a scathing narrative of safety failures in violation of standard industry protocols. Inspectors say production managers took limited or no action to address two rifle misfires of blank rounds on set prior to the fatal shooting. The bureau also documented gun safety complaints that went unheeded and constraints on safety training.
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