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Ford project, tumbling tech stocks


GLENDALE, Ky. (AP) — When Ford revealed plans to ramp up its commitment to the electric vehicle sector, the automaker chose two states where Republican leaders have vilified the push for green energy and defended fossil fuels. The project is expected to create nearly 11,000 jobs and pump billions in investments into Tennessee and Kentucky. In doing so, it creates an ironic disconnect between the automaker’s bet on battery-powered vehicles and the rhetoric from many Republican leaders who have railed against a shift toward green energy and away from fossil fuels. Those leaders embraced the automaker’s announcement Monday.

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Spike in bond yields spooks investors, deflates tech stocks

NEW YORK (AP) — Technology companies led a broad slide in stocks on Wall Street Tuesday as investors reacted to a surge in U.S. government bond yields. The benchmark S&P 500 index fell 2%, its worst drop since May, and the tech-heavy Nasdaq fell 2.8%, its worst drop since March. The main action was again in the bond market, where a swift rise in Treasury yields is forcing investors to reassess whether prices have run too high for stocks, particularly the most popular ones. The yield on the 10-year Treasury jumped to 1.54%, its highest level since late June. That’s up from 1.32% a week ago.

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Yellen warns delay in raising debt limit will slow economy

WASHINGTON (AP) — Treasury Secretary Janet Yellen is sounding an urgent call for Congress to raise the U.S. government’s borrowing limit, a day after Senate Republicans blocked consideration of a bill that would have done so. Yellen testified before a Senate committee at a hearing Tuesday to update Congress on the impact of the vast financial support programs the government enacted after the viral pandemic paralyzed the economy 18 months ago. If the debt limit isn’t raised, Yellen warned, the country would likely face a financial crisis and economic recession.

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Employer vaccine mandates convert some workers, but not all

NEW YORK (AP) — Businesses that have announced vaccine mandates say some workers who had been on the fence have since gotten inoculated against COVID-19. But many holdouts remain — a likely sign of what is to come once a federal mandate goes into effect. Even before President Joe Biden’s Sept. 9 announcement that companies with more than 100 workers would have to require vaccinations, dozens of companies, including Amtrak, Microsoft, United Airlines and Disney, issued ultimatums to most workers. And smaller companies in New York, San Francisco and New Orleans have been required to implement mandates for customers and workers.

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European Central Bank won’t overreact to fleeting inflation

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde says Europe’s monetary authority isn’t about to “overreact” to temporary inflation by tightening policy. Lagarde said Tuesday that currently higher inflation of 3% in the eurozone is temporary, caused by bottlenecks and one-time factors. She said the bank still needs to nurture the ongoing recovery in the 19 countries that use the euro currency with stimulus including zero and negative interest rate benchmarks and bond purchases that drive down borrowing costs for companies. That sets the ECB apart from the U.S. Federal Reserve, which has indicated it is looking at scaling back its crisis bond purchases.

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Yellen says infrastructure overhaul will US boost economy

WASHINGTON (AP) — Treasury Secretary Janet Yellen says that President Joe Biden’s spending proposals represent will address long-overdue U.S. infrastructure needs and prepare the country to meet future challenges. Yellen called on Congress to support the Biden administration’s $3.5 trillion “Build Back Better” initiative that would expand the social safety net and attack climate change. She also urged support for a $1 trillion bipartisan bill to address more traditional infrastructure needs, such as roads and bridges. Her comments came remarks prepared for an appearance Tuesday before the National Association of Business Economists.

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US consumer confidence slides for third consecutive month

SILVER SPRING, Md. (AP) — U.S. consumer confidence declined for the third straight month in September amid ongoing worries about the rapidly-spreading delta variant of the coronavirus. The Conference Board reported Tuesday that its consumer confidence index fell to a reading of 109.3 in September, down from 115.2 in August. September’s reading is lowest level for the index since it sank to 95.2 in February. The board said consumers’ view of both the present situation and future expectations continued to degrade as intentions for spending on big items likes homes, autos and major appliances all retreated again. Concerns about inflation are also dampening consumer sentiment.

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Amazon unveils ‘Jetsons’-like roaming robot for the home

NEW YORK (AP) — Amazon’s new robot can hear, see and follow you around the home, but its no Rosey the Robot. Amazon’s version, called Astro, doesn’t cook or clean like the animated character from “The Jetsons.” But it can check if you left the stove on while you’re out, or send an alert if someone enters the house it doesn’t recognize. It uses cameras, sensors and artificial technology to avoid walls or dogs, and Amazon said Astro will only get smarter as time goes on. The $1,500 robot, which will be sent out to customers later this year, was one of a slew of gadgets Amazon unveiled Tuesday as part of its annual event ahead of the holidays.

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The S&P 500 dropped 90.48 points, or 2%, to 4,352.63. The Dow Jones Industrial Average fell 569.38 points, or 1.6%, to 34,299.99. The Nasdaq shed 423.29 points, or 2.8%, to 14,546.68. The Russell 2000 index of smaller companies lost 51.23 points, or 2.2%, to 2,229.78.

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